Yida Gao, Shima Capital Celebrate Investment in Monad Labs, Building the App Store for Web3

Shima Capital is delighted to announce its investment in Monad Labs, which is building a new Ethereum Virtual Machine (EVM)-compatible smart contract platform. Shima Capital, a web3 venture capital firm founded by Yida Gao, contributed to the $19 million seed funding round that was led by Dragonfly Capital, with additional contributions from Placeholder Capital, Lemniscap, Finality Capital, and angel investor Naval Ravikant.

Monad is a Layer 1 EVM-compatible blockchain that is rethinking what can currently be done on EVM chains, including Ethereum itself. Keone Hon, co-founder and CEO of Monad Labs, told TechCrunch, “We’re ultimately building a platform to optimize both consensus and execution […] which ultimately results in a system that can process a billion transactions per day and 10,000 transactions per second.”

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“The world of web3 is ready and waiting for a platform to replace Ethereum’s high costs and low throughput,” said Yida Gao, who is also Managing General Partner at Shima Capital. “We believe Monad can be that platform by re-imagining the EVM with lower fees, higher speeds, and more complex app integrations. Keone and the entire Monad Labs team are well positioned to tackle this issue.”

Monad Labs is the team that supports Monad the blockchain, and with help from his own team, Yida Gao is excited to continue supporting Monad Labs as they navigate new territory in the quest to unseat Ethereum as the unquestioned leader in decentralized applications. Shima Capital adds value for portfolio companies by advising on technology, token economics, marketing, and by making further introductions to their vast network of partners.

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