The deployment of the test network for the EVM-compatible L1 platform Monad has commenced, according to The Block, citing an unnamed source.
Cryptotrader Jordan Fish, known by the pseudonym Cobie, reported a successful “quick” transaction. During internal testing in March, the network demonstrated a throughput of 10,000 TPS.
The project achieves higher transaction processing speeds through its proprietary EVM with a high degree of parallel processing. Most other blockchains, including Ethereum and Avalanche, process transactions sequentially, whereas Monad does so simultaneously.
Thanks to compatibility with EVM bytecode, developers will find it easier to port their applications from Ethereum to Monad. On the other hand, parallel execution requires more powerful hardware, complicating node deployment.
In technical documents published in September 2023, the project mentioned a coin called mon, intended for fee payments, but developers later removed its name from the text for unspecified reasons.
In February 2024, Monad Labs raised $19 million for blockchain development from Dragonfly Capital, Placeholder Capital, Lemniscap, Shima Capital, and several angel investors. In April, the project closed a $225 million funding round with participation from Paradigm, Electric Capital, and Greenoaks.
According to previously announced plans, the team intends to launch the Monad mainnet by the end of the year.
Earlier, developers of the L2 network TAC announced EVM-compatible solutions for the TON ecosystem.