Monad Labs, an Ethereum competitor, is reportedly in talks to raise more than $200 million at a $3 billion valuation.
Why it matters: While the overall crypto market is hitting all time highs, the venture market has yet to rebound.
According to Crunchbase, there have only been 219 crypto fundraises in 2024, compared with 571 in the same period a year ago.
But valuations and capital raised are up: It’s not only Monad Labs raising funds at eye popping valuations. In just the past few weeks we have:
Elixir, a DeFi market-making protocol, announced a $8 million Series B at an $800 million valuation.
Eclipse, a prelaunch SVM rollup, announced a $50 million Series A. While we don’t know the valuation, our guess is… high.
And don’t forget that Eigen Layer just raised $100 million.
Back on the wagon: Paradigm, which is reported to lead Monad’s round, looks to have changed their tune after seemingly pivoting to AI last year.
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