News

Monad Labs Closes $19 Million Seed Round To Create New Blockchain

Key Points:

  • The former Jump Trading employees that launched Monad Labs obtained $19 million in preliminary investment to create a new blockchain that addresses problems with the existing layer 1 protocol.
  • The Monad blockchain will go live on a testnet in the upcoming months, with the mainnet deployment scheduled for later this year.
  • EVM compatibility and the proof-of-stake consensus method will be used by the blockchain.
The former Jump Trading team that established Monad Labs closed a $19 million seed round, which was headed by Dragonfly Capital.

Seventy other investors, including. Placeholder Capital, Lemniscap, Shima Capital, Finality Capital, and the angel investors Naval Ravikant, Cobie, and Hasu, contributed to the fundraising. A new blockchain will be created using the money raised.

The team at Monad Labs, a 2022 company with venture capital backing in the early stages, has over seven years of expertise developing low-latency, high-frequency trading systems at Jump Trading.

DeFi development on Ethereum-compatible systems is currently constrained by the inefficiency of Layer1 protocols, which provide low throughput at a high cost. DApps are restricted in their capabilities, and it is challenging for them to grow for widespread use.

All of these problems are addressed by Monad Labs’ Monad blockchain, a Layer 1 smart contract platform compatible with the Ethereum Virtual Machine (EVM) and built to deliver several times the throughput that Ethereum offers.

Keone Hon, Co-Founder & CEO of Monad Labs, said in a statement:

“The Monad blockchain will set the industry standards for the speed, transparency, security and scalability that all Layer1 protocols should have, and its true impact will be felt across both the Web2 and Web3 ecosystems. This successful seed round demonstrates the need for Monad in the marketplace and the shared commitment from all to advance the industry. We are excited to work alongside our investors to bring Monad to market, build out its capabilities and show the world exactly what blockchains can do.”

The Monad blockchain will function via a proof-of-stake consensus method and is intended to execute a total of 10,000 transactions per second. Without providing specific dates, the testnet and mainnet for the blockchain are planned to be live later this year.

According to a release, the Monad blockchain will go live on a testnet in the upcoming months, with the mainnet deployment scheduled for later this year. The blockchain will use the proof-of-stake consensus algorithm and be interoperable with the EVM.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Celebrating the Success of Zircuit’s ZRC EigenLayer Fairdrop

George Town, Grand Cayman, 8th November 2024, Chainwire

15 mins ago

BIO Protocol, DeSci sector, invested by Binance Labs

Binance Labs makes its first foray into decentralized science (DeSci) with an investment in BIO…

1 hour ago

Crypto Industry Campaign Wins Overwhelming Victory With $135M Spent

The crypto industry campaign spent $135 million supporting over 50 U.S. election candidates in 2024,…

2 hours ago

Big Money Is Back in the Market: Here Are 3 Tokens They Are Heavily Buying

Major investors are heavily purchasing specific tokens they think have great development potential when huge…

4 hours ago

Your Guide to the Best Presale Cryptos to Buy in November 2024, Qubetics, Filecoin, and Litecoin Comparison

Crypto is still shaking up the financial world, and the latest players in this space…

4 hours ago

$115M Success Story – Once an Underdog Here’s How BlockDAG Has Gone a Leg Up Against Archrival Kaspa

Discover why BlockDAG (BDAG) is emerging as a strong competitor to Kaspa (KAS) with its…

6 hours ago

This website uses cookies.