The upcoming Monad airdrop is one of the most anticipated events within the crypto community.
Designed to reward early adopters and active community members, the Monad airdrop aims to foster engagement and expand the ecosystem's reach.
But if you still don't know what Monad is and how to get involved in its airdrop, don’t worry! In this guide, we’ll give you a quick overview of everything you need to know.
Let’s get started.
What is Monad?
Monad is a cutting-edge Layer 1 blockchain that leverages the Ethereum Virtual Machine (EVM)—the software that powers the Ethereum blockchain, and all networks built on top of it.
This approach enables Monad to support all existing Ethereum smart contracts and applications without any need for modification. This compatibility is crucial for encouraging adoption among Ethereum developers, who can migrate their applications to Monad with ease and without facing interoperability issues.
Having said that, Monad is attempting to build a more streamlined version of the EVM from the ground up. The goal is to address the EVM's shortcomings, which have led to scalability and performance issues on the Ethereum blockchain, as well as relatively steep transaction costs.
For example, Ethereum only processes approximately 10 transactions per second (TPS), while the fastest EVM chain, Binance Chain, runs at approximately 200 TPS. As a comparison, Solana's true TPS fluctuates between 500 and 1,000.
The limitations of EVM chains mainly boil down to the same weakness: sequential execution. Sequential execution, naturally, is highly inefficient; while parallelized execution is more powerful and capable.
Solana, for example, leverages parallel execution to achieve higher transaction speeds. Monad Labs is adopting Solana's approach by introducing parallel execution as well, with the goal of significantly increasing transaction speeds of the EVM, and consequently the Monad blockchain—making consumer-grade, decentralized applications possible.
Currently, Monad is working on a testnet, with the mainnet launch expected sometime in 2024.
For more details, read our Monad guide.
Monad airdrop: What we know so far
Monad Labs recently raised a $225 million funding round led by Paradigm.
Traditionally, L1 blockchains, like Monad, create, distribute, and airdrop a native token so investors can recoup their investments and users can have an asset at their disposal with which they pay for transactions.
Apart from that, airdrops also serve as a marketing tool to raise awareness, drive user adoption, and build a vibrant and engaged community.
As far as we can tell, this is exactly the broader strategy and playbook Monad is currently following to go from testnet to mainnet.
How to qualify for the Monad airdrop?
Although the upcoming Monad airdrop is generating significant buzz, details are currently still vague and difficult to come by.
Having said that, it’s apparent that Monad intends to distribute tokens to early adopters and active participants within its community.
This approach is designed to reward those who have supported the project from its inception, fostering a sense of loyalty and commitment.
When will the Monad airdrop take place?
As of now, there are no concrete details about the Monad airdrop.
Also, it's unclear whether eligible airdrop recipients will receive Monad tokens directly to their wallets or whether they need to go to a dedicated website to claim their Monad tokens.
We’ll make sure to share new details on the Monad airdrop here, on social media, and via our app as soon as these become available.
⚠️ Beware: During airdrop season, scammers create imitation accounts to trick you into clicking phishing links and wallet drainers. Please exercise caution. Only click on, and visit, links from Monad's official 𝕏 account, and do not respond to direct messages from unknown parties related to the Monad airdrop—regardless if you’re on 𝕏, Discord, Telegram, or other platforms.
How to get started with Monad using Phantom
As outlined above, at this time, Monad is working on a testnet, with the mainnet launch scheduled for 2024.
Although there isn’t a specific launch date yet, you can expect to use your Phantom wallet on Monad from day one.
If you haven’t already, download the Phantom extension or app today to make sure that you don’t miss any of our upcoming Monad action.
Disclaimer: This guide is strictly for educational purposes only and doesn’t constitute financial or legal advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
