Monad Labs Closes $19 million Seed Round To Create a New Blockchain
Key Points: The Monad Labs was founded by former Jump Trading employees. It received $19 million in preliminary investments to create a new blockchain that solves problems with layer 1.
The Monad blockchain will be available on a testnet over the next few months. The mainnet deployment is scheduled for later in the year.
The blockchain will use the proof-of–stake consensus method and EVM compatibility.
Dragonfly Capital was the lead investor in the $19 million seed round. The fundraising was made possible by Placeholder Capital and Lemniscap as well as Shima Capital and Finality Capital. Angel investors Naval Ravikant and Cobie also contributed. The money raised will be used to create a new blockchain. DApps are limited in their capabilities and it is difficult for them to grow for widespread usage. Monad Labs’ Monad Blockchain addresses all of these issues. It is a Layer 1 smart-contract platform compatible with the Ethereum Virtual machine (EVM). It can deliver many times the throughput of Ethereum.
“The Monad Blockchain will set industry standards for speed, transparency and security. Its true impact will be felt in both the Web2 as well as Web3 ecosystems. This seed round was a success and shows the need for Monad to be in the market. It also shows the commitment of all to the industry’s advancement. We are excited to partner with our investors to bring Monad on the market, expand its capabilities, and show the world what blockchains can accomplish.”
The Monad blockchain is designed to perform 10,000 transactions per second and will operate via a proof of stake consensus method. The testnet and mainnet will be available later in the year, although no specific dates have been given. According to a release, Monad’s blockchain will go live on a testnet over the next few months. The mainnet deployment is scheduled for later in the year. The proof-of-stake consensus algorithm will be used and the blockchain will work with the EVM. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: BlockchainDragonfly CapitalEthereumEVMJump TradingMonad Labs