A groundbreaking blockchain project called Monad is currently securing substantial funding as it aims to develop a new Ethereum Virtual Machine (EVM) compatible blockchain. Monad Labs, the team behind the project, plans to improve the transaction speed of EVM-based applications.
The EVM is widely recognized as the standard for web3, with over 96% of decentralized finance (DeFi) capital invested in EVM apps. However, existing EVM-compatible blockchains have very low throughput, with Ethereum supporting only around 10 transactions per second (TPS), and no EVM rollup achieving more than 50 tps.
Monad Labs has raised $225 million in funding, led by tech investment firm Paradigm, to enhance its team and production capabilities. Their goal is to create an EVM-compatible blockchain that optimizes performance and achieves efficient and improved TPS.
Monad Labs recently reported that their blockchain’s “devnet” has already achieved an impressive 10,000 TPS. The devnet is an internal, private environment and serves as the first step towards an open public testnet. This milestone is significant, and Monad Labs promises more exciting developments in the future.
Monad Labs describes their testnet as a highly optimized upgrade of the Ethereum blockchain. The additional funding will enable them to hire more developers and build a platform that supports a wide range of DeFi web3 applications.
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