This article will comprehensively review the current status of Monad's ecosystem development in multiple sectors such as DeFi, NFT, and cross-chain interoperability protocols.
Author: Nicky, Foresight News
In April of this year, Layer1 blockchain Monad Labs announced the completion of a whopping $225 million in financing, making it the largest cryptocurrency project financing to date in 2024. The round of financing was led by investment firm Paradigm and attracted participation from investment institutions including IOSG Ventures, SevenX Ventures, Electric Capital, and Greenoaks.
Monad Labs aims to introduce parallel execution and superscalar pipeline technology through its parallel EVM Layer1 project Monad to enhance the performance of the Ethereum Virtual Machine and address the low throughput issue of existing EVM-compatible blockchains. Currently, the Monad network is in the Devnet stage, and the public test network is still under preparation.
This article will comprehensively review the current status of Monad's ecosystem development in multiple sectors such as DeFi, NFT, and cross-chain interoperability protocols. It is also important to note that many native projects in the Monad ecosystem are still in the very early stages of development, and investors and participants should be cautious and fully aware of the risks involved.
As of August 1, 2024, an overview of the Monad ecosystem projects. (Source: Drops Tab)
DeFi Protocols
DEX / AMM Protocols
Ambient Finance
Ambient Finance is a decentralized trading protocol that allows for the creation of bilateral AMM with concentrated and constant product liquidity for any pair of blockchain assets. In July of last year, Ambient Finance announced the completion of a $6.5 million seed round of financing, led by BlockTower Capital, with participation from investors such as Jane Street, Circle, Tensai Capital, and several individual investors.
Backpack
Backpack is a fully regulated global cryptocurrency trading platform that integrates centralized exchanges, on-chain wallets, NFTs, and more, aiming to provide users with a seamless and innovative crypto experience and plans to expand into a broader blockchain ecosystem. Its exchange has obtained a VASP license from the Dubai Virtual Asset Regulatory Authority and will support the network on the first day of the public test network launch on Monad.
Balancer
Balancer is a DeFi AMM protocol that allows anyone to create asset pools with predefined weights. Balancer is striving to become a platform for DAOs and other protocol building tools, providing liquidity for users and products. As of now, the trading volume of Liquid Staked Tokens on Balancer has exceeded $25 billion.
Catalyst
Catalyst is an open-source protocol that provides liquidity between modular blockchains. With Catalyst, any new modular blockchain can automatically connect liquidity and transact with any chain, including liquidity centers such as Ethereum and Cosmos. In May of this year, Catalyst announced the launch of its mainnet, utilizing a layer 2 network built on OP Stack, such as Optimism, Base, which can share liquidity between its Rollups.
Dyson Finance
Dyson Finance is a retail user-friendly DEX aimed at democratizing on-chain liquidity paradigms. With its dual investment, innovative dynamic AMM, and exclusive referral program, anyone can easily provide liquidity and earn high returns like a professional.
Kuru
Kuru is a fully on-chain order book DEX built on Monad, providing users with a single platform to discover, research, and trade on-chain spot assets. In July of this year, Kuru announced the completion of a $2 million seed round of financing, led by Electric Capital, with participation from institutions such as Brevan Howard Digital, CMS Holdings, and Keone Hon, among other angel investors.
Swaap Finance
Swaap Finance is a market-neutral automated market maker (AMM) that combines oracles and dynamic spreads to provide sustainable returns for liquidity providers and cheaper prices for traders.
Timeswap
Timeswap is an AMM-based decentralized currency market protocol that does not use oracles or liquidators. Unlike Uniswap, which can exchange assets in real-time, borrowing on Timeswap requires exchanging tokens until repayment is completed.
Wombat Exchange
Wombat Exchange is a multi-chain stablecoin trading DEX with open liquidity pools, low slippage, and services such as single-sided staking.
Lending Protocols
Curvance
Curvance is a decentralized stablecoin lending protocol initially focused on LPs from the Curve, Convex, Aura, and Frax ecosystems. Curvance aims to optimize user returns and maximize capital efficiency through peer-to-peer lending. In December of last year, Curvance announced the completion of a $3.6 million seed round of financing, with participation from Offchain Labs, the developer of Arbitrum, Wormhole, and angel investors including Sandeep Nailwal, co-founder of Polygon. In April of this year, Curvance launched a testnet for early supporters.
Pike Finance
Pike Finance is a native cross-chain lending market that enables direct and secure interaction between different blockchains. Pike is built on Wormhole's cross-chain data messaging protocol and Circle's native USDC minting protocol CCTP. In March of this year, Pike Finance unveiled its token economics aimed at driving the development of cross-chain DApps through its governance token P.
Liquidity Network Protocols
aPriori
aPriori is a MEV infrastructure and liquidity staking protocol built natively on Monad, aiming to reduce gas fees, optimize network traffic, and provide sustainable incentives for validators to help Monad increase throughput and user experience. In July of this year, aPriori announced the completion of an $8 million seed round of financing, led by Pantera. Prior to this, aPriori completed a Pre-Seed round of financing led by Hashed and Arrington Capital, with a total financing amount reaching $10 million, with participation from institutions including Consensys, OKX Ventures, Manifold Trading, among others. Binance Labs also announced its investment in aPriori through the Binance Labs Season 6 Incubation Program. Ray S, co-founder and CEO of aPriori, revealed that this round of financing will result in a "9-figure" fully diluted token valuation for aPriori.
Elixir
Elixir is a modular liquidity network that allows users to provide liquidity directly to order book exchanges' trading pairs and receive market maker rewards similar to AMMs. Its network supports significant liquidity from exchanges such as Vertex, Bluefin, and RabbitX, and will integrate with platforms like dYdX and ApeX. In March of this year, Elixir announced the completion of an $8 million Series B financing round led by Mysten Labs and Maelstrom. It had previously completed a $7.5 million Series A financing round in October of last year, valuing the company at $100 million, led by Hack VC with participation from NGC Ventures, among others.
Kintsu
Kintsu is an ecosystem liquidity staking protocol based on the Monad network. In July of this year, Kintsu announced the completion of a $4 million seed round of financing led by Castle Island Ventures, with participation from Brevan Howard Digital, CMT Digital, Animoca Ventures, among others.
NFT Sector
Monad Nomads NFT
Monad Nomads NFT is the first community-driven NFT proposal on Monad.
Poply
Poply is a community-based native NFT marketplace on Monad.
Cross-Chain Interoperability Protocols
Axelar Network
Axelar is a decentralized cross-chain communication network aimed at enhancing interoperability in Web3 by connecting heterogeneous blockchains and optimizing asset mobility and program composability for builders and end-users.
Decent
Decent aims to provide chain abstraction services for applications and blockchains, enabling users to make payments with anything in their wallets.
LayerZero
LayerZero is an interoperability protocol for message passing, allowing for cross-chain contract calls with payloads.
Wormhole
Wormhole is a universal message passing protocol launched in October 2020, initially incubated and supported by Jump Crypto, aiming to enable developers to build native cross-chain applications covering multiple chains. It has evolved from a focus on a bidirectional cross-chain bridge between Ethereum and Solana to a universal message passing protocol supporting multiple chains.
AI
AIT Protocol
AIT Protocol is a Web3 data infrastructure built on blockchain, primarily used for data annotation and AI model training, allowing users to contribute to the "Train-To-Earn" tasks and be rewarded for AI model development and training. AIT Protocol announced the completion of a new round of financing at the end of last year, with participation from MorningStar Ventures, Megala Ventures, Contango Digital Assets, among others.
On-Chain Tools
Notifi
Notifi provides flexible support for communication for any Web3 project, with advanced features for applications and built-in global infrastructure to support project applications on a large scale.
Parsec
Parsec is a blockchain on-chain data analytics platform. In October of last year, Parsec announced a new $4 million financing round and launched DeFi and NFT analysis product "team," led by Galaxy Digital with participation from Uniswap Labs Ventures, Robot Ventures, CMT Digital, among others.
GameFi
Breath of Estova
Breath of Estova (BoE) is a Play-to-Earn 2D game built on the Monad network. BoE introduces blockchain integration using Monad's parallel capabilities, allowing users to earn ESTOVA tokens and unique in-game items and pets.
RareBetSports
RareBetSports is a Web3 ecosystem based on the Monad network, aiming to capture the experience of combining sports with cryptocurrency and is an ideal platform tailored for the next generation of fans and future communities.
Oracle
Pyth Network
Pyth Network is a next-generation price oracle solution aimed at providing valuable on-chain financial market data to projects, protocols, and the public through blockchain technology, including cryptocurrencies, stocks, forex, and commodities.
RedStone
RedStone is a blockchain oracle similar to popular oracles like Chainlink and Pyth Network but based on modular design. In July of this year, RedStone completed a $15 million Series A financing round led by Arrington Capital, with participation from Kraken Ventures, White Star Capital, Spartan Group, among others, and angel investors including Smokey the Bera and Homme Bera from Berachain, and Mike Silagadze from Ether.Fi.
Switchboard
Switchboard is a fast, permissionless, and customizable multi-chain oracle protocol for general data feeds and verifiable randomness. In May of this year, Switchboard announced the completion of a $7.5 million Series A financing round led by Tribe Capital and RockawayX, with participation from Solana Foundation, Aptos, StarkWare, among others.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
