Blockchain Developer Monad Labs Raises $225M Led by Paradigm

Monad Labs, which is looking to develop a faster version of the Ethereum blockchain, said it raised $225 million in a funding round led by Paradigm that will allow it to add staff and spend on bringing the test version of its blockchain into production. The layer-1 blockchain is compatible with the Ethereum Virtual Machine (EVM) that executes the rules of Ethereum and makes sure submitted transactions and smart contracts follow the rules. However, while Ethereum processes fewer than 20 transactions per second, according to etherscan.io, Monad says its testnet, which went live in March, can handle some 10,000 TPS. 

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