Looking around, all I see is MEME.
On July 20th, the first offline event of Monad in the Chinese-speaking region was held in Hong Kong.
Community members, VC practitioners, and project founders gathered together, and all I see is MEME.
SungMo, the APAC Lead of Monad, delivered a speech, providing a comprehensive analysis of Monad from the perspectives of technology, community, and developer ecosystem. Below are the notes from the conference as a community member.
Technology
When it comes to Monad, the first thing that comes to mind might be a technical term - parallel EVM. Currently, Monad seems to have become the spokesperson for this technology, but achieving a transaction throughput of over 10,000 per second and a block time of 1 second while fully compatible with EVM is not an easy task for Monad from a technical perspective. Monad's technology mainly consists of the following details:
1. Asynchronous Execution (Delayed Execution)
In traditional blockchain systems, all nodes need to complete the sorting and execution of transactions within each block. This means that most of the time within a block is spent on achieving consensus among nodes, with very little time actually used for executing transactions.
Monad separates consensus and execution to improve performance, specifically:
Consensus Phase: All nodes first reach consensus on the order of transactions but do not execute these transactions immediately.
Execution Phase: Nodes independently execute these already sorted transactions in subsequent blocks.
This approach has several benefits:
Improved Efficiency: Since consensus and execution are separate, it is possible to achieve consensus in one block while executing already sorted transactions in another block, making full use of block time.
Increased Throughput: More time can be used to execute transactions, allowing each block to process more transactions.
Reduced Latency: Because execution is done independently, nodes can process transactions faster, reducing transaction confirmation time.
2. Parallel Execution
In traditional blockchain systems, transactions are executed one after another in sequence, similar to queuing to buy tickets, where each person must wait for the person in front to finish before it's their turn. This method, while simple, is not very efficient, especially when there are a large number of transactions to process.
Monad's parallel execution uses a smarter method, similar to selling tickets at multiple windows simultaneously, specifically:
Parallel Transaction Processing: The system tries to process as many transactions simultaneously as possible, similar to processing different customers at multiple windows.
Generating "Pending Results": The input and output of each transaction are recorded in a "pending result," similar to temporarily recording the results of each window's processing.
Checking and Submission: The system checks these pending results in the original order. If a transaction's input has not changed during processing, the result of this transaction is submitted; if the input has changed, the transaction is re-executed. This is similar to checking each customer's ticket in order after all windows have finished processing. If any issues are found, the transaction is reprocessed.
3. Monad DB
In blockchain systems, each node needs to frequently access and update stored data (such as user balances, transaction records, etc.). Traditional storage systems may encounter performance bottlenecks when handling a large number of concurrent accesses.
MonadDb is designed to address this issue. It is a custom database designed for storing blockchain state, utilizing the characteristics of modern solid-state drives (SSDs) to optimize data access and leveraging the latest asynchronous I/O technology to improve efficiency and performance.
MonadDb allows multiple transactions to simultaneously access and update stored data, unlike traditional systems where the next transaction must wait for the I/O result. With asynchronous I/O, the CPU can process other transactions without waiting for specific I/O results. This asynchronous approach greatly improves transaction processing efficiency while maintaining Ethereum compatibility.
Community
Despite Monad's strong technical capabilities, one of the most frequently mentioned keywords at the Hong Kong event was community and MEME culture.
"Community is the Product," the community itself is the product.
In Monad's view, the community has a strong growth loop: establishing value in group chats - value transcending group chats - value attracting new members, and new members bringing more value…
Although Monad has not yet launched, it has already built a large community, almost reaching a "cult-like" scale, with a purple PEPE army frequently seen on various platforms such as Twitter.
Thanks to the strong and self-driven community force, Monad has formed unique MEMEs and continues to evolve and iterate, from purple PEPE to Molandak, everything can be Monad.
Molandak, created by the Monad community, is a unique "community pet," in addition to Chog, Moyaki, Mouch… From the day of their creation, they bear the purple Monad imprint.
Not only MEMEs, but Monad community members have also spontaneously produced multiple electronic music albums. You can listen to "10,000 TPS" and "MONADING"…
In the crypto market, the community and technology easily fall into the debate of which came first, the chicken or the egg. However, if you have heard Keone or Eunice's speeches, you will realize that this is a very smart and articulate team.
Technology is often dry and difficult to resonate with people, and all projects have the risk of technology not meeting expectations, which is why the community exists. When things get tough, especially in a bear market, the community is everything a project truly owns.
Currently, all crypto communities are gradually becoming "airdrop communities," relying on the expectation of airdrops to drive growth, which is a growth factor, but it cannot rely solely on incentive expectations. However, the most commendable aspect of Monad's community building is that it has cultivated a genuine community before major product releases or token incentives. After all, even though Monad's testnet has not yet launched, there are still over 300,000 active community members on Discord.
Developer Ecosystem
As an L1, developers are crucial for Monad.
In June, Monad directly moved its developer event (The Foundry) to the New York office, resulting in The Foundry NYC.1.1, which is quite down-to-earth.
21 teams and 34 builders had one-on-one interactions with Monad team members for a week, providing consulting and guidance on market entry strategies (GTM), financing, strategy, product design, code audits, recruitment, community, and also helping founders find potential investors and partnership agreements.
At the Hong Kong event, several cryptocurrency project founders also shared their ideas and concepts for building on Monad, including:
Curvance: A stablecoin lending protocol, led by Wormhole, and received joint investments from Arbitrum and Frax.
Zomma Protocol: A decentralized derivatives protocol focused on building a range of innovative and diversified products, including staking, yield farming, trading European options, settlement, and minimal collateral.
PoPP: A Web3 creator community application. PoPP uses blockchain technology to build users' personal metaverse social relationships, allowing everyone to issue programmable soul-bound tokens and non-fungible tokens to carry their social relationships, organizational relationships, equity certificates, and works. This enables everyone who contributes to the community to earn profits and helps users discover more valuable souls and content on the platform.
Narra: An AI story world owned by fans and led by the community. Users can become Narra trainers, and through interaction, ZAI offspring will evolve into different roles in this gamified universe.
At the event, several developers expressed their interest in developing on Monad. One noteworthy point is that they often compare Monad to the next Solana and are initiating a new Ethereum challenge campaign, "Ethereum is bad, but EVM is good!"
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