The Monad blockchain has recently reached an important milestone of 10,000 transactions per second during the testing phases, while the devnet has been officially launched.
This Layer 1 blockchain is fully compatible with Ethereum. The public testnet of Monad is expected to be available soon, with the mainnet launch scheduled by the end of the year.
Let’s see all the details below.
Summary
Monad blockchain: revolutionary scalability with the launch of the devnet
As anticipated, the Layer 1 Monad blockchain, compatible with Ethereum, has started its devnet after successfully achieving 10,000 transactions per second in internal tests.
The project announced on X the following:
“Monad Devnet is now operational, with a real achievement of 10,000 TPS on the EVM.”
Monad claims to have revolutionized the operation of Ethereum to ensure greater throughput capacity, aiming to provide up to 10,000 TPS with a one-second block time.
However, this could require approximately double the hardware resources compared to the main Ethereum blockchain.
Instead of simply replicating the basic Ethereum code, Monad claims to be building a new EVM from scratch, adopting a pipeline architecture.
This phased method, instead of executing each process in sequence, allows for more efficient processing and instant finalization of blocks.
Furthermore, Monad is able to interpret bytecode, simplifying the transfer of existing decentralized applications from Ethereum developers to its blockchain.
Changes in tokens and financial outlook
According to the technical documents published by Monad in September, the token will not be used to pay for transactions to be included in blocks, known as “gas cost”, and for transactions to be executed.
However, the token name was later removed from the documents for unspecified reasons.
Monad Labs, the company behind the blockchain project, was co-founded by former Jump Trading developers.
The company has raised a total of $19 million in funding, led by Dragonfly Capital, through a $9 million pre-seed round in May 2022 and a $10 million seed round in December 2022.
Recently, it has been reported that Monad Labs is considering a funding round of over 200 million dollars, led by the venture capital company Paradigm.
It is expected that Monad’s public testnet will be launched soon, with the mainnet release scheduled by the end of the year.
Monad Labs in search of a $200 million funding record
As mentioned, within the cryptocurrency funding, the smart contract platform Monad Labs is preparing for a massive fundraising round. In particular with the goal of securing investments for 200 million dollars.
At the top of the list of investors is Paradigm, a prominent venture capital company, reflecting the growing confidence of investors in the digital asset sector.
Initially started with a seed round of about 19 million dollars in February 2023, this upcoming fundraising, if successful, will mark the largest cryptocurrency funding round of 2024. cryptocurrencies.
Paradigm, leading Monad’s fundraising efforts, is known for its prolific investments in the field of cryptocurrencies.
Founded by Fred Ehrsam, co-founder of Coinbase, and Matt Huang, former partner at Sequoia Capital, in 2018, Paradigm has supported numerous important projects in the industry, such as dYdX, Flashbots, and FTX.
Sources reveal that Paradigm plans to contribute $150 million to Monad Labs’ fundraising, in a round that values the company at a whopping $3 billion.
The venture capital company is approaching potential investors from the end of 2023, seeking further contributions to consolidate its initial commitment.
In recent times, Monad has attracted significant attention from investors. A successful fundraising round would further underline the lasting impact of Jump Crypto.
Who, once a prominent actor in market-making and venture capital, has reduced operations following regulatory scrutiny by the SEC.
