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Nostra Expands to Ethereum-Compatible Monad After Community Vote

Vaseline August 9, 2024

Key Points

The Nostra community voted 43.3% in favor of expanding to Monad.
Monad’s EVM parallelization powers Nostra’s DeFi and payment apps.

Nostra, a Starknet-based decentralized finance (DeFi) project, today announced 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-making process.

The decision to partner with Monad came after Nostra conducted a Twitter poll last week, asking the community to vote on potential expansion targets. Monad received 43.3% of the vote, outperforming other options such as Berachain (30.9%), MegaETH (15.6%) and other alternatives (10.2%).

GMonad 💜

There has been a recent discussion in the community about whether Nostra should become EVM compatible. https://t.co/odgJoDfcSL

The community has spoken and we are excited to announce that Nostra will be expanding its horizons and going multichain with @monad_xyz

Lots to discuss… photo.twitter.com/ISp9XrU445

— Nostra (🌹,🤌) (@nostrafinance) August 6, 2024

Nostra’s expansion to Monad follows 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.

Sapphire

Monad’s approach to scalability involves redesigning the Ethereum Virtual Machine (EVM) with parallelization, a method that has gained attention in the crypto community for its potential to enable more advanced DeFi and payment applications.

Despite this new partnership, Nostra stated that it remains committed to Starknet, its original platform. The company sees this expansion as a step toward serving a broader user base across multiple blockchain ecosystems.

The 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 could contribute to the continued development of cross-chain interoperability in the DeFi sector. As more projects adopt multichain strategies, the crypto ecosystem could move toward greater blockchain interoperability.