Monad Blockchain has begun its long and challenging journey as a Layer 1 platform. With the ambition to become an EVM Blockchain platform with the best scalability and eliminate all problems is happening with Ethereum. So, with what steps Monad is starting, everyone will find out in the article below.
To understand more about Monad Blockchain, people can read some of the articles below:
- What is Monad? Monad Cryptocurrency Overview
- What is Parallel Execution? Advantages, Disadvantages & Working Mechanism of Parallel Execution
- What is EVM? EVM Highlights
Overview of Monad Blockchain
Monad and special features
Monad is a Blockchain platform with high compatibility with EVM and the platform solves the scalability problem by applying parallel execution. Monad commits to scalability up to 10,000 TPS with block completion time of only about 1 second with MonadBFT consensus. Monad Blockchain was built and developed by the same team who worked at Jump Crypto.
If everyone sees Jump Crypto, they are simply a VC in the Crypto market, but if we look deeper at this organization, Jump Crypto is one of the rare VCs with their ecosystem development project. That is shown through:
- Jump Crypto joins Solana and Sui to organize Offline Hackathon events with tens of thousands of participants and create hundreds of different projects.
- Jump Crypto together with Solana solves network problems with the Fire Dancer solution. With Fire Dancer, Solana expects to reach a TPS level of up to 1M.
Besides, Monad also successfully called for $19M in funding led by Dragonfly Capital and with the participation of Shima Capital, Paceholder, Lemniscap and Finality Capital Partners.
Monad’s development stage
Currently, Monad is in the Testnet process for developers and different from other ecosystems, Monad has immediately launched the Monad Developer Grant Program to promote ecosystem development from the moment it has not yet been established. official mainnet.
According to the development team, the Testnet version will soon be available to users in the near future, possibly at the beginning of Quarter 4 or as early as the end of Quarter 3/2023.
Monad Ecosystem and First Steps
The first projects in the ecosystem
Right in the Monad Grant Verticals program, it has been shown that Monad wants to build a comprehensive ecosystem full of different pieces. At the present time, Monad is expecting projects on the platform to develop in the following directions:
- High Fidelity DeFi: Are DeFi projects with a high level of security and decentralization.
- Infastructure: These are projects that belong to the infrastructure puzzle such as API, Oracle, Wallet,…
- NFTs
- Identity & Ownership: Is the first step to building a Decentralized Social Network platform.
- Gaming
- Payments & Commerce: Payment segment.
The first project to announce a partnership with Monad is Switchboard, which is an infrastructure project and in more detail, this is an Oracle project built and developed initially on the ecosystem. Thai Solana. Besides Switchboard, Monad also announced a partnership with Timeswap – a borrowing and lending protocol based on a completely decentralized AMM model.
Monad Blockchain has had AMM sessions with projects such as Marginfi – an emerging Lending & Borrowing protocol on Solana that is expected to become a major competitor of Solend on Solana and Aori – an Orderbook platform.
It seems that the team from Jump Crypto has quite good relationships with projects on Solana. Could we see a flow of developers from Solana to Monad in the future?
The special thing about Monad Blockchain
Memes are built and spread by the Monad community
What I feel special about Monad Blokchain is the Community. Monad has successfully built an extremely positive and energetic Community and has made certain contributions in promoting Monad to more users in the market. It seems that Monad has learned this quite a bit from NFT projects that have been incredibly successful in recent times.
Increasingly, community factors have more influence on an ecosystem. Sei has encountered certain problems when turning his back on the community in the past.
The next special point is that Monad is quite simple and easy to understand. Monad focuses on promoting two factors:
- EVM
- 10,000 TPS
The strong EVM media narrative helps Monad reach a large portion of the developer population on Ethereum, Layer 2 and other EVM Blockchains. Along with good relationships with projects on Solana, Monad has almost complete access to developers in the market.
10,000 TPS is a media story that is quite easy to understand for users and goes deeper into what constitutes 10,000 TPS is parallel execution and the MonadBFT consensus algorithm.
Summary
Unlike other ecosystems that require mainnet to start building and developing the ecosystem, Monad has been doing it since there was no mainnet yet. Will Monad become a Polygon, BNB Chain or Avalanche C Chain version in the next stage?
