The deployment of the testnet for the EVM-compatible L1 platform Monad has commenced, as reported by The Block, citing unnamed sources.

Jordan Fish, a crypto trader known as “Cobie,” highlighted the successful execution of “fast” transactions during the network’s testing phase. In March 2024, Monad demonstrated its ability to process 10,000 transactions per second (TPS) during internal trials—a notable milestone.

Key Features of Monad

Monad significantly enhances transaction speeds through its custom-built EVM, designed for high parallelization. Unlike blockchains such as Ethereum and Avalanche, which process transactions sequentially, Monad allows for parallel processing, greatly increasing network throughput.

The platform’s compatibility with EVM bytecode simplifies application migration from Ethereum to Monad, making it an attractive option for developers. However, its parallel processing capabilities demand more robust hardware, potentially complicating node deployment.

Project Development and Funding

In September 2023, Monad developers mentioned a token named mon for fee payments, though references to this token were later removed from official documents without explanation.

In February 2024, Monad Labs secured $19 million from investors such as Dragonfly Capital, Placeholder Capital, Lemniscap, Shima Capital, and angel investors. By April 2024, the project closed a $225 million funding round with participation from Paradigm, Electric Capital, and Greenoaks.

Monad’s team aims to launch the mainnet by the end of 2024.

Ecosystem Outlook

This launch underscores the growing interest in optimizing Ethereum-compatible applications. Similarly, the team behind TAC’s L2 network recently announced an EVM-compatible solution for the TON ecosystem, highlighting industry-wide efforts to expand blockchain functionality.