Monad is compatible with EVM and has partnered with Backpack. Is a new popular project starting?

On July 17, Monad announced the upcoming launch of its EVM-compatible testnet on the X platform and plans to establish a partnership with the digital wallet platform Backpack on the first day of the testnet launch. This collaboration signifies Monad's further expansion in technology integration and ecosystem development.
Monad Labs completed a $19 million seed round financing in February 2023, led by Dragonfly Capital, and secured $225 million in funding led by Paradigm in April 2024.

This influx of funds not only accelerates Monad's technological development but also provides solid financial support for its upcoming testnet.

The partnership is noteworthy; can Monad and Backpack spark value together?

The collaboration between Monad and Backpack on the first day of the testnet launch marks an important integration of the two projects on both technical and market levels.
This partnership first strengthens technical synergy by integrating the Backpack wallet into Monad's EVM-compatible blockchain, which not only expands Monad's user base but also provides Backpack users with a new high-performance platform for testing smart contracts and applications. This helps both platforms collect valuable user feedback to optimize network performance and user experience while providing higher quality services.

In terms of market impact, this collaboration enhances the brand visibility and market competitiveness of both parties. By referring users to each other, both have the opportunity to expand their user base and market share. Additionally, incentives such as airdrops and trading discounts may further promote user activity and engagement, accelerating the growth and expansion of the ecosystem.

As a highly regarded L1 project, Monad can achieve strong technical integration performance

In the blockchain industry, EVM (Ethereum Virtual Machine) has become the recognized standard virtual machine, supporting numerous innovative projects such as Curve, Uniswap, and Maker. However, the limitations of EVM—such as its reliance on the Solidity language and its sequential processing of transactions—are gradually becoming apparent, prompting exploration of alternative virtual machine technologies. In this exploration, Monad stands out among many AltVM projects with its ability to handle 10,000 transactions per second through MonadDb and its rich community culture. We often view Layer 1 as a city, with its core operators likened to a government providing services, and whether a project can attract developer investment and user participation largely depends on its cultural atmosphere and service efficiency.
MEV is an inherent feature of blockchain design, and Monad explores the possibility of building a powerful MEVA infrastructure within a high-performance, low-latency blockchain framework. Drawing on the experiences of Ethereum and Solana, Monad considers the close integration with the underlying blockchain mechanisms, especially during the consensus execution phase, when designing MEVA.
Parallel execution technology is key to Monad's ability to achieve high throughput. This technology allows the system to process multiple transactions simultaneously, rather than the traditional sequential execution method. While Monad's blocks maintain a linear order similar to Ethereum, the adoption of optimistic parallel execution strategies significantly increases processing speed while ensuring transaction correctness.
Additionally, Monad employs the parallel database MonadDb, which is another key factor in effectively enhancing blockchain performance through parallel execution technology. Traditional sequential databases are like single-lane toll booths, while MonadDb allows for a multi-lane scenario, greatly improving data processing efficiency.
Monad also introduces asynchronous execution and consensus mechanisms, separating the execution from the consensus process, which allows the entire system to utilize resources more efficiently and further enhances performance. This design philosophy is derived from standard practices in traditional computer science but is applied for the first time in blockchain technology.

As a comprehensive Web3 financial services platform, Backpack will provide high-quality services for Monad

Backpack is a comprehensive digital asset management platform that offers multi-chain wallet services and centralized exchange (CEX) functionalities, primarily serving multiple jurisdictions worldwide. It not only supports mainstream blockchain networks such as Solana and Ethereum but also focuses on providing highly secure asset management solutions. The Backpack wallet is favored by users for its non-custodial nature and emphasis on the security of user assets, especially in protecting non-fungible tokens (NFTs) with its unique "collectible lock" mechanism that automatically rejects abnormal transaction requests, providing extra security for users' valuable collections.
Backpack is not just a tool for storing and trading cryptocurrencies; it also actively plays the role of a decentralized application (DApp) platform, particularly through its xNFT feature, which allows users to access and download hundreds of decentralized applications. This enables Backpack to enhance user interaction and application usability beyond providing basic wallet services.

Technically, Backpack employs multi-party computation (MPC) technology, which is used in cryptocurrency wallets to ensure the security of transactions and the confidentiality of funds. This application of technology significantly enhances users' sense of security when executing transactions, as their private key information is not fully exposed even in a multi-party environment.
Backpack's market journey has been marked by significant ups and downs. Launched in 2022 by Coral, the developer of the Solana development framework Anchor, it successfully completed a $20 million financing round led by FTX Ventures and Jump Crypto. However, following the FTX incident, Backpack faced challenges with frozen funds. Despite this, it successfully launched the highly popular xNFT series Mad Lads within the Solana ecosystem, becoming a market focal point.