“The test network deployment of EVM-compatible Monad L1 platform has begun. This was reported by the publication The Block with reference to an unnamed source. Crypto trader Jordan Fish, known by the pseudonym Cobie, reported a successful “fast” transaction. As part of internal testing in March, the network showed a throughput of 10,000 TPS. The project achieves a higher speed of transaction processing through its own EVM with a high degree of parallelization of processes. Most other blockchains, incl […]”, — write: businessua.com.ua
The test network deployment of EVM-compatible Monad L1 platform has begun. This was reported by the publication The Block with reference to an unnamed source.
Cryptotrader Jordan Phish, known by the alias Cobie, reported a successful “quick” transaction. As part of internal testing in March, the network showed a throughput of 10,000 TPS.
The project achieves a higher speed of transaction processing through its own EVM with a high degree of parallelization of processes. Most other blockchains, including Ethereum and Avalanche, require transactions to be processed sequentially, while Monad does this simultaneously.
Due to compatibility with byte code EVM, it will be easier for developers to port their applications from Ethereum to Monad. On the other hand, parallel execution requires more powerful hardware, which complicates the deployment of nodes.
The technical documents of the project, published in September 2023, also mentioned the mon coin, intended for paying commissions, but the developers later removed its name from the text for undisclosed reasons.
In February 2024, Monad Labs raised $19 million for blockchain development from Dragonfly Capital, Placeholder Capital, Lemniscap, Shima Capital and several business angels. In April, the project closed a $225 million funding round with the participation of Paradigm, Electric Capital and Greenoaks.
According to previously announced plans, the team intends to launch the Monad mainnet by the end of the year.
Previously, L2 network developers TAC announced an EVM-compatible solution for the TON ecosystem.
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