Monad is an emerging crypto network, currently in devnet phase, that offers an extremely scalable infrastructure compatible with the Ethereum Virtual Machine (EVM).
It is estimated that this L1 could compete with the execution speed of the Solana chain, having already reached the milestone of 10,000 real transactions per second during its own tests.
Monad does not yet have its own native crypto in its ecosystem and could release it in the coming months to all early adopters of the project.
Recently, the team managing the project closed a $225 million financing round led by Paradigm, increasing the chances of observing an airdrop distribution of the future token.
All the details below.
Summary
What is the ultra-scalable layer-1 blockchain Monad
In recent months, the infrastructure developments of the Monad platform have caught the attention of the crypto space audience.
Let’s talk about a top-tier blockchain compatible with the Ethereum Virtual Machine (EVM) and capable of offering significantly high scalability, to the point of being called the next “Solana Killer“.
Founded in 2022 by Keone Hon, former quantitative developer at Jump Crypto, Monad already boasts a processing capacity of 10,000 real transactions per second (devnet network), while maintaining characteristics of security and cost-effectiveness.
It is estimated that the network is able to complete operations with a block time of one second and instant finality.
Monad manages to handle a relatively heavy network traffic autonomously through the consensus mechanism MonadBFT and the parallel execution architecture that allows processing multiple transactions simultaneously, moving from traditional distributed systems to sequential ones.
In particular, Monad uses techniques such as Optimistic Concurrency Control (OCC) and Software Transactional Memory (STM) to ensure accuracy and integrity of data traveling on parallel tracks, separating the order and execution of transactions into different phases.
All this allows to take advantage of a lean blockchain with a simplified workload, all within a universe potentially connected to the software present on Ethereum, where the most successful applications and projects are running.
The development of Monad is led by Monad Labs, supported by initial funders such as Dragonfly, Lemniscap, Shima Capital, Finality Capital Placeholder.
It is expected that by the end of the year Monad’s blockchain will enter mainnet and will begin offering its ultra-scalable platform to crypto users around the world, most likely competing with the “top infrastructure” in the sector right away.
As an EVM compatible, Monad will also have to deal with Ethereum’s layer-2 solutions, which aim to solve the same scalability issues of L1 and have recently introduced an update that significantly lowers gas fees.
The efficiency war has just begun.
Monad Mainnet coming soon and possible crypto airdrop on the horizon: how to qualify as eligible users?
As Monad approaches its mainnet launch, the first speculations on the parallel inauguration of a native crypto emerge that could act as a gas token and governance token for community decisions.
Judging from the recent VC investments concluded, including a financing round of $225 million led by Paradigm and supported by Electric Capital, Castle Island Ventures, Animoca Ventures, Coinbase Ventures, and CoinFund, we can hypothesize a token distribution through airdrop.
Usually, the airdrop strategy is used when there are large investors to reward behind a project, and at the same time there is a need (as in the case of Monad) to decentralize its structure as much as possible.
The launch of the new crypto for Monad will most likely come a few months after the mainnet launch of the L1 blockchain.
In order to try to be eligible for the airdrop, all you have to do is interact with the chain as much as possible, sourcing funds from the Ethereum network and carrying out transactions with as many protocols as possible built on it.
As a general rule, it is recommended to perform at least 1 bridge, carry out at least 10 transactions within 3 months or more, and create a minimum swap volume of 1000 dollars.
Among the eligibility criteria could also be the case of staking the crypto of Wormhole, namely W, since Robinson Burkey (founder of Wormhole) is an investor in Monad.
Regarding the developments of the chain and the excellent milestones achieved, the managing partner of Electric Capital, Avichal Garg, stated the following in an interview with Decrypt:
“We are excited about Monad because it solves one of the critical bottlenecks in scalability for the Ethereum ecosystem: the Ethereum Virtual Machine. Monad’s parallelized EVM can unlock a 100x improvement in throughput in the EVM ecosystem and make consumer-level decentralized applications possible.”
