Monad hits 10,000 TPS in testing as Devnet goes live

Ethereum-compatible layer 1 Monad launched its devnet after reaching 10,000 transactions per second in internal testing.

“Monad Devnet is online. 10,000 real TPS achieved on the EVM”, the project job on X. “This is an important milestone for our team,” Keone Hon, CEO and co-founder of Monad developer Monad Labs, told The Block.

Monad claims to have optimized the operation of Ethereum to provide higher throughput, designed to deliver up to 10,000 TPS with a 1-second block time. However, this can be more difficult for node operators, with hardware requirements approximately twice those of the main Ethereum blockchain.

Rather than simply cloning the Ethereum codebase, Monad claims to build a new EVM from scratch, using a pipeline architecture. This staggered approach, rather than running each process one after the other, allows for more efficient processing and instant finality of blocks. Monad is also bytecode compatible, making it easy for Ethereum developers to port their existing decentralized applications to the blockchain.

The mon token will be used to pay for transactions to be included in blocks, called carrying fees, and for transactions to be executed, according to Monad technical documents published in September. However, Monad later removed the token name from the documents for unspecified reasons.

Monad Labs was co-founded by former Jump Trading developers. Monad Labs has already raised $19 million in funding led by Dragonfly Capital following a $9 million pre-seed round in May 2022 and a $10 million seed round in December 2022. Earlier this week, it was reported that Monad Labs was considering over $200 million in funding. fundraising, led by the venture capital company Paradigm.

Monad’s public testnet is expected to follow shortly, with a mainnet release planned for later in the year. “Load testing will continue before the phased release of the authorized testnet and public testnet,” Hon added.

“Monad is a deep engineering effort to deliver a high-performance parallel EVM. We are excited to share our team’s advances in parallel EVM execution and high-performance state access later this year,” he said. he declared.

Updated with comment from Keone Hon.

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