Monad is an upcoming layer-1 blockchain, comparable to the EVM, designed to deliver a transaction throughput of 10,000 transactions per second (tps). This platform offers app developers the ideal combination of portability and exceptional performance. This developer-forward layer 1 smart contract ushers in a new paradigm of possibility through pipelined execution of Ethereum transactions.

This advancement enables even complex and high-usage distributed applications to operate efficiently in a decentralized environment. In this article, readers will understand how the Monad project works and how it’s bringing parallel execution to the EVM Layer1 system.

Project Background and Funding History

This innovative project was designed by Monad Labs, co-founded by Keone Hon, James Hunsaker (CTO), and Eunice Giarta (COO), and quickly gained traction, raising $225 million in funding from venture capital firm Paradigm, with contributions from other firms like Electric Capital, Coinbase Ventures, GSR Ventures.

The eagerly awaited layer 1 native blockchain launched its developer network (devnet) on March 14, 2024, following successful internal tests showing an impressive 10,000 transactions per second (TPS) to enhance Ethereum's functionality and scalability.

In July, the Monad ecosystem also brought some new updates. Protocols building on Monad announced their funding rounds as anticipation builds around Monad’s upcoming testnet. aPrior, an MEV-powered liquid staking platform, revealed a $10 million funding round led by Pantera Capital; Kuru Exchange, a central limit order book (CLOB) decentralized exchange, announced a $2 million raise led by Electric Capital, and liquid staking protocol Kintsu unveiled a $4 million raise led by Castle Island Ventures.

Key Features

10,000 Transactions per Second (TPS): Monad supports a staggering 10,000 TPS, significantly increasing throughput capabilities and allowing more complex and higher-usage decentralized applications to run smoothly.
Superscalar Architecture: This optimized architecture bridges the gap between decentralized and traditional platforms through pipelined execution and intelligent scheduling of transactions.
Portability and Core Composability: Full compatibility with EVM bytecode and the Ethereum RPC API ensures seamless portability for EVM developers, fostering powerful, composable applications.
Fundamental EVM Optimization: Monad’s foundational improvements enable high throughput and low fees while maintaining support for existing Ethereum smart contracts.
Ultra-Efficient Consensus Mechanism: A variant of Tendermint, this mechanism, along with other optimizations, addresses bottlenecks in state machine replication.

Importance and Problem Solving

Monad aims to address the limitations of current blockchain platforms by offering a high-performance, Ethereum-compatible Layer 1 solution. Its primary goal is to enhance the efficiency and scalability of decentralized applications (dApps) while maintaining the core principles of decentralization.

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Monad: The Developer-Forwarded Layer1 Smart Contract Platform Optimizing Blockchain Productivity