Monad Seeks $200 Million Funding from Paradigm

According to Fortune, the layer-1 blockchain project Monad is currently organizing a fundraising round of up to $200 million with a valuation of $3 billion.

Paradigm is in talks to lead a new funding round of more than $200 million in Monad Labs, potentially the largest cryptocurrency round of funding so far in 2024. Two former Jump employees founded Monad in 2022 with the goal of building a faster L1 competitor than Ethereum.…

— Wu Blockchain (@WuBlockchain) March 12, 2024

Specifically, the renowned cryptocurrency investment fund Paradigm is expected to contribute $150 million to Monad’s fundraising round. Paradigm has also been in discussions with various other parties since 2023 to seek additional partners for the investment round.

If the fundraising information is accurate, Monad will become the project that raises the most funds in 2024, second only to Wormhole ($225 million), another project under Jump Crypto. Wormhole recently announced the issuance and airdrop of the W token to users.

Related: Wormhole Announces Airdrop of Token W

About Monad

Monad is a layer-1 blockchain that utilizes the Proof-of-Stake consensus mechanism and is compatible with EVM, aiming to achieve transaction speeds of up to 10,000/s through the Parallel Execution feature, addressing lingering issues with the largest smart contract blockchain, Ethereum.

In technical documents disclosed in September 2023, Monad stated that the project will issue the “mon” token with transaction fee functionality.

The project is developed by former employees of the Jump Trading investment fund on Wall Street and the cryptocurrency investment branch Jump Crypto, which raised $19 million in seed funding in February 2023 with participation from Dragonfly Capital and many renowned angel investors in the cryptocurrency industry.