VC interest in crypto investments continues to rise, and Crypto VC Paradigm is spearheading a $225 million funding round into a new layer-1.
Paradigm, a crypto-focused VC company, is spearheading a $225 million investment round into a new layer-1 blockchain network that will rival Solana and other prominent networks for market dominance.
Monad Labs, a blockchain startup that plans to create a new layer-1 smart contract network that is cheaper and quicker than Ethereum, has finished raising capital.
According to an interview with Fortune, the creator of Monad Labs, Keone Hon, revealed the news of the investment round after two years of development:
“After over two years of work, we are now making our debut…While other researchers were concentrating on roll-up, data availability, and other scaling-related topics, Monad essentially pushed straight into pure execution.”
According to a post by Monad on March 14th, the new L1 will be fully compatible with the Ethereum Virtual Machine (EVM), which can process up to 10,000 TPS.
Ethereum may be the birthplace of decentralized finance (DeFi), but it has several flaws, such as very expensive gas prices when the network is slow. Monad Labs’ execution-focused L1 is an attempt to rectify its inadequacies. As Hon informed Fortune:
“We came to the realization that there was a significant need for an EVM with improved performance, and that despite this demand, nobody was really addressing this issue.”
The new funding round was disclosed amidst a surge in venture capitalist attention towards cryptocurrency companies.
The second-layer network for Bitcoin Pantera spearheaded a $21 million Series A fundraising round, which Mezo disclosed on April 9. Investors may receive yields on their Mezo tokens, depending on how long they keep them. “Bitcoin Economic Layer” is how they call it.
Speculation surfaced on April 3rd that Paradigm is in talks to raise $850 million for a new fund, which would surpass the previous record-holder established in May 2022 by the Silicon Valley VC firm Andreessen Horowitz (a16z), which was $4.5 billion.
Funds invested in crypto venture capital increased by 38% over the previous quarter in the first quarter of 2024, ending a two-year depression, according to data research portal Crypto Koryo.
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