Nostra leverages Monad's EVM parallelization for broader DeFi applications.
Key Takeaways
- Nostra's community voted 43.3% in favor of expanding to Monad.
- Monad's EVM parallelization will support Nostra's DeFi and payment apps.
Nostra, a Starknet-based decentralized finance (DeFi) project, announced today its plans to deploy on Monad, an Ethereum-compatible Layer 1 blockchain. This move marks Nostra’s expansion into the EVM-compatible space, following a community-driven decision process.
The decision to partner with Monad came after Nostra conducted a Twitter poll last week, asking its community to vote on potential expansion targets. Monad received 43.3% of the votes, surpassing other options such as Berachain (30.9%), MegaETH (15.6%), and other alternatives (10.2%).
GMonad 💜
There has been a recent community conversation on whether Nostra should go EVM-compatible. https://t.co/odgJoDfcSL
The community has spoken and we are pleased to announce that Nostra will be expanding its horizons and going multichain with @monad_xyz
Lots to talk… pic.twitter.com/ISp9XrU445
— Nostra (🌹,🤌) (@nostrafinance) August 6, 2024
Nostra’s expansion to Monad aligns with the growing trend of multichain compatibility in the DeFi sector. The project aims to deploy its “Super App,” which offers lending, borrowing, swapping, and bridging functionalities for cryptocurrencies, on the Monad blockchain.
Monad’s approach to scaling involves redesigning the Ethereum Virtual Machine (EVM) with parallelization, a method that has attracted attention in the crypto community for its potential to enable more sophisticated DeFi and payment applications.
Despite this new partnership, Nostra stated that it remains committed to Starknet, its original platform. The company views this expansion as a step towards serving a broader user base across multiple blockchain ecosystems.
The move reflects a wider trend in the DeFi space, where projects are increasingly seeking to operate across multiple chains to attract and retain users. As the blockchain landscape evolves, cross-chain operability is becoming a key factor in project development and user adoption strategies.
This partnership between Nostra and Monad may contribute to the ongoing development of cross-chain interoperability in the DeFi sector. As more projects adopt multichain strategies, the crypto ecosystem could be moving towards increased blockchain interoperability.
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