In April this year, Monad Labs announced that it had completed a financing of up to US$225 million. This financing, which is known as the largest cryptocurrency project financing, was led by Paradigm and participated by investment institutions such as IOSG Ventures, SevenX Ventures, Electric Capital and Greenoaks. #monad #一级市场
Monad, which is developing a faster version of the Ethereum blockchain, has raised more than $244 million from investors including Amber Group and Artichoke Capital, giving the company a valuation of $3 billion.
Currently, the Monad network is in the Devnet stage, and the joint testnet is still being prepared. It will be online soon, so what potential narrative projects are there in its ecosystem so far?
Project Introduction (Supplementary Version)
I mentioned this project before and did research: The next hot narrative: Monad, the king of parallelism, PoS compatible with EVM L1 public chain, the next ETH? The following is an additional supplement
What is a Monad
Monad is a high-performance, Ethereum-compatible Layer 1 blockchain project developed by Monad Labs. The project aims to solve the scalability and efficiency issues of existing blockchains such as Ethereum.
What are the advantages?
High throughput: Monad provides a throughput of 10,000 tps, or 1 billion transactions per day, while providing 1 second block time and 1 second finality.
Parallel execution: In traditional blockchain systems, transactions are executed one by one in sequence, which is like queuing up to buy tickets. Everyone must wait for the person in front to buy before it is their turn. Monad uses parallel execution technology to process transactions more efficiently. Minimize bottlenecks and increase processing speed.
Ethereum compatibility: From a portability perspective, Monad provides full bytecode compatibility for the Ethereum Virtual Machine (EVM), so applications built for Ethereum can be ported to Monad without changing the code, and are fully compatible with Ethereum RPC, allowing seamless use of infrastructure such as MetaMask or Etherscan.
Innovative consensus and execution model: Monad uses advanced consensus mechanisms such as MonadBFT (Byzantine Fault Tolerance) and delayed execution to enhance decentralization and performance.
Team Background
The Monad team is comprised of professionals with extensive experience in blockchain and high-performance computing. Below are some of the key members’ backgrounds:
Keone Hon - Co-founder and CEO of Monad, previously led a high-frequency trading department at Jump Trading. He graduated from MIT.
James Hunsaker - Another co-founder, previously worked as a senior software engineer at Jump Trading and graduated from the University of Iowa.
Eunice Giarta - Co-founder, previously a researcher at the MIT Media Lab and product lead at Shutterstock and Broadway Technology.
Financing
Monad has recently completed a $225 million round of financing led by Paradigm, with a valuation of $3 billion. This round of financing was led by Paradigm. The total financing amount is as high as $244 million. Monad is the largest cryptocurrency financing in 2024 so far.
Monad founder Keone Hon said that Monad's innovation comes from rebuilding Ethereum's blockchain from scratch - maintaining the ability to execute smart contracts while completing transactions at a faster speed, higher capacity, and lower cost. Unlike many new blockchains, Monad will fully support EVM.
Summary: Monad testnet is expected to be launched soon. According to the project roadmap, the Monad testnet will be launched in the second half of 2024, and the mainnet will be launched in the fourth quarter. Of course, if you don’t want to follow the same path as others, you can pay attention to Monad’s potential ecological stock projects.
Inventory of potential projects in the ecosystem
The following will sort out the development status of Monad ecology in multiple sectors such as DeFi, NFT, and full-chain interoperability protocols. Many projects have already built ecological projects based on Monad. By the way, interactive tutorials for more representative projects are also provided.
DeFi
Ambient Finance
A decentralized trading protocol, formerly known as CrocSwap, is an improved AMM protocol that can uniformly support centralized liquidity market making, full-range liquidity market making, and on-chain price limit orders within a single liquidity pool.
Financing: $6.5 million in seed funding led by BlockTower Capital, with participation from Jane Street, Circle, Tensai Capital and other individual investors.
Balancer
A DeFi AMM protocol, Balancer's liquidity ranked fourth among DEXs in June last year. Balancer is striving to become a platform for DAOs and other protocol building tools to provide liquidity for users and products.
Whom
KuruExchange is an on-chain order book DEX project on Monad. Financing information: Seed round financing of US$2 million, led by Electric Capital, including angel investors such as Monad founder Keone Hon, which means he was born with a silver spoon in his mouth.
Current opportunities are available in the DC community for early-stage roles or related assignments that may be advanced projects.
In addition, Backpack, Catalyst, Dyson Finance, Swaap Finance, Timeswap, and Wombat Exchange will not be discussed in detail.
Loan Agreement
1. Curvance
A decentralized stablecoin lending protocol, initially focusing on LPs from the Curve, Convex, Aura, and Frax ecosystems.
Why Interactive Curvance?
a. Curvance is a stablecoin lending protocol led by Wormhole, which has raised 3.6 million US dollars. The project itself has not issued any coins, but it has a test network, and the official has hinted at an incentive plan.
b. Since Wormhole is the lead investor and Wormhole and Monad have a close partnership, there may be an opportunity to kill two birds with one stone.
c. The official has clearly stated that the project is part of the Monad ecosystem and has confirmed that tokens will be issued.
How to interact?
2. Pike Finance
Native cross-chain lending market. Token economics announced in March
Liquidity Network Protocol
1. aPriori
aprMEV is a MEV infrastructure and liquidity staking protocol built on Monad native. The recently announced seed round raised $8 million, bringing the total funding to nearly $10 million, and was a strategic round led by Binance Labs (undisclosed amount)
What opportunities are there currently?
Go to the official DC community to get early characters. For example, you can make MEME emoticons/write promotional posts/create videos, and you can also add the ⌘ symbol to your own name.
2. Elixir
Elixir, a modular liquidity network, announced in March this year that it had completed an $8 million Series B financing round, with Mysten Labs and Maelstrom. In October last year, it completed a $7.5 million Series A financing round at a valuation of $100 million, led by Hack VC and participated by NGC Ventures and others.
NFT Section
1. Monad Nomads NFT
One of the earliest NFT projects on the blockchain, it has important historical significance.
2. Poply
Poply is a community-based NFT marketplace specifically for the Monad chain that showcases and empowers NFT collectibles created specifically for this chain, using AI-generated art and a user-friendly interface to attract people interested in unique NFTs to trade ERC-721 tokens here.
Full chain interoperability protocol
1. Axelar Network
An advanced platform dedicated to blockchain interoperability. Its core goal is to achieve efficient and secure connections between different blockchain platforms.
Summarize
Monad is a super large financing, it is worth a try. There is no test network activity at present. The first recommendation is to contribute to the Monad official community to obtain a role. Monad attaches great importance to the community. The official contribution role quota is not large. In the future, the airdrop rewards for DC roles should be relatively generous.
Nonetheless, Monad faces a difficult adoption challenge to gain significant market share among large, already established competitors within the first year or two of its development.
Instead, the platform has already established solid foundational partnerships with strong partners such as LayerZero $ZRO , Pyth Network, Wormhole, etc., which indicates that its ecosystem of more than 80 projects will grow significantly over time, with an estimated 150 projects expected to be built on the platform at the launch of the mainnet.
