Current layer 1 projects are developing extremely strongly to be able to create the best user experience. Monad proposes to create a blockchain with a high TPS of up to 10,000 TPS. In this article, Unich Analysis will join readers to learn about the special features of Monad.
What is Monad?
Monad is a Layer 1 blockchain, designed to overcome the limitations of Ethereum’s scalability, while still retaining high compatibility with EVM (Ethereum Virtual Machine). Monad aims to create a secure EVM Layer 1 blockchain, with fast transaction processing and low cost. With the current potential of Monad, it will be a direct competitor to other Layer 1s such as Sui, Aptos, Sei, etc.
Monad highlights
Monad is a potential Layer 1 blockchain project, designed to solve Ethereum’s scalability limitations, while still retaining high compatibility with EVM (Ethereum Virtual Machine). Here are the main highlights of Monad
Scalability
- High throughput: Monad aims to process 10,000 transactions per second (TPS), surpassing Ethereum’s current processing capacity (around 15 TPS).
- Reduced transaction confirmation waiting time: With high throughput, users will not have to wait too long for their transactions to be confirmed, improving user experience.
- Efficiency: Monad is designed to process multiple independent transactions efficiently, optimizing network throughput and performance.
Highly compatible with EVM
- Easy to migrate dApps: Developers can easily migrate existing dApps from Ethereum to Monad without rewriting code from scratch. This helps promote the development of the Monad ecosystem.
- Widely used: Compatibility with EVM makes Monad easily accessible to existing Ethereum developers and users, expanding the scope of Monad’s applications.
Security
- Proof of Stake consensus mechanism: Monad uses the Proof of Stake consensus mechanism, which helps ensure the security and decentralization of the network.
- Resistance to attacks: Proof of Stake helps Monad resist attacks such as 51% of attacks and other forms of network attacks.
Low cost
- Reduced transaction fees: With the ability to process transactions quickly and efficiently, Monad has the potential to help reduce transaction fees for users.
- Increased competitiveness: Lower transaction costs help Monad compete with other Layer 1 blockchains, attracting more users and developers.
Monad architecture
Monad uses a variety of advanced technologies to achieve its performance and scalability goals:
Parallel Execution:
- Process multiple transactions at once: Monad does not process transactions sequentially like Ethereum but instead executes multiple independent transactions simultaneously.
- Speed up processing: Parallel Execution speeds up transaction processing and improves network efficiency.
- Optimize throughput: With Parallel Execution, Monad can process a large number of transactions at once, optimizing network throughput.
Optimistic Execution
- Reduce waiting times: Later transactions start running even if previous transactions are not completed, minimizing waiting times.
- Correctness check: If a transaction uses old data, it will be marked to be rerun with the latest updated information, ensuring the correctness of the transaction results.
MonadDb (Custom Database)
- Patricia Trie Data structure: MonadDb uses the Patricia Trie data structure, which is more efficient than the Merkle Patricia Trie (MPT) used in Ethereum.
- Asynchronous I/O (Asynchronous I/O): Supporting Asynchronous I/O helps MonadDb increase the speed of accessing and updating data, optimizing performance.
MonadBFT (Consensus mechanism)
- Pipelining: MonadBFT uses Pipelining to stack transaction stages, helping to increase the processing speed and throughput of the network.
- Efficiency: MonadBFT is designed to be highly efficient in determining the order of transactions, helping to ensure the correctness and security of the network.
Instructions for trading Pre-Market MONAD on Unich
- Access the Unich OTC Trading Platform
- Connect your wallet to the Unich Pre-Market OTC platform
- Select the MONAD trading pair to buy or sell with MONAD on the Pre-Market market
- Deposit collateral and complete payment
Instructions for participating in the Monad airdrop
Monad is an extremely potential project when many users in the Monad community have been airdropped thousands of dollars by Monad’s partners such as PYTH, W, etc.
Below are the activities that users need to do to receive Monad airdrops
Nads role in Discord
- To get the Nads role in Discord, everyone needs to join Discord here: Link
- Then verify to be able to operate in Discord
- Everyone will need to be active in the main channels such as Community and Creat to be able to get the Nads role
- Airdrop potential: $1,000 +
PYTH and W holders
Since PYTH and W have airdropped thousands of dollars to users in the Monad community, the PYTH and W communities are the potential people to receive airdrops in return is extremely high
- PYTH Contract: HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3
- W Contract: 85VBFQZC9TZkfaptBWjvUw7YbZjy52A6mjtPGjstQAmQ
Both of these tokens are available on Solana so people can hold both tokens on this network
Development team
The majority of the development team has experience working at Jump Trading, a leading Market Maker in the financial industry. Here is information about the key members:
- Keone Hon (CEO & Co-founder): Prior to founding Monad, Keone led the trading team at Jump Trading LLC from 2013 to 2021. He also worked as a quantitative developer at Jump Crypto, gaining extensive experience in the financial and blockchain technology sectors.
- James Hunsaker (CTO & Co-founder): James has many years of senior management experience at major banks such as J.P. Morgan and Goldman Sachs. He then moved to a software engineering role at Jump Trading LLC before joining Monad in February 2022.
- Eunice Giarta (COO & co-founder): Eunice has many years of experience in product management and trading at large corporations such as Bank of America, Broadway Technology, and Shutterstock. Currently, she leads the operations of Monad.
Investors
Led by a highly potential and experienced team, Monad is one of the first layers to raise a huge amount of capital, up to more than 244 million USD from leading funds in the market such as Paradigm, Dragonfly Capital, OKX Ventures, etc.
Development roadmap
In the roadmap, the project does not announce the details of the items that will take place, however, the project will proceed to mainnet in Q4-2024. That means there is still a chance to eat airdrops and hidden gems on Monad
Personal opinion
Potential
- Superior scalability: High transaction throughput helps Monad solve the problems of network congestion, high transaction fees, and long transaction confirmation waiting times on Ethereum.
- Developing ecosystem: EVM compatibility allows developers to easily migrate existing dApps from Ethereum to Monad, promoting the development of the Monad ecosystem.
- Low cost: Transaction processing efficiency can help reduce transaction costs, attracting more users and developers.
- Diverse applications: Monad can be applied in many different fields, from DeFi and NFT to more complex decentralized applications.
- Experienced team: The development team with experience in the financial industry and blockchain technology is a big advantage for Monad.
Challenges
- Early development: Monad is still in the testing phase and has not yet launched its official Mainnet. The actual performance of the network has not been verified.
- Fierce competition: The Layer 1 blockchain market is very competitive with the emergence of many other potential projects such as Solana, Avalanche, Polygon, etc.
- Scalability challenge: Achieving the 10,000 TPS target is a big challenge and requires continuous development of the technology.
- Security: Although using Proof of Stake, Monad still needs to ensure the security of the network, especially in the early development stage.
- Market acceptance: Monad’s success depends on the level of acceptance from the market, including both developers and users.
Conclusion
Monad is a promising Layer 1 blockchain project, integrating advanced technologies to solve Ethereum’s scalability limitations. With its outstanding transaction throughput, EVM compatibility, security, and low cost, Monad could become a strong competitor in the Layer 1 blockchain market. However, the project is still in the development stage and needs to be closely monitored to evaluate its actual effectiveness. The above is all the information and evaluation of Unich Analysis about Monad, hope the article is useful to readers
