HTX Ventures Invests in Monad Labs to Support Parallelized EVMs Ecosystem
Singapore
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April 10, 2024 09:44 PM Eastern Daylight Time
n alignment with its mission to drive innovation and advancement within the blockchain ecosystem, HTX Ventures has strategically invested in Monad Labs, a pioneering team behind the development of the high-performance Monad blockchain. This investment reaffirms HTX Ventures' commitment to nurturing cutting-edge Web3 solutions and supporting projects that tackle critical challenges facing the industry.
The Monad blockchain is a state-of-the-art Layer-1 blockchain platform known for its unique rearchitecture of the Ethereum Virtual Machine (EVM). It aims to address Ethereum's limited throughput problem, ultimately enabling decentralized applications (DApps) to scale for mass adoption. This platform intends to deliver Ethereum's flexibility alongside Solana's performance, boasting over 10,000 transactions per second, 1-second block times, and immediate finality, all while maintaining full backward compatibility with EVM and key Ethereum infrastructure.
The tech startup Monad Labs, founded by the former team from traditional finance giant Jump Trading, recently raised $225 million in Series A Funding with a valuation of $3 billion to build the scalable smart contract distributed ledger.
"Monad is driven by a great team with a strong understanding of market mechanisms and connectivity," remarked Edward, Managing Partner at HTX Ventures. "Their go-to-market strategies and tactics are similar to Solana, demonstrating a savvy approach to blockchain innovation. Our investment underscores our commitment to supporting smart teams like Monad Labs, who are driving big changes in the Web3 ecosystem."
“We are thrilled to partner with HTX Ventures,” said Keone Hon, Co-founder and CEO of Monad Labs. “Their track record of supporting the growth of decentralized technologies, and their strong relationships across the space, make them an ideal partner for our team. We can definitely learn a lot from collaboration.”
The Monad blockchain will launch a testnet in the coming months, with the mainnet deployment planned for later this year. The blockchain will employ the proof-of-stake consensus mechanism and will be Ethereum Virtual Machine (EVM)-compatible. As such, projects on Monad will be able to interact with the EVM software platform, where developers from many other blockchain projects also create interoperable decentralized applications on the Ethereum network.
About Monad Labs
Monad Labs is an early-stage, venture-backed tech startup founded in 2022. Two of the three co-founders of Monad Labs have roots in Jump Trading, where they worked together for seven years building low-latency high-frequency-trading (HFT) systems, and later contributing to R&D at Jump Crypto in 2021. This was the genesis of Monad — synthesizing learnings from HFT, as well as some new ideas, to build the most performant and robust smart-contract blockchain possible. Monad applies expertise in low-latency programming, compiler optimization, systems engineering, cryptography, and graph theory to substantially advance the performance and scalability of decentralized computation.
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including Dragonfly, Bankless Ventures, Animoca, Shima, and IVC.
Contact Details
Michael Wang
Company Website
https://www.htx.com/en-us/ventures
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide.
With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures presently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most vigorous Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including IVC, Shima, and Animoca.
Contact Details
Michael Wang
Company Website
