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Monad Labs has raised $225 million for the development of its Layer-1 blockchain in a funding round led by Paradigm.
What Happened: The round included participation from Electric Capital and Greenoaks, as reported by Fortune Crypto. This marks the largest crypto fundraiser of 2024 thus far. The raised capital will be used to build a Layer-1 blockchain that aims to challenge the existing frameworks of platforms like like Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).
Monad Labs’ founder Keone Hon mentioned the company aims to achieve faster transaction speeds, higher volume, and lower costs, all while retaining the ability to execute smart contracts. Furthermore, Monad’s blockchain is compatible with the Ethereum Virtual Machine (EVM), which allows developers to easily transfer applications built for Ethereum.
With the new funding, Monad plans to launch its mainnet by the end of 2024 and a testnet in the upcoming months. The company also has intentions to introduce a native token.
Why It Matters: The successful funding round of Monad Labs underscores the growing investor interest in blockchain technology, particularly in Layer-1 solutions. The company’s approach of reimagining Ethereum’s blockchain could potentially revolutionize the sector by offering faster transaction speeds and lower costs.
Moreover, its compatibility with EVM could make it an appealing option for developers seeking flexibility. The entry of Greenoaks Capital into crypto deals also signals a widening investor base in the crypto sector.
What’s Next: The impact of altcoins and Ethereum as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: EXCLUSIVE: The Top Crypto VC Funding Trends In 2024
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