Prosperity brought about by EVM

The booming development of DeFi on the Ethereum chain in 2020 has made EVM the focus of attention. Most DeFi projects have begun to be based on the Ethereum public chain, which has also made EVM a benchmark in the industry. Many chains have joined the EVM army, such as polygon and BSC. , fantom, etc., and EVM has also made the on-chain ecology further prosperous. For example, the establishment of various cross-chain DApps is based on EVM, which also marks that the blockchain has entered the EVM era.

In addition to the bull market, some chains have recently announced support for EVM in order to attract the DApp ecosystem on Ethereum, such as Filecoin, Acala, Flow, etc. These chains did not support EVM in the early stages of development, but due to market choices, EVM It has become the best choice at present, and this has also become a new trend. Developers can use popular programming languages ​​​​such as solidity to generate EVM bytecode, and then deploy it on the chain to build decentralized DApp applications.

Of course, the current EVM is not optimal, but it must be the most prosperous ecosystem. In addition to general-purpose EVM solutions such as Ethereum, the currently popular layer2 has also proposed solutions such as zkEVM to be able to operate on the second layer. It can exert more functions, and some teams also hope to optimize it in specific application scenarios to adapt to more complex transaction environments, thereby providing better tools for DApp developers and promoting the development of blockchain applications. In addition, Evmos He leads the development and maintenance of Ethermint, a library that enables EVM contracts to use the cosmos module, and Monad has also launched its own solution to further improve the performance of the public chain.

What is Monad

Monad is a public chain that supports EVM and is optimized. It improves the consensus layer and execution layer to increase the transaction speed, which can reach 10,000 transactions per second. This can increase throughput and reduce transaction fees, thus Improved efficiency.

Simply put, Monad can effectively improve the bottleneck of the existing EVM public chain and perform efficient optimization. Through pipeline and asynchronous execution, parallel operation can greatly improve efficiency and expand computing performance, so that the system can By accepting more DApp applications, there is no need to worry about on-chain handling fees. Prior to this, EVM blockchain projects were executed sequentially, and the corresponding efficiency was relatively low.

For now, the performance of many EVM-based blockchains is relatively low, so EVM-related blockchains actually still have a lot of room for improvement. The relevant data is as follows:

Solana, which uses parallel processing, has a significant increase in tps on the chain, which can reach 500-1000tps. Although Solana has had many problems on the chain recently, its effect on parallel processing is obvious to all, so this has also deepened the problem. Monad is the idea of ​​doing parallel processing transactions on EVM.

According to Monad officials, due to the high handling fees on the Ethereum chain, many developers have made unreasonable optimizations to key codes in order to reduce user experience costs, such as unlimited authorization and other operations, thus providing new capabilities for the entire contract. There are hidden dangers, which lead to the risk that the contract may be attacked or stolen. Monad reduces the gas cost at the source, so that developers do not have to worry about user experience costs and bother to optimize gas, which can ensure the overall security of the contract.

Financing

Monad received a $19 million seed round on February 14, 2023. This round was led by crypto venture capital firm Dragonfly Capital, with participation from 70 other investors including Placeholder Capital, Lemniscap, Shima Capital, Finality Capital, and Digital Angel investors in the asset field.

team introduction

Keone Hon Co-Founder CEO

2007-2011 MIT Bachelor of Science, Master of Finance and Master of Computer Science Engineering

2011-2013 Getco

2013-2021 Quantitative trading leader and developer of Jump Trading

2022-present Monad Co-Founder and CEO

Eunice Giarta Co-Founder

2009-2013, MIT Computer Science and Engineering

From 2013 to 2014, he worked as an interest rate derivatives trader and analyst at Bank of America Merrill Lynch.

2014-2017 worked as a senior software product manager at Broadway Technology

2020-2021 Founder and Creative Director of Euna Creative, LLC

2022-present Monad Labs Co-Founder BD

Overall, the background of the team is quite good. Graduates from prestigious Ivy League schools and experience in financial product trading have certain advantages.

Project Progress

In addition to the recent US$19 million in seed round financing that Monad has received, the official plans to release the first public testnet this year and conduct a series of testnets.

Summarize

Parallel processing is a very promising path to improve TPS. We can see the effect from the performance of Solana. Although Monad is currently in the early stages of the project, if it can be further implemented, it will greatly improve the efficiency of the blockchain, thus bringing the Web3 DApp experience to the next level. Take it to a new level. In addition, the project is still in its early stages, so theoretically 10,000 transactions per second may not be easy to achieve. The project team has a background in financial derivatives and experience in the computer industry. At the same time, as someone from an Ivy League school, it is reasonable to obtain huge amounts of financing. , so overall the project deserves our long-term expectations and attention.