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.
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