Monad's Strategic Push to Redefine Blockchain Technology
Challenging Incumbent Blockchains with Enhanced Speed and Scalability
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Topics Covered
Introduction to Monad
Current State of Layer one blockchains
Ideas for Monad’s Future
Quick Notes🏃♂️
Monad emerges as a new contender challenging Ethereum's dominance by addressing its high gas fees and slow transaction speeds.
Currently in its developmental infancy with a private beta, Monad is diligently preparing for a public testnet launch in the upcoming quarter.
However, it has been pivotal for the blockchain to battle Ethereum by planting the seeds for a strong community.
Additionally, Monad has been driving ecosystem value by forming partnerships with top crypto players.
The team behind Monad is comprised of former Jump Capital veterans.
Thus, Monad’s team has appeal in markets around the United States.
Additionally, Monad was able to raise funds from large, recognizable investors.
Ultimately, Monad is setting the stage for a dynamic presence in the crypto community, ready to activate its network once its token launches.
Full Analysis📝
Challenging Ethereum with Enhanced Speed
The last CryptoJeter article lightly touched on some of the narratives that the ecosystem was excited about.
One of the major narratives that was discussed was about Monad.
Monad hosted an awesome happy hour experience which allowed me to learn more about the project from enthusiasts.
Monad joins the list of Ethereum alternatives.
Many projects aim to challenge Ethereum due to the chain’s expensive gas fees.
Additionally, projects are created to combat Ethereum’s slower transaction speeds.
By joining the race to compete with Ethereum on these metrics,
Monad has significant competition from other chains that have been focused on dethroning Ethereum.
These include Solana, Sui, Sei, Avalanche, and other layer one blockchains.
Additionally, as Ethereum scales and becomes optimized with layer 2 chains, Monad’s competition will stiffen.
Thus, Monad is not only positioned in this bull market to attract interested developers and participants.
It is poised to disrupt and benefit emerging technologies within the crypto ecosystem.
Exploring New Chains and Challenges in the Crypto Landscape
Ethereum set the stage for scaling blockchain applications.
While Bitcoin was first, it was designed with payments being a primary use case.
Ethereum on the other hand was designed for other applications to be built on top of it.
Since Ethereum is the first platform to allow this, there are parts of the design that were innovative at launch.
Today, there are many blockchains that incentivize applications to build on them.
Thus while Ethereum is a first mover, there are newer technologies that may be more suitable for today’s innovation.
As mentioned earlier there are newer chains like Solana that are gaining popularity and traction.
One of the main reasons for exploring building on other chains is the scalability concerns that exist within Ethereum.
Ethereum at the moment can process 15 transactions per second.
At the point of launch, this was novel as it was greater than Bitcoin’s 7 transactions per second.
However, newer chains claim to offer greater transaction speeds which is attractive for many developers.
Solana claims to be able to process 65,000 transactions per second.
But with this claim, the project has had hiccups such as outages.
Monad also argues that these transaction speeds may be inflated which will be touched on later in this article.
Unfortunately, Monad is still in its infancy currently as the project is in dev net.
This means that dev net is an internal testnet that is only accessible to the team.
Monad’s private beta will be followed by a public testnet which will launch sometime in Q2.
In the meantime, Monad encourages community involvement including making memes.
Additionally, every week the team hosts Monad Mondays, which is an AMA for the team.
By primarily focusing on the community Monad is killing 2 birds with one stone.
Building a strong community increases Monad’s odds of gaining immediate traction when the project launches on mainnet.
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Monad Leadership Merges Finance and Crypto Prowess, Drawing Major Investments and Industry Support
The team behind the Monad has stellar resumes.
One key advantage the team has is its combination of TradFi and crypto experience.
Monad was founded by Keone Hon, James Hunsaker, and Eunice Giarta.
Between the three founders, their backgrounds include being graduates of MIT and Iowa.
Additionally, they have experience in traditional finance at the world's top institutions. These include Goldman Sachs, JP Morgan, and Bank of America.
Additionally, they have served as leaders within the crypto industry by holding leadership roles at Jump Crypto.
The team has raised funds from some of the top investors in the crypto space.
These include Dragonfly Capital, Shima Capital, and Lemniscap who invested 19 million in Monad’s seed round.
Most recently Monad completed a 200 million dollar round led by Paradigm featuring participation from Electric Capital, Castle Island Ventures, Animoca Ventures, Coinbase Ventures, CoinFund.
Moreover, according to Monad, top KOLs also participated in this round.
These include Crypto KOLs Luca Netz, Ansem, and Punk 6529.
This type of support from top investors demonstrates the confidence that the team has garnered from elite contributors and leaders in the crypto community.
Ideas for Monad as it Prepares for Expansion
Ethereum has the most developers.
This shows not only how prevalent this L1 is to the crypto community.
It also shows that innovation is still very dominant on the blockchain.
Native Ethereum and EVM blockchains are gaining traction by institutions who are hungry to enter the space.
This is an opportunity for Monad.
The Monad team’s TradFi background puts it in a unique position to serve BlackRock and others.
BlackRock is focused on tokenization and chose to use Ethereum to launch a fund.
Additionally we mentioned in an earlier article on how Franklin Templeton was a first mover to bring assets on chain via Polygon.
With this being a trend, Monad has an opportunity to bring institutional investors on its blockchain.
Additionally, while Monad has been in private beta, the team has created meaningful partnerships.
These partnerships that Monad form in the private beta phase will set the foundation for the type of projects that will build on the protocol.
Conference season is here so having a visible presence is key as the team already has demonstrated.
However, there are other ways that Monad can continue its current push to build community.
Monad can host online activations for the community to meet and become close.
If the Monad community is close, the community will be able to drive activity when the token is launched.