Layer 1 blockchain Monad Labs announced the completion of a $225 million financing led by Paradigm, with participation from Electric Capital and Greenoaks. The project intends to challenge competitors such as Solana and Sui. It is reported that this transaction is the largest cryptocurrency financing so far in 2024. Monad founder Keone Hon said that Monad's innovation comes from rebuilding Ethereum's blockchain from scratch, maintaining the ability to execute smart contracts while completing transactions at a faster speed, higher capacity and lower cost. Monad will fully support EVM. (Fortune)