Key Highlights
- Monad, a layer 1 blockchain compatible with EVM, confirmed that its Airdrop Claim Portal will launch on October 14
- Ahead of an airdrop, Hyperliquid unveiled the listing of MON-USD Perpetuals
- Keone Hon, co-founder of Monad, issued a warning for possible scam calls from impersonators
In the latest post shared on X (formerly Twitter), Monad, a Layer 1 blockchain designed to be fully compatible with the Ethereum Virtual Machine (EVM), revealed that the portal for its most anticipated airdrop will go live on October 14, Tuesday.
Earlier this year, its creator rolled out a testnet in February. As of now, crucial details like transactions of tokens and eligibility criteria have remained undisclosed.
What is Monad?
According to the official website, Monad is a next-generation Layer 1 blockchain. It is developed to address scalability issues in the current state of the Ethereum blockchain while maintaining 100% compatibility with the Ethereum Virtual Machine (EVM). The blockchain has a native cryptocurrency, called MON.
In simple words, this L1 allows developers to deploy existing smart contracts directly on Monad without making any changes to the main code.
According to the official website, the blockchain is capable of performing 10,000 transactions per second (TPS), which is more than 100 times faster than Ethereum. Apart from this, the block execution time is also around 400ms after updating the network. This quick transaction verification capability reduces the risks of MEV (miner extractable value).
Hyperliquid Lists MON-USD Perpetuals
The leading perpetual exchange, Hyperliquid, today announced the listing of MON-USD hyperps. This pair will allow traders to go long or short ahead of the official airdrop.
However, the token is not actively on any major exchanges. According to the co-founder of Monad, Keone Hon, the total initial supply of native tokens on the Monad blockchain network will be 100 billion.
The new cryptocurrency, MON, is currently trading at around 0.13 per token. With plans to release 100 billion tokens in total, this puts its total potential market value at roughly $13 billion. The token has been very active since its launch, with $28 million worth of it being bought and sold in just the last 24 hours.
New Projects Join Monad Ahead of Its Mainnet Launch
As L1 is preparing for the mainnet launch in the upcoming months, many new projects are joining its ecosystem. For example, the major DeFi hub, OctoSwap, is launching as the go-to exchange for easy token swaps with low fees, while FastLane Labs is introducing liquid staking and advanced trading tools after a $6 million fundraise.
Not just in the DeFi space, Monad is also onboarding GameFi and AI-based projects. Lumiterra is preparing to launch a major online game. Also, Gen3D confirmed its arrival on L1, which offers an AI that instantly turns images into 3D models.
BlockStreet, a unified liquidity layer for tokenized assets, recently completed its fundraising round led by Hack VC, a web3 venture capital firm, where the firm raised $11.3 million. BlockStreet also unveiled its arrival on Monad in a post on X.
The post reads: “We’re excited to announce our $11.5M fundraise led by @hack_vc. Blockstreet is building the execution & lending layer for tokenized equities powered by Aqua (RFQ intents) & Everst (hybrid liquidation). Next-gen infra for on-chain stocks is here. Launching on @monad this Q4.”
Arrival of these new projects is creating a vibrant creator economy that combines the depth of Ethereum with the speed of Solana.
While developers are expanding their ecosystem and airdrop, Keone Hon has issued a warning related to potential scams. He said, “Beware of impersonators! I will not DM or call you on Telegram with urgency. I will not DM you from a new account that has no username and has my normal username as its bio.”