Tech startup Monad Labs, founded by the former team from TradFi giant jumptrading, raised $19 million in seed funding to develop a new blockchain that aims to improve on issues faced by layer 1s.
Tech startup Monad Labs, founded by the former team from traditional finance giant Jump Trading, raised $19 million in seed funding to develop a new blockchain that aims to improve on issues faced by current layer 1 protocols.
"The Monad blockchain will set the industry standards for the speed, transparency, security and scalability that all Layer 1 protocols should have," said Keone Hon, co-founder and CEO of Monad Lab, in the statement. Monad plans to address these issues through its new layer 1 protocol, which it claims will be able to process a total of 10,000 transactions per second. To do so, Monad made some key changes to the consensus and execution layers – two major mechanisms of a blockchain.
"Together, these improvements massively improve the system throughput, allowing the system to scale to many more users and applications," Giarta added.blockchain, still holds the majority of the market share among layer 1 projects. However, there have been several new blockchains – dubbed “Ethereum Killers” – that are looking to improve Ethereum's processing time, fees and scalability.
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