Monad Labs, founded by the former team from TradFi giant Jump Trading, closed a $19 million seed round led by Dragonfly Capital with participation from 70 other investors including Placeholder Capital, Lemniscap, Shima Capital, Finality Capital, angel investors Naval Ravikant, Cobie and Hasu. The funds raised will be used to develop a new blockchain.
The Monad blockchain will launch on a testnet in the coming months with the mainnet deployment planned for later this year, according to a statement. The blockchain will employ the proof-of-stake consensus mechanism and will be Ethereum Virtual Machine (EVM) compatible.