Layer 1 blockchain Monad announced on Monday the establishment of the Monad Foundation, an independent organization dedicated to promoting the development and adoption of the Monad blockchain.
According to its blog post, the Monad Foundation's main activities include: promoting validator-led governance and community-driven improvement proposals, providing developer documentation related to the network, and participating in the ecosystem development, marketing, and consulting services related to the Monad protocol.
Although not mentioned in the statement, the establishment of the Monad Foundation may indicate that the mainnet and token launch are imminent. According to previous reports from The Block, Monad began launching its testnet in November.
At the same time, Monad Labs, the development company behind the Monad blockchain, announced its name change to Category Labs, led by co-founder James Hunsaker.
Monad aims to optimize the operation of Ethereum to provide higher throughput. Monad states that it is building a new EVM (Ethereum Virtual Machine) from scratch using a pipelined architecture, rather than copying Ethereum's codebase. In April of this year, Monad Labs announced the completion of a $225 million Series A funding round led by Paradigm, reportedly valuing the company at $3 billion.
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