Parallel EVM @monad_xyz, team co-founders are all former members of Jump Trading, and have a good relationship with many Defi projects in Solana. With a seed round of financing of 19 million, Paradigm is negotiating to lead a round of financing of more than 200 million US dollars in Monad. Paradigm's Chief Technology Officer Georgios Konstantopoulos believes that 2024 will be the year of the "parallel EVM" concept. Monad was mentioned first when listing representative projects.
1. Project introduction
Monad is a high-performance, Ethereum-compatible Layer 1 that provides users with the dual advantages of portability and performance. The vision is to improve the execution efficiency of EVM on a large scale at a single layer of Layer 1 through "parallel processing", thereby unleashing the potential of the EVM ecosystem.
From a portability perspective, Monads provide full EVM compatibility, meaning applications built for Ethereum can be migrated to Monads without code changes. At the same time, Monad is also fully compatible with Ethereum's RPC interface, allowing some infrastructure such as MetaMask and Etherscan to be used seamlessly.
In terms of performance, Monad provides a throughput of 10,000 transactions per second, or 1 billion transactions per day, while providing 1 second block time and 1 second finality. This allows Monad to support more users and a more interactive experience while significantly reducing the cost per transaction.
2. Financing information
On February 13, 2023, Monad Labs completed a $19 million seed round of financing, led by Dragonfly Capital, with participation from Placeholder Capital, Lemniscap, Shima Capital, Finality Capital, angel investors Naval Ravikant, Cobie and Hasu.
Paradigm is in talks to lead a funding round of more than $200 million in Monad Labs, Fortune reports, according to people familiar with the matter. The funding round will follow a $19 million seed round announced by Monad Labs in February 2023 that valued the startup at $3 billion, according to people with knowledge of the deal.
3. Team information
James Hunsaker, former senior software engineer at Jump Trading
Keone Hon, former head of research at Jump Trading
They also have a good relationship with many Defi projects in the Solana ecosystem, and wormholes are airdropped to Monad.
4. Monad vs. ETH
Similar points:
1. From a user's perspective, the use of Monad is very similar to Ethereum.You can use the same wallet (e.g. MetaMask) or block explorer (e.g. Etherscan) to sign or view transactions. Ethereum DApps can be migrated to Monads without code changes, so users will be able to use many Ethereum DApps on Monads. The address of the Monad is also the same as that of Ethereum.
2.Monad has linear blocks, and transactions within the blocks are also linearly ordered.
3.Monad is also POS. Anyone can run a node to independently verify transaction execution.
Differences:
Monad makes excellent performance possible by introducing parallel execution and superscalar pipeline technology to the EVM.
Pipelining and other optimizations have been introduced mainly in the following four main areas:
MonadBFT (pipelined HotStuff consensus mechanism with additional research improvements)
Delayed execution (pipelining between consensus and execution, significantly increasing execution budget)
Parallel execution
MonadDb (high performance state backend)
5. Token information & interaction strategy
Regarding the token information, the official has not disclosed much yet.
Currently, only DEVNET for internal team members is online.
Developers and community members will have the first opportunity to use the Monad blockchain during the testnet phase in Q2.
It is recommended that users who intend to ambush join the official Discord channel as soon as possible and wait for relevant developments on the test network.
