Monad Launches Testnet, Promises Speed and Scalability for Ethereum Developers
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The Ethereum-compatible Layer 1 blockchain, Monad, has started rolling out its testnet in a phased release. To this development, a crypto trader Jordan Fish, popularly known as Cobie, has praised the testnet’s speed on X (formerly known as Twitter), saying, “I made a tx, it was fast.” This statement follows Monad’s devnet launch in March, which achieved 10,000 transactions per second (TPS) during internal testing.
To this end, Monad Labs CEO Keone Hon has also described the development as a key milestone, with the blockchain offering up to 10,000 TPS and one-second block times. However, it requires higher hardware resources, nearly double those of Ethereum.
Building a Better Ethereum Virtual Machine with Pipelined Architecture
Monad, in recent development, for the sake of efficiency, has built a new Ethereum Virtual Machine (EVM) from scratch instead of copying Ethereum’s existing codebase. This pipelined design is said to process tasks simultaneously, enabling faster performance and instant block finality.
However, this blockchain will also be compatible with existing Ethereum applications, making it easier for developers to transition. Moreover, Monad’s token system has outlined in technical documents the facilitation of transaction costs but has dropped its earlier token name, “Mon”, for unspecified reasons best known to Monad.
Monad Growth Gets Top Investors Backing
In addition to building a better virtual infrastructure, Monad Labs, founded by ex-Jump Trading developers, has raised $225 million in a paradigm-led funding round in April 2023. Investors in this round include Electric Capital, Coinbase Ventures, and several prominent angel investors like Rune Christensen, Eric Wall, Bryan Pellegrino, Luca NetZ, and Mert Muntaz.
Dragonfly Capital generated $19 million for Monad before the April funding rounds, with $9 million raised during a pre-seeding round in May 2022 and another $10 million during a seed round in December 2022. With this strong financial backing, Monad is poised to push blockchain scalability to new heights.
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