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Monad MON Sale to Launch on Coinbase
Coinbase will host the ICO of Monad's MON token on its new platform next week ahead of the chain's mainnet launch.
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Monad announced a public sale for its MON token through Coinbase's new end-to-end token sales platform, ahead of the project's mainnet launch later this month.
What's the scoop?
- Token Sale: Opens Nov. 17 at 9 a.m. ET, closes Nov. 22 at 9 p.m. ET; open to 80+ countries including the U.S.; 7.5% of 100B supply sold at $0.025 per token; bid sizes $100–$100,000.
- $MON Tokenomics: 38.5% for ecosystem, 27% team, 19.7% investors, 4% Category Labs Treasury.
- Unlock Schedule: 3.3% airdrop and 7.5% sale unlock at launch; 50.6% (team, investors, treasury) locked with vesting.
- Coinbase Platform: Hosted on Coinbase’s new ICO platform, launched after acquiring Echo and Sonar for $400M.
- Project Background: Monad, founded in 2022, raised $225M for an EVM Layer 1 combining Solana-like speed with Ethereum security; mainnet launches Nov. 24.
Bankless Take:
To kick off with Monad is a great move by Coinbase, especially given the offering implies a $2.5 billion fully diluted valuation (FDV) while Monad’s currently trading at a $5 billion FDV in premarkets. On the surface at least, with the public sale allocation being completely unlocked from token launch, purchasing $MON via Coinbase seems like a 2x off the bat. It may be short-lived though if Crypto Twitter demand for the chain doesn’t quickly follow up, especially with competitors like MegaETH gaining traction.