Key points
- The Nostra community voted 43.3% in favor of expanding to Monad.
- Monad’s EVM parallelization will support Nostra’s payment and DeFi applications.
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Nostra, a Starknet-based decentralized finance (DeFi) project, today announced plans to deploy Monad, an Ethereum-compatible layer-1 blockchain. This move marks Nostra’s expansion into the EVM-compatible space, following a community-driven decision-making process.
The decision to partner with Monad came after Nostra ran a Twitter poll last week, asking its community to vote on potential expansion targets. Monad received 43.3% of the vote, beating out other options such as Berachain (30.9%), MegaETH (15.6%) and other alternatives (10.2%).
GMonada 💜
There was recently a community conversation about whether Nostra should be EVM compatible. https://t.co/odgJoDfcSL
The community has spoken and we are pleased to announce that Nostra will be expanding its horizons and becoming multi-chain with @monad_xyz
Much to talk about… photo.twitter.com/ISp9XrU445
— Nostra (🌹,🤌) (@nostrafinance) August 6, 2024
Nostra’s expansion to Monad aligns with the growing trend of multi-chain compatibility in the DeFi sector. The project aims to deploy its “Super App,” which offers lending, borrowing, swapping, and crypto-connection functionalities, on the Monad blockchain.
Monad’s approach to scaling involves redesigning the Ethereum Virtual Machine (EVM) with parallelization, a method that has garnered attention in the crypto community for its potential to enable more sophisticated payment and DeFi applications.
Despite this new partnership, Nostra stated that it remains committed to Starknet, its original platform. The company sees this expansion as a step towards serving a broader user base across multiple blockchain ecosystems.
This move reflects a broader trend in the DeFi space, where projects are increasingly looking 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 continued development of cross-chain interoperability in the DeFi sector. As more projects adopt multi-chain strategies, the crypto ecosystem could be moving towards greater interoperability between blockchains.
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