The founders of the promising Level 1 (Layer 1) Monad blockchain have begun the phased launch of their own test network, which has caused an active discussion in the crypto community. Well-known crypto trader Cobie confirmed on social networks that he has already started testing. He called the speed of the blockchain impressive. "I carried out the transaction, it was fast," the expert said.
Monad development started with the launch of devnet in March 2023. Then, in test mode, the network showed a performance of 10 thousand transactions per second. Koen Hong, CEO of Monad Labs, noted that the launch of the test network was an important milestone for the team.
Monad differs from the classic Ethereum approach to architecture. Instead of copying the existing code, the team creates a new EVM from scratch. The main feature of the system is the pipeline architecture, which allows processing processes in parallel, providing instant completion of blocks. However, the nodes of the network will require equipment twice as powerful as for working with the main Ethereum blockchain.
The advantage of Monad is its full compatibility with EVM bytecode. This makes it easier to migrate existing Ethereum applications to a new platform. This approach makes Monad an attractive network for developers who want to access higher bandwidth.
The project is actively attracting investments. In April 2024, Monad Labs completed a $225 million funding round led by investment company Paradigm. Electric Capital, Coinbase Ventures and Castle Island Ventures are also among the participants. Previously, the startup raised $19 million in December 2022, and the total investment at various stages reached $253 million.
Despite the ambitious goals, the project faces challenges. High hardware requirements and the need to prove the claimed performance in real conditions remain key issues. However, the support of large investors and the innovative approach of Monad allow us to count on the successful development of the network.