According to PANews, Monad Labs has successfully raised $225 million in a funding round led by Paradigm, with participation from investors such as Electric Capital and Greenoaks. The company is dedicated to building a first-layer blockchain to challenge competitors like Solana and Sui.
Monad's innovation lies in its reconstruction of Ethereum's blockchain from scratch, maintaining the ability to execute smart contracts while achieving faster transaction speeds, higher transaction volumes, and lower costs. Similar to other emerging blockchains, Monad is compatible with the Ethereum Virtual Machine (EVM), meaning developers can migrate applications built for Ethereum to Monad. Monad Labs currently has about 30 employees and plans to launch a native token, although no comments have been made on whether it will be launched with the mainnet.
Monad's first use case is likely to be high-frequency trading, as performed by Hon at Jump. He pointed out that the world's largest stock and futures exchanges handle between 500 million and 1 billion transactions daily. He also noted that if we want to achieve a scale similar to NASDAQ or the Chicago Mercantile Exchange on the blockchain, a higher-performance blockchain than currently exists is needed.
