Cryptocurrency venture capital firm Paradigm is leading a $225 million funding round into a new blockchain network that is poised to compete with Solana and other leading networks. 🚀

The funding comes from Monad Labs, which aims to create a new smart contract network with faster speeds and lower costs than Ethereum.

The new L1 will be 100% compatible with the Ethereum Virtual Machine (EVM), capable of processing up to 10,000 transactions per second.

Even though Ethereum is home to decentralized finance (DeFi), it has significant disadvantages, including high fees during network congestion.

Cryptocurrency venture funding continues to grow, with funds invested in the first quarter of 2024 increasing by 38% compared to the previous quarter.