Ethereum-compatible Layer 1 Monad begins rolling out testnet
Powered by @unfolded- The Ethereum-compatible Layer 1 blockchain Monad has started rolling out its testnet, aiming for high throughput with up to 10,000 transactions per second (TPS) and a one-second block time.
- Monad is developing a new Ethereum Virtual Machine (EVM) from scratch, utilizing a pipelined architecture for efficient processing and instant block finality, while remaining EVM bytecode compatible for easier migration of existing Ethereum applications.
- The blockchain recently secured $225 million in funding led by Paradigm, with participation from several prominent investors, following previous funding rounds totaling $38 million.
- The network's token, which will be used for transaction fees, had its name removed from official documents for unspecified reasons.