14 February 2023, Chicago — A USD 19 million seed fundraising round headed by Dragonfly Capital has been closed, according to Monad Labs, the group backing the high-performance Monad blockchain. Additional participation in the round came from 70 investors, including prominent angel investors in the field, including Naval Ravikant, Cobie, and Hasu, as well as Placeholder Capital, Lemniscap, Shima Capital, and Finality Capital.
The team at Monad Labs, a 2022 company with venture capital backing in the early stages, has over seven years of expertise developing low-latency, high-frequency trading systems at Jump Trading. Decentralized finance (DeFi) development on Ethereum-compatible systems is currently constrained by the inefficiency of Layer1 protocols, which provide low throughput at a high cost. Decentralized applications (Dapps) are restricted in their capabilities, and it is challenging for them to grow for widespread use. All of these problems are addressed by Monad Labs’ Monad blockchain, a Layer 1 smart contract platform compatible with the Ethereum Virtual Machine (EVM) and built to deliver several times the throughput that Ethereum offers.
According to Keone Hon, co-founder and CEO of Monad Labs:
“Monad Labs is creating the smart contract platform with the performance needed to really harness the transformational power of decentralized compute. The speed, transparency, security, and scalability that all Layer1 protocols should have will be established by the Monad blockchain, and its actual influence will be seen across the Web2 and Web3 ecosystems. This profitable seed round indicates the market need for Monad and the joint commitment of all parties to the development of the sector. We can’t wait to work with our investors to launch Monad, develop its features, and demonstrate to the world what blockchain technology is capable of.”
With the help of this funding, Monad Labs will be able to fulfill its promise to work with Monad to develop the upcoming Layer1 smart contract platforms. The Proof of Stake consensus technique used by the Monad blockchain allows for a maximum of 10,000 transactions to be processed per second. Monad does this by introducing numerous significant changes to the EVM standard, such as transaction execution that is parallel and asynchronous.
An early-stage, venture-backed tech business, Monad Labs was established in 2022. The co-founders of Monad Labs first came together at Jump Trading, where they spent seven years developing low-latency high-frequency trading (HFT) systems. In 2021, they joined Jump Crypto to help with R&D. The aim behind Monad was to combine lessons learned from HFT with some fresh concepts in order to create the fastest and most reliable smart-contract blockchain. Monad significantly improves the speed and scalability of decentralized computation by utilizing skills in low-latency programming, compiler optimization, systems engineering, cryptography, and graph theory.
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