What is Monad Coin (MON)? A Detailed Guide About the Monad Blockchain Project

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What is Monad Coin (MON)?

Monad coin (MON) is the cryptocurrency of the Monad project. Monad is a Layer-1 blockchain that aims to offer faster transactions while maintaining EVM (Ethereum virtual machine) compatibility.

It is known that transaction speed is often sacrificed in an effort to ensure decentralization. For this reason, Monad’s goal is to create a structure that can maintain both decentralization and speed. This structure is designed to handle 10,000 transactions per second.

Thanks to its EVM-compatible structure, developers can move their projects to Monad without making any changes to their code. It is also compatible with tools like Phantom and MetaMask. In this way, users can easily benefit from Monad using these tools.

Features Offered by Monad

Monad aims to increase transaction speed by adopting various features in its operating principle:

• Asynchronous execution: Separating consensus from transaction execution. Validators first agree on the order of transactions by voting. Afterward, the transaction is executed.
• Parallel execution: Used to execute multiple transactions simultaneously. However, to maintain EVM compatibility, transactions still remain sequential.
• MonadBFT: Monad’s consensus mechanism. It is a type of Byzantine Fault Tolerance system.
• MonadDb: A high-performance backend storage system.

Monad Founder

Monad was founded in 2022 by Keone Hon, James Hunsaker, and Eunice Giarta.

How to Use Monad?

Monad can be used by both users and developers. Users can interact with Monad using their existing Ethereum wallets. The only required change is to connect to the Monad network by updating the RPC URL and chain ID. The wide variety of available RPC URLs on Monad allows for easy application connectivity. Developers, on the other hand, can use Monad with Ethereum developer tools thanks to its EVM compatibility.

Since it is a Proof-of-Stake (PoS) network, Monad coin can be staked. Users who do not want to stake directly can delegate a validator to stake on their behalf. When choosing a validator, users should pay attention to the commission rates. These commission rates determine what percentage of the block reward the validator will take.

Monad Coin Features

Monad coin (MON) is the utility (hizmet) cryptocurrency of the Monad blockchain. The token symbol is MON on both the mainnet and the testnet. A unit called MON-gwei is also used for minimum gas fees.

MON is used for security, gas fees, staking, and validator rewards. As long as the correct RPC URL and chain ID are used, MON can be accessed via Ethereum-compatible wallets.

Token Allocation

• Ecosystem and incentives: 30 percent (may increase depending on circumstances)
• Foundation: 25 percent
• Community and airdrops: 15 percent
• Investors: 15–20 percent
• Team and advisors: 10–12 percent

How to Buy MON?

To buy MON, you must first create an account on a cryptocurrency exchange. Next, you need to complete the identity verification process for your account. To complete the purchase process, you must have a balance in your wallet. If you do not have a balance, you can use payment methods like bank transfer or credit card. After depositing your funds, you can purchase as much as you want.

You can follow the steps below to buy MON:

1. On the homepage of a crypto exchange, you can click on the “Buy/Sell” or “Markets” option at the top of the screen. After this, you can type MON or Monad in the search section to proceed to purchase.
2. On the Buy/Sell page, you can start your transaction by clicking the “Buy” button. At this step, if you do not have an existing account, you will need to create one, or log in if you already have one.
3. You can continue the transaction by entering the amount of money you want to spend for the purchase. After deciding how much you want to deposit, you can confirm the transaction. Your account balance will be checked automatically. If your balance is sufficient, your transaction will be completed. If your balance is insufficient, you can use the deposit option to add the desired amount.
4. In the final step, you need to click the “Buy” button once more to confirm the transaction. Your crypto purchase will occur immediately, and the purchased crypto will be credited to your account shortly.

Note: This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research when making decisions.