Monad (MON) founder Keone Hon has issued a comprehensive statement addressing the recent harsh criticism leveled against MON by BitMEX founder Arthur Hayes.
Hayes had previously claimed that MON was "99% fail-safe" and asserted that the project was "not even close" to Solana. In response, Hon defended Monad's unique approach and elaborated on the project and its underlying technology.
Monad's Differentiating Factors
Hon began his message to Hayes by expressing respect for his contributions to the cryptocurrency industry. He then addressed the recent comments about Monad, suggesting they might have been taken out of context, and proceeded to answer the question, "Why is the Monad different?" point by point.
According to Hon's statement, the salient features of Monad are summarized as follows:
Speed and Architecture
Monad's primary focus is speed. Hon noted that users can withdraw MON from Coinbase, and their assets appear on the network within 1–2 seconds. This rapid transaction time is a result of the newly developed architecture. Monad is built entirely from scratch in C++ and Rust, incorporating high-frequency trading (HFT)-style optimizations. The network, powered by 170 global validators, aims to deliver high speed while maintaining decentralization.
Decentralization and Efficiency
Hon argued that Monad proves the contrary to the prevailing assumption that blockchains must be centralized to be efficient. Unlike Layer 2 (L2) solutions or data center chains, which often rely on a single sequencer, Monad creates a "neutral, decentralized, and trustless infrastructure."
Technical Innovations
According to the founder, Monad's technical innovations include the new consensus mechanism MonadBFT, which is said to solve the tail forking problem. Other innovations include Async Execution, which increases efficiency by separating consensus and execution; a JIT compiler that compiles to native code; the new database MonadDb; the advanced block propagation system RaptorCast; and parallel execution. Hon pointed out that Ethereum is also working to transition to an async execution model, claiming that Monad offers industry-leading innovations in this area.
Ecosystem Development and Token Distribution
Hon stated that the Monad ecosystem is still in its early stages, but new applications are being developed rapidly by young and aggressive teams. He added that the Monad Foundation and Category Labs will continue to advance aggressively in research and development.
Hon noted that MON was the first token listed on Coinbase's token sale platform. He explained that the sale was conducted using a "bottom-up" model to prevent whales from collecting the entire sale, with the aim of generating as broad participation as possible.
Concluding Remarks
At the end of his statement, Hon offered to send MON to Arthur Hayes, concluding with, "Thank you again for your contributions, see you on the chain."