👋 A Step-by-Step Guide to Interacting with Monad @monad_xyz Testnet

The testnet opened last night and distributed test tokens to over 8.80 million active Ethereum addresses.

Author | Asher (@Asher_0210)

Monad, a heavyweight project that raised $225 million in April last year led by Paradigm, can finally be interacted with. Last night, Monad announced on the X platform that the Monad Testnet has officially launched and test tokens have been sent to over 8.80 million active Ethereum addresses.

Next, Odaily Planet Daily will guide you through the basic overview of Monad and how to participate in the Monad testnet interaction at the first opportunity.

Project Overview
Monad, developed by the $Pyth @PythNetwork and Solana @solana teams over more than two years, is a high-performance L1 public chain compatible with Ethereum. According to the official documentation, Monad defines itself as a high-performance L1 that uses a PoS mechanism and is EVM-compatible, aiming to create a new paradigm of public chain possibilities through pipelined execution of Ethereum transactions. Its key innovations include MonadDB (a database specifically designed for accessing Ethereum state) and Optimistic parallel execution (which ensures high TPS with minimal overhead). Monad separates the consensus layer from the execution layer, further enhancing scalability and enabling developers to build applications that require excellent performance and low latency.

Monad's groundbreaking advancements make it a powerful platform for enterprise-level applications, providing developers with the tools needed to create high TPS DApps while maintaining compatibility with Ethereum and embracing the future of blockchain innovation.

On the evening of April 9, 2024, Monad Labs announced the completion of a $225 million financing round at a valuation of $3 billion, led by Paradigm @paradigm, with participation from Electric Capital and Greenoaks among others. As one of the most notable projects in the Layer 1 space, Monad, which focuses on the "Parallel EVM" concept, hopes to introduce an execution layer scaling solution based on "parallel processing," significantly improving network execution efficiency while being 100% compatible with all bytecodes of EVM.