Introduction
Monad is a pioneering Layer 1 blockchain platform that offers high performance while maintaining full compatibility with the Ethereum ecosystem. It is designed to optimize the tradeoff between decentralization and scalability, providing a throughput of 10,000 transactions per second (tps) and one-second block times. By introducing several architectural and algorithmic innovations, Monad addresses the limitations of existing blockchain systems without sacrificing decentralization. Monad is being developed with exceptional talent from Jump Trading, Quant Lab, Pattern Research, Jump Crypto and Arista. With the founders having worked together for 7 years at Jump Trading.
Architecture and Performance
Superscalar Pipelining
Monad’s architecture leverages superscalar pipelining, a technique borrowed from modern processor design, to enhance the execution of Ethereum transactions. This method allows multiple instructions to be processed in parallel, significantly increasing throughput. By structuring the blockchain in this way, Monad achieves a performance level that supports more complex and higher-usage distributed applications in a decentralized manner.
Parallel Execution
Parallel execution is a core feature of Monad, allowing transactions to be processed simultaneously rather than sequentially. This is achieved through optimistic execution, where transactions start executing before their predecessors have completed. If conflicts are detected—such as when transactions depend on the same state—Monad re-executes the affected transactions with the correct data. This method ensures that the final state of the blockchain remains consistent with the sequential execution model of Ethereum.
Consensus Mechanism
Monad uses the MonadBFT consensus algorithm, a derivative of the HotStuff protocol. MonadBFT is designed for efficiency, featuring linear communication overhead in typical scenarios. It operates under partially synchronous conditions and achieves single-slot finality, meaning a block is finalized as soon as it receives a majority vote from the stake weight. This approach allows Monad to maintain high throughput and low latency without compromising on security or decentralization.
Compatibility and Developer Ecosystem
EVM and Ethereum RPC Compatibility
Monad preserves full compatibility with the Ethereum Virtual Machine (EVM) and the Ethereum JSON-RPC API. This ensures that developers can seamlessly port their existing Ethereum-based applications, tools, and smart contracts to Monad without any modifications. Monad supports all EVM opcodes and precompiles as of the Shanghai fork, making it a robust platform for decentralized application (dApp) development.
Developer Tools and Resources
Monad is designed to integrate smoothly with the existing Ethereum developer ecosystem. Popular tools like Hardhat, Apeworx, and Foundry are fully supported, allowing developers to leverage familiar workflows and infrastructure. Additionally, Monad offers extensive documentation and resources for developers, ensuring they have the necessary support to build and deploy applications on the platform.
Innovations and Technical Features
MonadDB
MonadDB is a custom-built database solution for storing blockchain state. Unlike traditional Ethereum clients that use key-value databases embedded with Merkle Patricia Tries, MonadDB is optimized for high performance and scalability. This allows Monad to handle a larger state more efficiently, contributing to its high throughput capabilities.
Deferred Execution
In Monad, consensus and execution are decoupled through a technique known as deferred execution. This means that nodes first agree on the order of transactions before executing them. This separation allows Monad to use the full block time for both consensus and execution processes, rather than splitting the time budget between them. Deferred execution enhances the efficiency and scalability of the blockchain.
Decentralization and Security
Decentralization Principles
Monad emphasizes decentralization as a fundamental principle, ensuring that performance improvements do not come at the expense of decentralization. The platform’s design avoids requiring nodes to be physically close to each other or demanding excessive hardware resources, which could centralize control and reduce trustworthiness. Monad aims to maintain a high degree of decentralization while delivering substantial performance enhancements.
Security Mechanisms
Monad employs robust security mechanisms, including a Sybil resistance mechanism based on Proof-of-Stake (PoS). This ensures that only nodes with a significant stake can participate in the consensus process, reducing the risk of malicious attacks. Additionally, Monad uses advanced cryptographic techniques and secure communication protocols to protect the integrity and confidentiality of transactions.
Funds raised
Monad has raised around $225 million. This investment coming from several institutional investors such as Dragonfly Capital, Shima Capital and Lemniscap.
Naval Ravikant and 2 others are Angel Investors in Monad.
