Monad Labs, the team behind the Monad blockchain, has raised $19 million in a seed funding round led by Dragonfly Capital and involving 70 other investors.
- Monad Labs is a tech startup that was founded in 2022 and aims to tackle the issues of inefficiency and limited functionality that are hindering the growth of decentralized finance (DeFi) on Ethereum-compatible platforms.
- According to Keone Hon, Co-Founder & CEO of Monad Labs, “Monad Labs is building the smart contract platform with the performance needed to truly unlock the transformative power of decentralized computation.”
- The Monad blockchain is an Ethereum Virtual Machine (EVM)-compatible Layer1 smart contract platform that offers multiple times the throughput of Ethereum, making it faster and more efficient.
- The Monad blockchain operates on a Proof of Stake consensus protocol and is designed to process 10,000 transactions per second, making it faster and more efficient than existing blockchains.
- Led by Dragonfly Capital, the seed round also attracted investment from Placeholder Capital, Lemniscap, Shima Capital, Finality Capital, as well as notable angel investors in the space such as Cobie and Hasu, amongst others.
- With this investment, Monad Labs will be able to continue developing the Monad blockchain and bring it to market. Monad is compatible with all other EVM-based smart contracts and will be going live on a testnet in the near future with the mainnet launch later this year.
- James Hunsaker, Co-Founder & CTO of Monad Labs, said that Monad Labs is creating a blockchain that addresses the issues of high costs and security in existing blockchains, creating the potential for rapid innovation in the decentralized landscape. Monad offers a high-performance environment that allows developers to build complex and scalable decentralized applications (Dapps).
- Haseeb Qureshi, Managing Partner at Dragonfly Capital, said that Monad is a unique and exciting project that will have the level of throughput needed for wide-scale adoption of DeFi.
- Chris Burniske, Partner at Placeholder Capital, added that Monad Labs has a differentiated, innovative, and ethical approach that will be worth keeping an eye on.
- The founding team at Monad Labs originates from Jump Trading, which has experience in building low-latency, high-frequency-trading systems, making them well suited for developing a fast and efficient blockchain.
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