As per Fortune, Paradigm led a $225 million investment round in Monad Labs, a company developing a Layer-1 blockchain aimed at competing with Ethereum (ETH) and Solana (SOL).
Monad Labs successfully closed its $225 million funding round, with Paradigm taking the lead and contributions from investors like Electric Capital and Greenoaks.
The company announced that the raised funds will be utilized to develop an L1 blockchain to rival competitors such as Ethereum, Solana, and Sui.
Monad Labs intends to fully support the Ethereum Virtual Machine (EVM) and aims to launch its mainnet by the end of this year, with a testnet planned for the coming months. Additionally, the company plans to introduce its native token.
In a statement, Monad's founder, Keone Hon, remarked:
"Monad's innovation lies in rebuilding Ethereum's blockchain from the ground up. Our primary objective is to enable faster transaction speeds, higher throughput, and lower costs while retaining the capability to execute smart contracts."
Monad is compatible with the Ethereum Virtual Machine (EVM), allowing developers to migrate applications built for Ethereum.
"We've been in development for around two years. While much of the research community is currently focused on aggregation, data availability, and other scalability aspects, Monad has delved deeply into the fundamental execution side," Hon added. #Ethereum â #Solanaâ© #ETH đ„đ„đ„ #SOLvsETH #Cryptocurrencies
