Original | Odaily Planet Daily

Author | Azuma

The market remains quiet, but it never lacks excitement.

This morning, two popular Layer 1 networks, Sonic (formerly Fantom) and Monad, suddenly exchanged barbs, with even the founders of both sides getting involved.

As the two most anticipated Layer 1 representatives in the community, Sonic has evolved from the once-popular Layer 1 network Fantom, now being restructured by renowned DeFi expert Andre Cronje, while Monad was born from market-making giant Jump Trading, having completed a $225 million funding round led by Paradigm last April at a valuation of $3 billion. From a competitive perspective, there is indeed a natural rivalry between these two Layer 1 networks, but it seems unnecessary to be so direct in their exchanges. So what exactly happened last night?

Here’s the timeline of events.

First, on January 12, Sonic's official account released a celebratory video announcing that the total value locked (TVL) on its new mainnet had surpassed $100 million. This is a routine marketing operation by the project team and is not problematic.

However, shortly after, tunez, a core member of Monad's growth team, suddenly made a provocative comment: "That's almost as much as they lost in the cross-chain bridge."

tunez also shared a Forbes article about the Multichain hacking incident from that year.

In July 2023, the cross-chain bridge project Multichain suffered a hacker attack, with initial estimates of losses around $126 million. Although Multichain's services covered multiple networks, Fantom, having adopted Multichain as its main cross-chain bridge, was the most severely affected. In the aftermath, stablecoins on Fantom remained significantly depegged for a long time, and several ecosystem projects announced shutdowns due to financial losses, which directly led to Fantom's exit from the fierce competition of the last emerging Layer 1 round.

While Sonic was happily celebrating its rebirth, tunez's comment hit a sore spot, which naturally could not be tolerated.

Multiple Sonic community members began to retaliate against tunez, with some even digging up tunez's comment from two days prior: "As Monad becomes more popular, it will also face more attacks," directly implying that tunez's actions were provoked by Sonic's popularity.

Subsequently, AC, co-founder of Sonic (formerly Fantom), personally stepped in to respond to tunez, stating:

• Monad did not conduct the most basic investigation; Multichain is an independent third-party cross-chain bridge. Among the more than ten affected chains, only Fantom is still seeking to recover funds.
• Monad's narrative changes every few months. Monad initially claimed to create a parallel EVM, but we found they could not deliver the promised performance figures and warned that unless they created a separate database (DB), Monad would then announce the launch of MonadDB, and next, they would probably work on supersets.
• Monad's Devnet is merely a fork of Avalanche, and they even forgot to rename the gas fee token from AVA (note: the original text is AVA, not AVAX) to Monad.
• Monad has no cross-chain bridge, no technology, nothing at all. Sonic has developed what Monad promised and is busy with the next iteration. Sonic also does not need $3 billion.

After AC's response, Monad's two co-founders, Keone Hon and James Hunsaker, also stepped in to reply, but perhaps feeling that tunez's provocative actions were unjustifiable, their language was much more measured and did not further escalate the conflict.

Keone Hon first denied AC's points 2-4 regarding Monad and emphasized that such rumors are incorrect. He also praised Sonic for its continued efforts to recover funds and AC's contributions to the industry, ultimately wishing AC and Sonic future success.

James Hunsaker's response was even more detailed:

• The parallel EVM is actually running well, but it would perform better with the introduction of a high-performance low-latency asynchronous database;
• Monad has never looked at Avalanche's code, let alone forked it — Monad and Avalanche are not even in the same programming language;
• A cross-chain bridge will launch simultaneously with Monad's mainnet;
• Monad has only used a small portion of the funds raised so far.

In summary, after Monad responded in a more measured manner to downplay the conflict, the verbal sparring between the two sides has temporarily come to a halt.

The market is bleak, and market information is hindered. We are happy to see new projects competing in terms of technical paths, application types, and adoption models, but it clearly should not be in this manner. As the two most anticipated Layer 1 representative projects at present, Sonic and Monad seem to have a responsibility to set a good example.

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