Monad Completes $500k Audit and Launches Private Mainnet
Monad, a high-performance EVM-compatible blockchain, has completed a $500,000 security audit with Code4rena. Following the audit, the protocol Perpl launched its private mainnet on the network. Monad is also fostering ecosystem growth with over 400 hackathon submissions and new integrations, including a bridge with Circle.
Monad's architecture is built for speed, targeting up to 10,000 transactions per second (TPS) with one-second block times. This performance is achieved through parallel execution, a significant departure from Ethereum's sequential transaction processing, and is managed by a custom-designed consensus mechanism known as MonadBFT. The project is led by CEO Keone Hon, who previously spent eight years at Jump Trading building high-frequency trading systems. This background in low-latency financial systems heavily influenced Monad's design, aiming to bring similar efficiency and throughput to the EVM ecosystem. Investor confidence in this vision is substantial, with Monad Labs securing a total of $248 million in funding. A landmark $225 million funding round was led by Paradigm, with participation from Coinbase Ventures and Electric Capital, valuing the company at $3 billion. This followed an earlier $19 million seed round led by Dragonfly Capital. The $500,000 security audit was conducted via Code4rena, a competitive audit platform. Unlike traditional audits, Code4rena hosts competitions where an average of over 100 independent security researchers compete to find and report vulnerabilities, providing a broad and diverse review of the codebase. To stimulate development, Monad has launched several hackathons, including the "evm/accathon" which featured a $100,000 prize pool. The foundation also offers up to $30,000 in additional milestone-based funding for promising projects that participate. Another recent initiative is a $40,000 AI-focused hackathon in Greater China, supported by firms like Pantera and Delphi Ventures. The integration with Circle enables developers to use the Cross-Chain Transfer Protocol (CCTP) for native USDC transfers. This allows for a more secure and capital-efficient way to move USDC between Monad and other blockchains by using a native burn-and-mint mechanism, rather than relying on wrapped assets.
