Monad, an EVM-compatible layer-1 blockchain, has successfully raised $269 million in its Initial Coin Offering (ICO) conducted through Coinbase, with the sale being 1.43x oversubscribed. Over 85,820 participants committed to the MON token sale, which concluded last week, setting the stage for the mainnet launch on Monday.
The mainnet launch will coincide with the MON token's debut on major cryptocurrency exchanges, including Bybit and Coinbase, enabling ICO participants, investors, and insiders to trade or exit positions. This listing also allows new investors who missed the ICO to acquire MON tokens, with long-term holders viewing Monad as a potential disruptor due to its high transaction speeds, EVM compatibility, and partnerships with projects like LayerZero, Pyth Network, and Chainlink.
Despite the momentum, concerns linger about a post-listing price crash, as historical data shows new tokens often decline due to investor dumps. Insiders and the team hold over 50% of the token supply, with the public sale accounting for less than 8%, potentially increasing selling pressure. The tokenomics include a max supply of 100 billion MON, with allocations: 38.5% for ecosystem development, 27% for the team, 19.7% for investors, and 4% for the Category Labs Treasury.
Earlier in the week, the token sale faced fears of undersubscription but saw a late surge, raising nearly $216 million against a $187 million target. Monad co-founder Keone Hon defended the sale, emphasizing its goal of broad distribution and noting Coinbase's democratic allocation process, which may have incentivized last-minute commitments.
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