Can Monad change the L1 track?

Source: 0xmonomi

At the beginning of 2024, EVM-compatible blockchain Monad announced that it will soon release an internal test network, attracting industry attention. This project had completed US$19 million in the same period last year, with Dragonfly Capital as the lead investor, followed by Placeholder Capital, Lemniscap and others. As of the end of 2023, nearly 60 projects have announced that they will be built based on Monad.

The following will explain to you why Monad can generate such high popularity.

Built by the original team of Jump Trading, Monad has many highlights in terms of technical concepts

In 2024, Keone Hon, the former research leader of Jump Trading, and his partner James Hunsaker who have worked together for many years founded Monad The project aims to revolutionize EVM execution efficiency through "parallel processing" at the Layer 1 level, open up a new era of EVM ecological potential, and bring a glimmer of vitality to the EVM ecosystem.

The team led by Keone Hon is a group of experts with deep backgrounds in high-performance computing, machine learning, distributed systems and other fields. They have accumulated rich experience in Jump Trading. Under the leadership of Keone and James, Monad Labs challenged the existing Layer1 plus Layer2 expansion strategy. They believe that while this strategy can solve the scaling problem in the short term, in the long term it destroys the essential composability of the blockchain.

Monad’s goal is to create a high-performance underlying network that significantly improves execution efficiency through parallel processing technology, while maintaining on-chain composability while supporting more complex applications and wider adoption. Their vision is to realize a blockchain infrastructure with performance far beyond Ethereum and open up a new world of decentralized applications.

At the end of 2023, industry heavyweights such as Mert Mumtaz, CEO of Helius, and Georgios Konstantopoulos, CTO of top venture capital firm Paradigm, all gave high praise and praise to Monad and its parallel EVM concept. expect.

TPS up to 10,000, Monad is committed to becoming a fully decentralized and scalable L1 platform

Monad is different from traditional blockchain projects in that it uses proof of equity (PoS) mechanism, a layer-1 (L1) blockchain platform compatible with the Ethereum Virtual Machine (EVM). Its core goal is to significantly improve execution efficiency within the Ethereum ecosystem through technological innovation. Monad achieves an astonishing throughput of up to 10,000 smart contract transactions per second through a deeply customized virtual machine design and improved Byzantine Fault Tolerance (BFT) consensus mechanism.

At the technical level, Monad has fundamentally improved the performance of the blockchain through a series of revolutionary designs and optimizations. Clients written in C++ and Rust emphasize the importance of performance. Monads face a series of challenges currently faced by Ethereum including inefficient storage access, single-threaded execution limitations, limited execution budgets, etc., and by introducing parallel transaction execution , deferred execution and MonadDb, a database optimized for blockchain state storage, successfully solve these problems.

The reason why Monad chooses to be an independent L1 blockchain instead of adopting the Rollup solution is mainly based on the three key factors of decentralization, performance and focus. Compared to Rollup, which relies on a small number of operators, Monad is committed to creating a fully decentralized, ultra-high-performance and extremely scalable platform. This decision not only reflects Monad’s commitment to decentralization, but also demonstrates its team’s focus and contribution in promoting the development of blockchain technology and improving computing efficiency and user experience.

Monad’s technological innovation and strategic choices jointly write the beginning of a new chapter in blockchain technology. As the project attracts more and more attention and participation, Monad is preparing to pioneer a new future in the crypto world while advancing blockchain technology.

As the L1 project that best understands the gameplay of the Meme community, there are even scammers using the name of Monad to defraud money.

Monad uses its unique community interaction and marketing strategies (such as Meme contests), Shows how to leverage social media and meme culture to enhance brand image and community cohesion. The success of this strategy is reminiscent of Solana’s path to community building, which also attracted a large number of loyal users through meme marketing strategies. This comparison makes people wonder whether Monad can learn from Solana’s experience and create its own legend in the field of Layer 1 expansion.

Although Monad has made considerable achievements in community building and marketing, its technical prospects and ecological potential are the real focus of the industry. At present, Monad has not released detailed token information and mainnet testing details, which makes investors and community members full of expectations and uncertainty about its future. Keone once revealed that nearly 60 projects plan to build on the Monad platform, which shows that its technical foundation and ecological potential have been recognized by the market.

As the influence of the Monad brand continues to expand, phishing fake accounts appearing on social media have also brought security risks to community members. Monad officials have issued multiple warnings in this regard, reminding community members to be vigilant and avoid being deceived by leaking personal information.