Monad Labs, a Layer 1 blockchain innovator, recently announced that it has successfully completed a $225 million financing led by Paradigm and participated by many well-known investment institutions. This financing is not only the largest transaction in the cryptocurrency field in 2024, but also a high recognition of the Monad project.
Keone Hon, founder of Monad Labs, said their vision is to rebuild the Ethereum blockchain, maintain the execution capabilities of smart contracts, and achieve faster, higher capacity, and lower-cost transactions. This innovative idea enables Monad to fully support EVM and is expected to challenge competitors such as Solana in the future.
As a pioneer of blockchain virtual machines, EVM has witnessed the rise of innovative projects such as Curve and Uniswap over the years. However, performance bottlenecks have always been a challenge facing EVM. The emergence of Monad Labs is to make up for this shortcoming. Its mainnet has a processing capacity of up to 10,000 TPS and a strong community consensus culture, making it stand out among many AltVMs.
Monad Labs plans to officially launch later this year, aiming to become a highly scalable single large L1 blockchain. Through parallel execution, Monad DB and other technologies, Monad not only achieves security and decentralization, but also can process more than 10,000 transactions per second with a block time of only 1 second.
The uniqueness of Monad lies in the combination of its parallel engine and optimization engine. It adopts a holistic design approach, combining key technologies such as pipelining, asynchronous I/O, consensus execution separation, and MonadDB. In particular, its pipelining design with a slight offset achieves performance optimization by parallelizing more processes.
In addition, Monad's execution engine design uses an optimistic parallel algorithm, which can reach the final state faster through parallel execution while linearly ordering transactions within the block. This algorithm, combined with other Monad innovations, results in significant performance improvements.
Monad Labs was founded by Keone Hon, James Hunsaker, and Eunice Giarta, who had extensive experience in high-frequency trading at Jump Trading. After entering the crypto space, they realized the possibility of fundamentally optimizing the EVM and set out to build the Monad project. By introducing standard components from high-performance computer science, they have successfully created a higher-performance EVM that is expected to solve the current expansion bottleneck problem.
With the official launch of Monad Labs and the completion of financing, we have reason to expect this innovative project to set off new waves in the blockchain field and bring broader development prospects to the cryptocurrency ecosystem.
