Monad Partners with Orderly Network Ahead of Testnet Launch
Monad, an upcoming Ethereum Virtual Machine (EVM) layer-1 blockchain, is set to launch its testnet this Wednesday, marking a significant step in the decentralized finance (DeFi) landscape. In a strategic move to bolster its offerings, Monad has announced a partnership with Orderly Network, a decentralized exchange (DEX) infrastructure originally built on the Near blockchain, which also supports a variety of other blockchain networks. This collaboration comes as both platforms prepare for a potential resurgence in DeFi activity, reminiscent of the enthusiastic market conditions seen during the first DeFi summer.
The launch of Monad’s testnet is anticipated to create a rapid EVM-compatible environment for traders, providing them with an avenue to explore innovative trading opportunities, including the possibility of lucrative airdrops on the layer-1 network. Orderly Network boasts a robust ecosystem, with a network of around 20 market makers, including notable names such as Wintermute, Selini, and Riverside, as highlighted in a recent press release.
As the decentralized trading sector gains momentum, major players in the industry, including platforms like Coinbase (COIN), are optimistic about an upcoming surge in DeFi engagement. This optimism is partly fueled by the crypto-friendly stance of the current administration, which is anticipated to provide favorable regulatory conditions for the industry. The first DeFi summer in 2020 was significantly influenced by the Federal Reserve’s interest-rate cuts in response to the economic impacts of the Covid-19 pandemic.
Orderly Network’s innovative approach includes a shared order book that spans multiple blockchains, such as Arbitrum, Optimism, Polygon, Base, Mantle, and Near. According to Arjun Arora, the Chief Operating Officer of Orderly, “Orderly is an omni-chain trading infrastructure focused on addressing the challenges of fragmented liquidity.” He elaborated that with the continuous emergence of new blockchain networks, liquidity tends to become increasingly dispersed across the DeFi landscape, leading to fluctuations in total locked value (TVL).
In April 2024, Monad Labs successfully raised $225 million in a funding round led by Paradigm, further solidifying its position in the competitive blockchain ecosystem.
