Ethereum-Compatible Layer 1 Monad Launches Devnet with 10,000 TPS
Ethereum-compatible Layer 1 Monad has recently launched its devnet after successfully achieving 10,000 transactions per second (TPS) in internal testing. Monad claims to have optimized the Ethereum network to provide greater throughput, aiming to offer up to 10,000 TPS with a one-second block time. However, this may pose challenges for node operators as it requires hardware twice the size of the main Ethereum blockchain. Instead of cloning the Ethereum codebase, Monad is building a new EVM from scratch using a pipelined architecture, enabling more efficient processing and instant block finality. Monad is also bytecode compatible, making it easy for Ethereum developers to migrate their decentralized applications to the blockchain.
The Architecture Behind Monad
Monad is not simply cloning Ethereumโs codebase but is developing a new EVM from the ground up using a pipelined architecture. This approach allows for more efficient processing and instant block finality. The projectโs goal is to optimize Ethereumโs performance and provide greater throughput. By redesigning the EVM architecture, Monad aims to achieve up to 10,000 TPS with a one-second block time.
Benefits and Challenges for Node Operators
While Monadโs optimized architecture offers higher transaction speeds, it also presents challenges for node operators. To achieve these performance improvements, Monad requires hardware that is approximately twice as large as that used in the main Ethereum blockchain. This means that node operators will need to invest in more powerful hardware to support the increased processing demands of the Monad network.
Benefits:
- Optimized EVM architecture for increased performance
- Greater throughput with up to 10,000 TPS
- One-second block time for faster transaction confirmation
- Bytecode compatibility for easy migration of Ethereum decentralized applications
Challenges:
- Higher hardware requirements compared to the main Ethereum blockchain
- Increased investment in more powerful hardware for node operators
Monad Labs and Funding Rounds
The company behind Monad, Monad Labs, was founded by former developers from Jump Trading. The project has received significant funding, with a $9 million pre-seed round in May 2022, followed by a $10 million seed round in December 2022. In addition, Monad Labs recently raised $19 million in funding led by Dragonfly Capital. The project is currently planning a fundraising round of over $200 million, with venture capital firm Paradigm as the lead investor.
Roadmap: Testnet and Mainnet Release
Monadโs devnet has already launched, achieving 10,000 TPS in internal testing. The project plans to release its public testnet shortly, allowing users to experience and test the blockchain network. Finally, Monad aims to launch its mainnet later this year, providing developers and users with a fully functional Ethereum-compatible Layer 1 blockchain solution.
Hot Take: Monad Devnet Goes Live with Impressive Transaction Speeds ๐๐
Ethereum-compatible Layer 1 blockchain Monad has officially launched its devnet, showcasing impressive transaction speeds of up to 10,000 transactions per second (TPS). With its optimized architecture and pipelined approach, Monad offers improved processing efficiency and instant block finality. While this brings exciting possibilities for developers and users seeking greater throughput and faster transaction confirmation, it also poses challenges for node operators due to increased hardware requirements. Monad Labs, the company behind the project, has secured substantial funding and is planning a significant fundraising round. With the upcoming release of its public testnet and mainnet, Monad is set to provide an alternative Ethereum-compatible Layer 1 solution for the crypto community.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.