Launch testnet
The Monad project is a high-speed Layer 1 blockchain that has announced it has begun a phased launch of its testnet.
Although not officially announced yet, 'The Block' has confirmed this to insiders, and there have been reports on social media that people have actually experienced the processing speed. Monad is said to be able to handle 10,000 transactions per second and is compatible with the Ethereum (ETH) network, making it a highly anticipated blockchain.
The official account reported on the 16th that the testnet launch is imminent. After that, they seemed to really start a phased rollout.
Details of the token have not yet been disclosed, but it is believed that the company will issue its own virtual currency, and the development progress and potential future airdrops are attracting investors' attention.
Monad Overview
Monad uses Proof of Stake (PoS) as its consensus mechanism. Therefore, unique tokens are expected to be used for staking, fee payments, and more.
What is PoS?
Overall, it is a mechanism for obtaining approval and the right to create new blocks based on the proportion of virtual currency (stake) you hold.
The main features of blockchain are fast transaction processing speed, fast block confirmation speed, and low gas costs. It introduces a parallel processing mechanism, sometimes referred to as a 'Solana (SOL) killer'.
Its high level of attention is also reflected in the amount of funding, with an announcement in April 2024 of $225 million investment (approximately 34.8 billion yen at current exchange rates). This round of funding was led by venture capital giant Paradigm, with investments from Coinbase Ventures and others.
Monad also raised $19 million (approximately 2.9 billion yen) in a funding round led by Dragonfly Capital in 2023.
