Monad Labs Raises $225 Million for New EVM-Compatible Blockchain with High TPS
A new blockchain project is making waves in the crypto world as it aims to revolutionize the Ethereum ecosystem. Monad Labs, the team behind the new EVM-compatible L1 blockchain, has secured a whopping $225 million in funding led by Paradigm.
The Monad blockchain is designed to address the scalability issues faced by current EVM-compatible blockchains, with a focus on increasing transactions per second (TPS). With Ethereum currently supporting only around 10 TPS, Monad Labs is looking to push the boundaries with their hyper-optimized upgrade.
In a recent announcement, Monad Labs revealed that their “devnet” has already achieved an impressive 10,000 TPS, setting a new benchmark for blockchain performance. This milestone is just the beginning, with the team planning to further optimize the chain to support a wide range of DeFi applications.
The new round of funding will allow Monad Labs to expand their team and accelerate the development of their blockchain, bringing them one step closer to revolutionizing the DeFi space. With the support of Paradigm and other investors, Monad Labs is poised to make a significant impact on the future of Ethereum and decentralized finance.
Stay tuned for more updates on this exciting project as it continues to push the boundaries of blockchain technology.
