Monad Labs Raises $19M to Create ‚Ethereum Killer‘ Blockchain
• Monad Labs, founded by the former team from traditional finance (TradFi) giant Jump Trading, raised $19 million in seed funding to develop a new blockchain.
• The blockchain will employ the proof-of-stake consensus mechanism and will be Ethereum Virtual Machine (EVM)-compatible.
• Monad plans to address issues of high-cost and low reward of many layer 1 blockchains by its new protocol that it claims will be able to process 10,000 transactions per second.
Monad Labs Raises $19M
Tech startup Monad Labs, founded by the former team from traditional finance (TradFi) giant Jump Trading, raised $19 million in seed funding to develop a new blockchain. The round was led by Dragonfly Capital with the participation of 70 other investors including Placeholder Capital, Lemniscap, Shima Capital and Finality Capital as well as angel investors such as Naval Ravikant and Cobie.
Monad Blockchain Features
The Monad blockchain will launch on a testnet in the coming months with mainnet deployment planned for later this year. It will employ the proof-of-stake consensus mechanism and be EVM compatible so projects on Monad can interact with EVM software platform where developers create interoperable decentralized applications on Ethereum network. The blockchain is designed to set industry standards for speed, transparency, security and scalability.
High Cost & Low Reward Issue
Builders have been held back by high cost and low reward on many layer 1 blockchains which affects innovation and mass adoption of dapps by developers. To address this issue, Monad made key changes to consensus and execution layers which enable it to process 10,000 transactions per second at low cost with high rewards for stakeholders.
Monad’s Interoperability Feature
To make sure that users can seamlessly interact across different blockchains without any restrictions or limitations imposed by protocols or networks themselves, Monad has integrated an interoperability feature into its protocol architecture allowing users to move assets between different chains easily without any hassle or risk involved.
Monad Lab’s newly launched blockchain promises to bring significant improvements over existing layer 1 protocols addressing issues faced due to their high costs and low rewards while also providing an innovative interoperability feature that allows users to seamlessly interact between different networks without any restrictions or limitations imposed by protocols or networks themselves.