Odaily Planet Daily News Monad Labs released the technical documentation of its upcoming PoS chain, which details that its native token will be named mon.
According to reports, Monad is a blockchain compatible with the Ethereum Virtual Machine that can handle up to 10,000 transactions per second and has a block time of 1 second. Monad claims to have optimized the way Ethereum works to provide greater throughput.
Its technical documentation reads: “Monads greatly improve the performance of EVM-compatible blockchain networks, pioneering multiple innovations that are expected to become the standard for Ethereum in the coming years.” Users of the Monad chain will use mon tokens to pay transaction fees.
According to its technical documentation, Monad’s first public testnet will go live in the coming months. (The Block)
According to previous news, Monad Labs, a technology startup founded by the former team of TradFi giant Jump Trading, announced in February this year that it had completed US$19 million in financing, led by Dragonfly Capital, Placeholder Capital, Lemniscap, Shima Capital, Finality Capital, Naval Ravikant, Cobie, Hasu and others participated in the investment.