Interpreting Monad: The Pinnacle of Parallel EVM, Has the Endgame of Blockchain Infrastructure Arrived?
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Interpreting Monad: The Pinnacle of Parallel EVM, Has the Endgame of Blockchain Infrastructure Arrived?
Monad is a force to be reckoned with.
Navigating Web3 tides with focused insightsAuthor: Snownad
Translation: TechFlow
On March 12, according to Fortune, sources revealed that venture capital firm Paradigm is in talks to lead a $200 million funding round for Monad Labs, valuing the startup at $3 billion.
What makes Monad so compelling that it’s triggering FOMO at Paradigm? Here's a recent article by community member Snownad, unpacking Monad’s unique advantages and its broader significance for the blockchain industry.
Below is the full article:
The blockchain industry builds on prior engineering projects that have shaped its evolution to date. Numerous teams with decades of engineering experience have established multiple functional platforms for the ecosystem. Despite perfection seeming elusive, Monad Labs is striving to develop the best possible blockchain, pushing blockchain infrastructure forward.
Why this blockchain could be the ultimate goal of crypto infrastructure
This article does not aim to promote my bullish stance on Monad, but rather to explain why I believe it will be a game-changer for the entire blockchain ecosystem. Moreover, I think if Monad succeeds, it will create many additional opportunities, thereby advancing blockchain research across other teams in the space.
Monad
The blockchain ecosystem has never lacked continuous innovation in engineering, yet there remain many unsatisfactory issues in practical application. Beyond developers focused on building projects with little immediate public utility, problems persist around speed and cost. Regardless of the activity, transaction speeds can be slow, and gas fees may erode returns on blockchain usage.
Monad is a next-generation blockchain platform poised to transform four key cryptocurrency use cases: decentralized finance (DeFi), non-fungible tokens (NFTs), value storage, and international payments.
Accelerating EVM
Secret Weapons
What features give Monad the potential to disrupt how blockchain applications operate in the coming months?
Unparalleled Speed, Efficiency, and Fees
Monad stands out with an astonishing throughput of 10,000 transactions per second (TPS), leaving traditional blockchains far behind. Imagine transferring funds within DeFi protocols, buying or selling NFTs, or conducting cross-border transfers—all completed instantly. This means a seamless, near-instantaneous user experience, free from frustration over long confirmation times. With Monad, we can now forget the sluggish transactions of earlier blockchains. Its stunning transaction capacity crushes them all. It should also be noted that due to how transactions are counted on the Monad chain, internal operations such as voting used in consensus leading to complete transaction records are not directly included as individual transactions.
But Monad doesn’t stop there. It also offers gas fees under one cent. This removes a major barrier to entry for DeFi users, NFT enthusiasts, and anyone wishing to harness the power of blockchain technology. Imagine borrowing and lending on DeFi platforms without worrying about hefty transaction fees cutting into your returns, or trading NFTs without paying excessive gas. Monad enables active participation in the blockchain ecosystem without concern for high costs.
The Future of Blockchain
Monad’s unmatched speed and affordability position it as a leader in making blockchain technology a mainstream reality. For DeFi, NFTs, international payments, and beyond, Monad offers a glimpse into a future where blockchain is fast, affordable, and accessible to all.
Ethereum’s Best Partner (or Replacement?)
Monad isn’t here to tear down existing ecosystems. Its EVM compatibility allows developers to seamlessly migrate existing Ethereum applications. Imagine the vast Ethereum application ecosystem running on a hyper-fast engine with negligible fees. That’s the power of Monad. As demonstrated by vibrant communities on Twitter, Telegram, and Discord, Monad enthusiasts do not express hostility toward other ecosystems.
Pyth Contributor
From Monad’s founders, we see close ties—even with individuals from competing ecosystems. Some core team members have contributed to top-tier blockchain protocols in other ecosystems, such as Pyth Network on Solana, reflecting Monad’s ethos: everyone wins.
No Sacrifice of Security
Monad does not compromise security for speed. It leverages a custom MonadBFT consensus mechanism built upon the robust Byzantine Fault Tolerance (BFT) properties of HotStuff, ensuring network security and reliability even in the face of malicious actors.
Dedicated Database
MonadDB, the platform’s state management system, is another secret weapon. This optimized database is designed for parallel processing, enabling it to easily handle massive transaction volumes. On EVM-compatible chains, state is typically stored in general-purpose databases like LevelDB or PebbleDB for convenient memory access. However, these databases cannot support asynchronous IO operations required for parallel memory access. Monad addresses this bottleneck by creating a custom database called MonadDB. This database enables efficient SSD storage and asynchronous IO operations, allowing multiple virtual machines to work in parallel when accessing block states.
Developer-Friendly
Monad is not only fast but also developer-friendly. It is open-source and integrates familiar tools such as MetaMask and Etherscan, lowering the barrier for developers to leverage its potential. A friend in the Pipeline asked whether Uniswap would be available once Monad goes live on mainnet. As long as it’s open-source, anyone can deploy a fork of an EVM-compatible dapp.
Now let’s dive into how Monad will help advance the most important use cases in blockchain:
DeFi
Monad’s extreme speed and low gas fees unlock the full potential of DeFi. Users can swap tokens, borrow, and lend effortlessly, without concerns about slow transaction times or high gas costs. This fosters a vibrant and dynamic DeFi ecosystem where users can utilize financial tools and products with unprecedented efficiency. It removes barriers for ordinary people in certain countries seeking Web3 alternatives to evade predatory monetary policies imposed by their governments.
NFT
Forget the painful waiting during NFT minting or being excluded from the Ethereum art scene due to unaffordable costs. Monad’s high throughput enables near-instant confirmation times and affordable access to the Ethereum art space, revolutionizing the NFT experience. Artists can quickly and efficiently mint and sell their works, while collectors can seamlessly acquire unique digital assets. This paves the way for a smoother, more accessible NFT market, empowering previously marginalized artists to participate.
Value Storage
Monad’s security and efficiency make it a compelling option for value storage. With fast and economical transactions, users can quickly transfer their holdings when needed, while still benefiting from the security and transparency inherited from nearly a decade of research and development on the Ethereum network.
International Payments
Monad offers a faster, cheaper alternative to traditional international payments. Compared to bank transfers, Monad transactions are nearly instantaneous and come with minimal fees. This could be a superior solution for both individuals and businesses, enabling seamless cross-border transactions and unlocking new global economic opportunities. Solana, a non-EVM chain known for its speed and low cost, has gained popularity in cross-border settlements.
Next, let’s examine some of the components that make up the Monad blockchain.
A Quick Look at Monad
Monad is a high-performance, Ethereum-compatible Layer 1 blockchain platform:
Core Features
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Exceptional Throughput: Monad stands out with an impressive speed of 10,000 transactions per second (TPS), surpassing existing blockchains like Ethereum and delivering faster transaction processing.
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Ethereum Virtual Machine (EVM) Compatibility: Monad is fully compatible with the Ethereum Virtual Machine (EVM), enabling seamless migration of existing Ethereum applications and smart contracts to the Monad platform. Developers can leverage their existing codebases with minimal modifications.
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Proof-of-Stake Consensus: Monad utilizes a proof-of-stake consensus mechanism, ensuring energy efficiency and security for the network.
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Scalability and Performance Optimization: Monad implements various optimizations such as parallel execution and pipelining to achieve high throughput and efficiency.
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Security: Monad emphasizes security and undergoes rigorous audits to ensure platform reliability and prevent vulnerabilities.
Technical Overview
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MonadBFT Consensus: A custom consensus mechanism based on HotStuff, enhanced with additional research improvements, designed to provide secure and efficient block validation.
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Deferred Execution: A technique that decouples transaction execution from consensus.
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Superscalar Pipelining: Monad leverages pipelining techniques to optimize transaction processing and further enhance network performance.
Benefits for Users and Developers
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Faster Transactions: Users can expect quicker confirmation times and a smoother experience compared to congested blockchains like Ethereum.
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Cost-Effectiveness: Faster transaction processing may result in lower gas fees for users interacting with the network.
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Seamless Application Migration: Developers can easily port existing Ethereum applications to Monad, minimizing development overhead while leveraging the platform’s performance gains.
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Open and Accessible: Monad’s open-source nature enhances transparency and encourages community involvement in its development.
Final Thoughts
With its unparalleled speed, seamless integration with existing Ethereum applications, and strong commitment to security, Monad presents a compelling case for becoming the ultimate blockchain infrastructure. Faster transactions, lower fees, and a vibrant developer ecosystem position Monad to lead a new era of blockchain adoption.
While Monad’s potential is undeniable, it’s important to remember that it is still under development. However, the project’s roadmap and the team’s dedication are both convincing. As the platform matures and the community grows, one thing is certain—Monad is a force to be reckoned with, and its impact on the future of blockchain could be profound.
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