Monad Mainnet Goes Live: Faster Confirmations and Low Fees Highlighted
Magma staking has marked the formal debut of Monad’s mainnet. This enables early users to stake their MON tokens and receive rewards using gMON, the network’s liquid staking token. The first MEV-optimized liquid staking technique on Monad is called Magma. Instead of giving value to validators alone, it returns value created by validator transaction reordering to stakeholders. Monad is pitching itself as a high-performance Layer 1 for DeFi activity with its Ethereum-compatible design, cheap fees, and quicker confirmations.
Monad’s DeFi Growth Hinges on Active gMON Usage, Says Magma CEO
David Mass, CEO of Magma, stressed that actual on-chain usage is more important than early TVL spikes. He pointed out that it will show advancement once users transcend airdrop-driven behavior. Monad-native tactics will demonstrate that the network is operating as a real economic environment.
gMON should become the first stop for users entering the Monad DeFi ecosystem,
Mass
Monad DeFi Staking Monitored Closely After Strong Early gMON Adoption
Hydrogen Labs built Magma with funding from Bloccelerate, CMS Holdings, Animoca Ventures, and Arthur Hayes’ Maelstrom. It has collaborated with validators like Blockdaemon and Figment. It plans to integrate with other borrow-lend protocols like Euler in the future. Monad’s extremely successful MON token sale on Coinbase’s new US retail fundraising platform preceded the staking debut. The offering achieved a 1.4-fold oversubscription and hit its USDC objective of $187.5 million. As a test of the usefulness of the protocol and the stability of Monad’s infrastructure, early staking activity in this volatile market is being actively monitored.
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