What is Monad (MON)? A Complete Guide to Layer-1 Blockchain Projects

Source: BTCHaber Original Title: What is Monad coin (MON)? Original Link:

Introduction to Monad Coin

Monad Coin (MON) is the native cryptocurrency of the Monad project. Monad is a Layer-1 blockchain that aims to provide faster transaction processing speeds while maintaining EVM (Ethereum Virtual Machine) compatibility.

Achieving decentralization often requires sacrificing transaction speed. Monad’s goal is to create an architecture that maintains decentralization while delivering high speed, designed to handle 10,000 transactions per second.

Thanks to its EVM-compatible architecture, developers can migrate projects to Monad without changing code. It is compatible with tools like Phantom and MetaMask, allowing users to easily access Monad using these tools.

Core Features of Monad

Monad enhances transaction speed through several innovative features:

• Asynchronous Execution: Separates consensus from transaction execution. Validators first agree on transaction order through voting, then execute transactions.
• Parallel Execution: Executes multiple transactions simultaneously. However, to maintain EVM compatibility, transactions logically remain in sequence.
• MonadBFT: Monad’s consensus mechanism, a Byzantine Fault Tolerance system.
• MonadDb: A high-performance storage engine running in the background.

Project Background

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

How to Use Monad

Monad is accessible to both users and developers. Users can interact with Monad using existing Ethereum wallets by simply switching RPC URL and chain ID to the Monad network. Multiple RPC URLs are available for application connection. Developers can use Ethereum development tools via EVM compatibility.

As a proof-of-stake (PoS) network, the MON token can be staked. Users who do not want to stake directly can delegate to validators. When choosing validators, attention should be paid to the commission rate, which determines the percentage of block rewards earned by the validator.

Details of the MON Token

Monad Coin (MON) is the functional cryptocurrency of the Monad blockchain, with MON symbol used in both mainnet and testnet. The smallest gas fee unit is MON-gwei.

MON is used for security, gas fees, staking, and validator rewards. By using the correct RPC URL and chain ID, MON can be used with Ethereum-compatible wallets.

Token distribution is as follows:

• Ecosystem and incentives: 30% (may increase)
• Foundation: 25%
• Community and Airdrops: 15%
• Investors: 15-20%
• Team and Advisors: 10-12%

How to Buy MON

To buy MON, you need to create an account on a cryptocurrency exchange and complete identity verification. Ensure your account has a balance, which can be funded via bank transfer or credit card. Once funded, you can purchase the desired amount of MON.

You can buy MON on trading platforms that support TL trading pairs. The specific steps are:

1. Click “Buy/Sell” or “Market” at the top of the exchange homepage, then enter MON or Monad in the search box.
2. On the buy/sell page, click the “Buy” button to start trading. If you don’t have an account, register or log in first.
3. Enter the amount of TL to spend, confirm the transaction amount, then click confirm. The platform will automatically check your account balance. If sufficient, the transaction completes; if not, you can add funds via the TL recharge option.
4. Finally, click the “Buy” button again to confirm the transaction. Cryptocurrency purchase is immediate, and tokens will be transferred to your account shortly.

This article does not constitute investment advice or recommendations. All investment and trading involve risks; readers should conduct their own research before making decisions.