The highly anticipated layer 1 blockchain Monad has officially launched its developer network (devnet) on March 14, marking a significant achievement after achieving an impressive throughput of 10,000 transactions per second (TPS) in internal testing environments.
This notable TPS milestone, coupled with Monad’s overarching objective to enhance and optimize Ethereum’s functionality, underscores the project’s potential to tackle Ethereum’s scalability challenges head-on.
Monad CEO Keone expressed the significance of this milestone for the team, emphasizing that load testing will continue as they progress towards the phased release of permissioned testnet and public testnet. Keone further highlighted Monad’s commitment to delivering a performant parallel EVM, stating, “Monad is a deep engineering effort to deliver performant parallel EVM. We’re excited to share our team’s advances in parallel EVM execution and performant state access later this year.”
Monad Devnet presents opportunities for enhanced efficiency.
Monad Devnet is live.
10,000 real TPS achieved on the EVM. pic.twitter.com/1bnfsi6bqU
— Monad (evm/acc) (@monad_xyz) March 14, 2024
As congestion and elevated fees persistently afflict the network, the imminent introduction of Monad couldn’t be timelier. The demand for scalable layer 1 solutions capable of leveraging Ethereum’s robust infrastructure has reached unprecedented levels.
Central to Monad is a freshly developed Ethereum Virtual Machine (EVM) meticulously crafted to incorporate parallelized execution and a pipelined architecture. This innovative design facilitates simultaneous transaction processing, diverging from the conventional sequential approach and unlocking substantially greater throughput.
Ensuring an optimal developer experience stands as a top priority for Monad.
Monad pledges to maintain bytecode compatibility, thereby facilitating effortless integration with the extensive ecosystem of Ethereum-based decentralized applications (dApps) and decentralized finance (DeFi) protocols. This assurance means developers can seamlessly port their existing dApps to Monad without the need for extensive modifications or overhauls.
A standout feature of Monad’s architecture is its capability to swiftly finalize blocks immediately following their generation, effectively eradicating the prolonged confirmation times that frequently frustrate Ethereum users. This achievement is made possible by the separation of execution from consensus within Monad’s framework.
Moreover, Monad adopts a one-second block time to maximize transaction throughput. While this design choice offers notable advantages in terms of speed and efficiency, it also presents potential challenges for node operators. Notably, the hardware requirements for operating a node on Monad are approximately twice as demanding as those for Ethereum, which could pose obstacles for some operators. Despite this, the overall aim of Monad remains centered on optimizing the user experience and enhancing network performance to deliver a more seamless and efficient blockchain ecosystem.
Significant Investment Flows into Monad Labs
Reportedly, Paradigm, a venture capital firm known for backing numerous prominent industry startups, is spearheading a fundraising round exceeding $200 million for Monad Labs. This fundraising effort, succeeding a $19 million seed round in February 2023, values Monad Labs at $3 billion.
Having already pledged $150 million, Paradigm has been actively soliciting interest from additional investors since late 2023. If successful, this fundraising endeavor would stand as the largest crypto-related funding round of 2024 thus far, as reported by Crunchbase’s Web3 Tracker.
EigenLayer got $100M from a16z, Eclipse just got a $50M round and now Monad might get $200M of which $150M comes from Paradigm goes to show VCs are definitely circling the waters now. Next stop is now massive eco fund announcements pic.twitter.com/npX2JfOHkk
— guleid (@riddle245) March 11, 2024
Now that the devnet is operational, the subsequent milestone is the unveiling of Monad’s public testnet, anticipated to debut in Q2 2024. This phase will facilitate comprehensive real-world testing to assess the network’s performance and capabilities.
Following this, the launch of the Monad mainnet is scheduled for later in the year. The project has sparked enthusiasm and anticipation within the Ethereum community, with developers keen to harness Monad’s scalability.
Should Monad successfully deliver on its commitment to high throughput and instant finality, while upholding Ethereum’s security assurances, it stands poised to potentially catalyze widespread adoption of cryptocurrency.
