Monad (MON)
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Historical price evolution of Monad
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Monad Labs was founded in February 2022 in New York by three former Jump Trading executives: Keone Hon, who had worked for nearly a decade as a quantitative trader specialising in high-frequency systems at both Getco and Jump Trading; James Hunsaker, who served as CTO and had been Hon's colleague at Jump Trading; and Eunice Giarta as COO, who brought prior experience from MIT and BofA Merrill Lynch. The project's foundational thesis maintained that the primary bottleneck of the Ethereum Virtual Machine (EVM) lay in the sequential execution of transactions, not in consensus mechanisms.
On 14th February 2023, Monad Labs announced the closure of its seed round for 19 million dollars, led by Dragonfly Capital and with participation from 70 investors, including Placeholder, Lemniscap, Shima Capital and angel investor Naval Ravikant. In September 2023, the company published its technical architecture documentation for the first time, publicly detailing the blockchain's design.
On 9th April 2024, Monad Labs completed a Series A round of 225 million dollars led by Paradigm, with participation from Coinbase Ventures, Electric Capital, Castle Island Ventures and GSR Ventures, reaching a valuation of 3,000 million dollars and a total raised of approximately 244 million dollars. In December 2024, the organisation restructured by dividing into two entities: Category Labs, which would continue protocol and client development under James Hunsaker's direction, and the Monad Foundation, responsible for ecosystem and community oversight under Keone Hon and Eunice Giarta.
In February 2025, Monad's public testnet was launched for developers and users. In July 2025, the Monad Foundation acquired Portal Labs, a stablecoin infrastructure company, incorporating Raj Parekh, former Director of Crypto Product at Visa, as Head of Payments. On 14th October 2025, the MON token airdrop claim portal opened, culminating on 24th November 2025 with the launch of Monad's mainnet and the Token Generation Event (TGE) of the MON token.
Monad functions as a Layer 1 blockchain that maintains complete compatibility with the Ethereum Virtual Machine (EVM), allowing any smart contract developed for Ethereum to be deployed without modifications. Its technical differentiation lies in optimistic parallel execution: whilst traditional blockchains like Ethereum process transactions one after another sequentially, Monad executes them simultaneously across multiple processor cores. The system initially assumes that transactions have no dependencies amongst themselves and processes them in parallel, subsequently resolving any conflicts that may arise. This architecture enables it to achieve 10,000 transactions per second with 1-second block times.
Consensus is achieved through MonadBFT, a variant of the HotStuff protocol that incorporates Byzantine Fault Tolerance. This mechanism allows network validators to reach agreement on the blockchain state even if up to one-third of them act maliciously or present faults. To support this high performance, Monad utilises MonadDB, a customised database optimised specifically for efficient blockchain state storage. The native token MON fulfils the standard functions of paying gas fees for transactions and participating in protocol governance.
Technical compatibility extends to the entire Ethereum tooling ecosystem, including wallets such as MetaMask, blockchain explorers such as Etherscan and development frameworks such as Hardhat. This integration allows developers and users to migrate or interact with Monad using the same infrastructure and familiar tools from the Ethereum ecosystem, without needing to learn new interfaces or modify existing applications.
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