With the rapid development of blockchain technology and DeFi, many new projects have been born with the desire to improve the overall blockchain ecosystem. Among them, Monad – a new layer one blockchain designed to enhance the performance and flexibility of the blockchain ecosystem is attracting the interest of the blockchain community and investors.
The project has successfully raised $ 19 million in the Seed round. The project is expected to have a high level of EVM compatibility and can handle up to 10,000 TPS. So, what makes Monad transactions so fast?
What is Monad?
Monad is a Layer 1 blockchain based on the Proof of Stake consensus mechanism, which the project claims can scale to handle 10,000 TPS through compatibility with Ethereum’s EVM.
It is developed by the team of Jump Trading LLC, the project positions itself among other competitors with high EVM compatibility combined with parallel execution (Parallel Execution). It can reduce gas fees but not affect security.
The former developers of Jump Trading co-founded Monad Labs. When asked why they are creating a new blockchain in an already crowded field, James Hunsaker said there is still an opportunity to increase the performance of Ethereum and expand the entire cryptocurrency ecosystem.
What is Monad’s vision?
Monad’s long-term vision is to accelerate the development of decentralized applications by providing a decentralized computing platform. Decentralized computing is an essential innovation – both to facilitate stores of value and as a means to support robust, composable applications with open APIs.
While these applications are fairly simple at the moment, they are rapidly becoming more advanced and useful with development supported by open APIs. New apps can call functions on top of existing apps to take advantage of existing functionality and build more complex and intuitive behaviors.
However, growth in the dApp space fundamentally depends on improvements in the underlying blockchains, which are extremely slow by today’s computing standards. Significantly higher throughput is required for mass adoption.
What makes Monad so fast?
With blockchains, EVM compatibility is vital because of its ubiquity, similar to Javascript in web2. Currently, in the crypto market, there are more than 20 EVM-compatible networks, accounting for more than 97% of DeFi’s TVL. Despite the high popularity, the processing throughput of EVM in the blockchain still needs to be impressive. Today’s fastest EVM chain is just over 200 TPS.
Besides, the biggest disadvantage of EVM is that it currently can only do one transaction at a time, so transactions in most blockchains are processed one after another. Obviously, this mechanism is inefficient because of the loss of user time.
The developers tried to solve it by parallel execution mechanism. However, the problem of parallel execution is the need for compatibility with EVM, since it is not possible to identify independent transactions.
Realizing the above limitation, Monad has developed a parallel execution mechanism but has a high degree of compatibility with EVM. Similar to Aptos, Monads use parallel execution of transactions.
That is, Monad still processes transactions in order, but will classify them into two main groups: related and unrelated. Instead of executing the transaction in turn, the transaction will be executed in parallel without any dependencies. This allows Monad to process transactions more efficiently. Capable of reaching 10,000 TPS but still saving users time.
Reduce gas fees but still ensure security
An important factor contributing to this problem is the high cost of implementing security measures in Ethereum smart contracts. To reduce gas costs for users, developers often feel compelled to skip extra safety checks, making the problem worse.
Developers sometimes choose unsafe methods to achieve gas efficiency, which is obvious in certain cases.
Ethereum, for example, charges a certain number of units of computation or gas per opcode, with more computations resulting in more gas consumption. Users pay for gas consumed by opcodes in a function when calling a smart contract. The immense value of around $250 billion locked in Ethereum’s ERC-20 and NFT underscores the importance of ensuring contract security.
Therefore, Monad is working hard to build a blockchain that ensures high transaction efficiency with low cost but still can achieve security standards.
Obviously web3 developers want the best user experience at the lowest cost. However, this is not an easy problem. In the past 3 years, more than 4 billion USD of assets have been lost due to network problems such as hacking, mining… The expensive security assurance is also the main reason for the increase in gas fees. High. There are already some blockchains that have reduced gas fees and of course, security is also affected, Polygon is an example.
So low gas charge but high safety is double duty. Monad affirmed that it will try to solve the two limitations at the same time by testing many methods, such as: minimizing the use of external libraries to reduce gas costs.
In short, the above is still just a goal. Monad is still continuing to develop to completely.
How to save gas with micro-optimization
Tightly pack storage variables
When defining storage variables, make sure to declare them in ascending order, according to size. When multiple variables are able to fit into one 256 bit slot, this will save storage size and gas during runtime.
Short circuiting
When an if statement has more than one possible case, list the more freqently occuring case first. This will allow less computation to evaluate the case and enter the body of the if statement. The gas report shown below is a result of passing in 0 as a.
Pack calldata where possible
Every byte of calldata costs gas with non-zero calldata costing 4 gas per byte and zero value calldata costing 16 gas per byte since EIP-2028. By packing calldata, you can reduce the zero value calldata, thus making it more efficient when calling a function. You will need to decode the calldata correctly inside of the function if you pack calldata.
Move forward
At the moment, the development space of dApps is too dependent on the blockchain they deploy on. By computing standards, blockchains are somewhat slower to grow. While Visa achieves 24,000 TPS, blockchains need to catch up. For example, Ethereum capped at 20 TPS, Bitcoin at 7 or Bitcoincash at 60.
Blockchain Monad is currently one of the highly appreciated blockchain projects and is attracting the attention of the blockchain community. With a design that works on the Proof-of-Stake (PoS) consensus mechanism and the ability to process up to 10,000 transactions per second, Monad is expected to improve the performance and security of the blockchain ecosystem.
However, Monad is still in the development stage and faces many challenges in deploying the test network. We will wait and see what breakthrough improvements Monad will bring to the blockchain ecosystem in the future.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Source: https://news.coincu.com/195846-monad-fastest-cheapest-secure-layer-1-evm/