The Monad Foundation has completed a capped liquidity program that let certain early investors sell locked MON tokens back to the Foundation before they become transferable, with total purchases limited to $60 million. The price included a discount tied to the remaining duration of each holder’s four-year lock-up, but the Foundation has not disclosed the discount rate, the number of investors contacted, the number of tokens acquired, or how much of the $60 million cap was used.
According to the Foundation, nearly all holders approached declined to participate. It also said it has not sold or sought to sell MON through an over-the-counter process. Crucially, any MON bought under the program remains locked under the original vesting schedule. No token burn was announced, and the purchased supply does not enter circulation. Ownership changes, but the original unlock timing remains in place.
Monad’s tokenomics allocate about 19.7 billion MON, or 19.7% of initial supply, to investors. Those tokens are subject to a four-year lock-up beginning with the public mainnet launch last November, including a one-year cliff and equal monthly unlocks of one-forty-eighth of the allocation afterward. The first investor unlocks begin this November, which remains the key supply event.
MON traded around $0.021 on Tuesday, about 16% below its $0.025 public sale price. With roughly 11.8 billion MON circulating, the market value is near $250 million and the fully diluted value is roughly $2.1 billion. Meanwhile, network activity has grown: deposits in Monad’s DeFi apps reached about $895 million, up from $360 million on July 2, with stablecoins around $707 million and decentralized exchange daily trading near $79 million.
The low participation could be read as confidence, but the Foundation and analysts caution that without published terms it is not proof. Investors may have declined because the discount was too steep, because they wanted long-term exposure, or because they simply did not need cash. The program leaves the investor unlock schedule unchanged, and the market still lacks clarity on how much locked supply actually changed hands.
