The Layer-1 Monad has established the Monad Foundation, a move typically seen when projects are preparing to launch their mainnet and initiate their own Token Issuance.
Monad is gearing up to launch its mainnet and issue a Token. Image: Monad
Monad Labs, the developer of the eponymous layer-1 blockchain, announced on December 16th the establishment of the Monad Foundation, an independent organization tasked with expanding and promoting the Monad blockchain.
The Monad Foundation will focus on community governance, building tools, and supporting Monad's progress towards the mainnet launch, following the limited testnet release since November.
Read more information in this blog:https://t.co/qCYtqn7L5y
— Monad ⨀ (@monad_xyz) December 16, 2024
While not directly mentioning this milestone, in the cryptocurrency field, the establishment of a Foundation organization by a project typically precedes the launch of its own Token, to clearly define the Token's purpose for the community and separate it from the development team.
Monad is one of the most anticipated layer-1 projects in the cryptocurrency community due to its breakthrough technology commitments, with a processing speed of up to 10,000 transactions per second, as well as its successful $225 million fundraising from major funds such as Paradigm, Electric Capital, and Greenoaks Capital.
Additionally, Monad has stated that it will address the current shortcomings of Ethereum and build a new EVM environment from scratch, rather than copying from the ETH network.
Similarly, another well-known crypto project, the NFT marketplace OpenSea, has also been discovered by the community to have registered the establishment of a Foundation, leading to speculation that it is preparing to launch its own Token, following a similar move by its competitor platform Magic Eden.
Compiled by Coin68
