Monad Devnet Launches with Scalability Promise – Could it Push Ethereum Technology to New Heights?

cryptonews.com:

The highly anticipated layer 1 blockchain Monad officially launched its developer network (devnet) on March 14, after achieving an impressive 10,000 transactions per second (TPS) in internal testing environments.

This TPS statistic and Monad’s goal to optimize and improve Ethereum’s functionality signal the project’s potential to address Ethereum’s scalability issues.

“This is an important milestone for our team. Load testing will continue before the phased release of permissioned testnet and public testnet,” Monad CEO Keone told Cryptonews. “Monad is a deep engineering effort to deliver performant parallel EVM. We’re excited to share our team’s advances in parallel EVM execution and performant state access later this year.”

Monad’s impending arrival comes at a time when congestion and high fees continue to plague the network. The demand for scalable layer 1 solutions that can build on Ethereum’s solid foundations is higher than ever.

Monad Devnet is live.

10,000 real TPS achieved on the EVM. pic.twitter.com/1bnfsi6bqU

— Monad (evm/acc) (@monad_xyz) March 14, 2024

At Monad’s core is a new Ethereum Virtual Machine (EVM) designed from scratch to use parallelized execution and a pipelined architecture. This allows transaction processing to occur simultaneously, rather than sequentially, enabling vastly higher throughput.

By remaining bytecode compatible, Monad promises to ensure seamless integration with the ecosystem of Ethereum-based dApps and DeFi protocols. Developers will be able to port their decentralized applications to Monad without extensive reworking.

A key benefit of Monad’s architecture is the ability to finalize blocks instantly after generation, eliminating the long confirmation times that often frustrate Ethereum