Paradigm leads the investment! New EVM public chain Monad raises US$225 million to rebuild Ethereum?

New L1 public chain Monad Labs completed a US$225 million financing led by Paradigm. Investors include MakerDAO founder Rune Christensen, Taproot Wizards founder Eric Wall, etc.

According to Crunchbase’s Web3 Tracker, Monad’s $225 million funding round is the largest cryptocurrency project financing so far in 2024.

「Monad」rebuilds Ethereum

Monad is a fully compatible high-performance parallel EVM public chain. The official claims that it will achieve 10,000 real TPS, 1 second block generation and single time slot finality.

In an exclusive interview with Fortune Magazine, Monad founder Keone Hon emphasized that Monad is different from Ethereum with a huge and complex technology stack. Its innovation comes from rebuilding the Ethereum blockchain and maintaining the execution capabilities of smart contracts. , while completing transactions at faster speeds, higher transaction volumes and lower costs.

He said: We have gone through about two years of development. While a lot of research is focused on Rollup, data availability and other expansion directions, Monad is very invested in the most basic implementation. EVM is to Web3 what JavaScript is to Web2, and will be fully compatible with Ethereum, Polygon, Avalanche, BSC and Optimism without any changes.

In fact, in the current encryption market, in order to pursue the overflow value of Ethereum, most parties support EVM compatibility. However, Avichal Garg, a partner of Electric Capital, an investment institution in this round, pointed out: The way to enter the encryption market is to implement EVM Compatibility and attracting a group of developers, that's a bullish playbook for us.

Monad will issue coins and launch mainnet at the end of the year

Keone Hon finally mentioned that Monad will deploy a testnet in the next few months, with the goal of launching the mainnet and issuing native tokens before the end of the year. , he hopes that the first application of Monad will be to realize the high-frequency trading he previously performed at Jump Trading: the world's largest options exchange handles 500 million to 1 billion transactions every day. If we want to be like Nasdaq or If the scale of CME Group can be achieved on the blockchain, we need a blockchain with higher performance than the existing one.

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