Monad Launches Public Testnet with 5,000 TPS

Monad Launches Public Testnet with 5,000 TPS

On February 19, Monad Labs launched its long-awaited public testnet, completing a huge step for its high-performance EVM-compatible blockchain. With a 5,000 TPS throughput, the testnet successfully distributed tokens to over 8.8 million Ethereum wallets in just 30 minutes.

Developers can now experiment with Monad’s low-cost, high-speed execution environment, leveraging Ethereum’s familiar tooling while benefiting from faster transactions. “This is the direction that the EVM needs to head in to reach escape velocity,” said Monad co-founder Keone Hon.

The testnet integrates with Uniswap, Backpack, and OKX wallets, allowing users to swap tokens, provide liquidity, and interact with Monad-native dApps. A built-in faucet system distributes test tokens, with priority given to active community members and Ethereum users with past transactions.

Users are rushing to farm Monad airdrop eligibility by engaging with swaps, staking, and token deployment across dApps and DeFi projects. Meanwhile, Fantasy Top’s trading card game is now live on Monad's testnet, offering competitions based on crypto influencer engagement.

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Trader Allegedly Made $100M by Sniping TRUMP Memecoin

Blockchain analytics firm Bubblemaps and YouTuber Coffeezilla claim that pseudonymous trader Naseem netted over $100 million from TRUMP meme coin through high-speed trading tactics. The report alleges that Naseem bought $1.09 million worth of TRUMP in the first second of trading, later dispersing funds across nine different wallets.

Despite denying insider knowledge, Naseem admitted to paying an $84,000 priority fee to secure an early trade, citing an unintentional leak from Meteora’s contract activity. Investigators linked his activity to the LIBRA collapse and Hailey Welch’s HAWK, both of which saw massive insider swings. While on-chain evidence remains circumstantial, Bubblemaps argues the connections are too strong to ignore.

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Binance.US Restores USD Banking Services

After 19 months as a crypto-only exchange, Binance.US has resumed full fiat banking services, allowing users to deposit and withdraw U.S. dollars. The shift follows a legal battle with the SEC, which forced Binance.US to cut ties with banking partners in June 2023. “We have been looking forward to the day that we would be able to offer full USD services again,” said Interim CEO Norman Reed.

With the departure of former SEC Chair Gary Gensler, the agency’s stance on crypto has softened, pausing its lawsuit against Binance to assess new regulatory developments. Despite Binance’s global dominance with $19 billion in daily volume, Binance.US remains a small player with just $15 million in daily trades.

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SEC Acknowledges XRP and Litecoin ETF Filings

The U.S. SEC has formally acknowledged spot XRP and Litecoin ETF filings from Bitwise, Grayscale, and CoinShares, triggering the next step in the approval process. These filings will be published in the Federal Register, opening a 21-day public comment period before a final decision. “The agency can then decide to approve, disapprove, or institute proceedings,” the filing states.

Following Bitcoin and Ethereum ETF approvals in 2024, issuers have flooded the SEC with crypto ETF proposals, capitalizing on favorable political shifts. A newly formed crypto task force, led by Republican SEC Commissioner Hester Peirce, aims to define clearer asset classifications. Analysts predict Litecoin ETFs have the highest approval chance at 90%, while XRP products have a 65% likelihood.

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Data of the Day

Retail trading app Robinhood reported a staggering $360 million in crypto revenue for Q4 2024, a 490% jump from the previous quarter. The platform’s crypto trading volume hit $71 billion, still far behind Coinbase’s $440 billion, but indicating a closer competition than expected.

Robinhood’s expansion into meme coins, including BONK, WIF, and TRUMP, has fueled explosive user engagement, doubling crypto’s share of total platform revenue to 40%. Meanwhile, Coinbase data shows Bitcoin making up just 27% of trades, with alternative assets driving 48% of total volume.

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More Breaking News

• The Blockchain Association is urging lawmakers to support Sen. Ted Cruz's measure to repeal the IRS's new tax rule requiring DeFi brokers to report user trades.
• Coinbase is lobbying Congress to grant the CFTC authority over the crypto spot market, arguing that assets like Bitcoin and Ethereum are commodities, not securities.
• Binance founder CZ donated 150 BNB to victims of the LIBRA scam, but publicizing his donation address led to unexpected additional crypto deposits.
• Court documents reveal that Sam Bankman-Fried’s $1 billion in forfeited assets includes private jets, political donations, and a significant Robinhood stake.
• Nasdaq has proposed a new rule to allow trading and listing of digital asset investment interests, including the Hashdex Nasdaq Crypto Index US ETF.
• The EU has approved 10 stablecoin issuers under its MiCA framework, notably excluding Tether, the issuer of the world’s largest stablecoin.
• World Liberty Financial's co-founder declared “We want to make ICOs great again” during a panel discussion with Tron’s Justin Sun at Consensus Hong Kong.

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