DeFi
Monad-based DeFi projects unveil wave of funding rounds
Kuru Exchange, Kintsu, and aPriori raise a combined $16 million as parallelized EVM Monad prepares for testnet launch.
Monad-based protocols announce funding rounds as anticipation grows around Monad’s upcoming testnet.
aPrior, a liquid staking platform powered by MEV, announced a $10 million funding round led by Pantera Capital; Kuru Exchange, a central limit order book (CLOB) decentralized exchange, announced a $2 million round led by Electric Capital; and liquid staking protocol Kintsu announced a $4 million round led by Castle Island Ventures.
Monad Ecosystem Funding Rounds
Monad is an Ethereum-compatible layer-1 blockchain that can process multiple transactions in parallel and boasts a throughput of 10,000 transactions per second (TPS). Monad Labs recently raised $225 million in a funding round led by Paradigm and contributed by Coinbase Ventures.
Parallel execution means that transactions are processed simultaneously, unlike sequential execution – used by most existing blockchains such as Bitcoin and Ethereum – in which one transaction must be executed for the next one to begin.
Monad achieves this by allowing parallel execution of EVM transactions that have no common dependencies. This means that blocks are still ordered linearly, but the chain identifies specific types of transactions within that order that can be executed in parallel.
No date has been confirmed for the launch of the Monad testnet.