A new layer-1 (L1) Ethereum Virtual Machine (EVM) compatible blockchain is raising hundreds of millions of dollars in funding.
According to a new announcement from Monad Labs, the Monad blockchain, a new EVM-compatible L1, aims to increase EVM-based transactions per second (TPS).
“The EVM is the ubiquitous standard of web3; over 96% of all capital in DeFi (decentralized finance) is in EVM apps. In spite of this, EVM-compatible blockchains have extremely low throughput: Ethereum supports roughly 10 transactions per second (TPS), and no EVM rollup is over 50 tps.”
With $225 million in funding led by tech investment firm Paradigm, Monad Labs says they can increase their team and production to create a low-level optimization EVM-compatible blockchain with efficient and improved TPS.
According to a recent statement from Monad Labs, the blockchain’s “devnet” has already achieved 10,000 TPS.
“‘Devnet’ is an internal, private environment – it is the first step towards an open public testnet
10,000 TPS is benchmarked using recent Ethereum history
Big milestone, more to come.”
Monad Labs says the testnet is essentially a hyper-optimized upgrade of the Ethereum (ETH) blockchain. The new round of funding will help Monad Labs hire more developers as the chain is expected to support a wide range of DeFi web3 applications.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/optimarc
The post Investment Firm Paradigm Leads $225,000,000 Raise for New Layer-1 Blockchain Monad appeared first on The Daily Hodl.
