Monad Launches Mainnet but MON Token Falls Short of ICO Hype

Monad’s high throughput blockchain went live on Monday after years of development, marking a significant milestone for the project. The mainnet launch followed weeks of token distribution efforts aimed at building community participation and ecosystem ownership.

Monad Mainnet is now live!

Check it out here: https://t.co/emewXRKtNEhttps://t.co/emewXRKtNE

— Monad (mainnet arc) (@monad) November 24, 2025

The public debut comes amid mixed market reception. MON tokens began trading below their initial coin offering price on Coinbase, raising questions about the launch strategy and current market conditions.

Monad ICO Raises $269 Million as Trading Opens Below Sale Price

Monad concluded its MON token sale on Sunday, experiencing a surge in demand as the offering neared closure. The public sale raised approximately $269 million from 85,820 participants, according to the Monad team.

The MON token sale on Coinbase is complete

$269M committed by 85,820 participants

Next up: Mainnet launch on Monday

— Monad (mainnet arc) (@monad) November 23, 2025

The sale represented the first conducted through Coinbase’s new ICO platform. It allocated 7.5% of the total MON token supply to public buyers. Additionally, Monad distributed over 3.3 billion MON tokens through community airdrops, representing 3.3% of the 100 billion token cap.

Trading data from Monday showed MON opening roughly 25% below the Coinbase ICO valuation. X user @WisdomMatic noted that MON was “unfortunately now trading below ICO price,” adding that buyers could now acquire tokens cheaper than Coinbase purchasers.

One trader reportedly shorted MON six hours before launch, generating $300,000 in profits as prices declined. The price movement prompted community discussion about market dynamics and launch timing.

This guy shorted Monad $MON 6 hours before launch and is already up $300k pic.twitter.com/JLJQL5T3qD

— Sweep (@0xSweep) November 24, 2025

Meanwhile, some market observers viewed the dip as opportunity. One polymarket trader stated on X that a $4 billion fully diluted valuation within 24 hours was “simply impossible” due to multiple factors.

Free 10% boost to your bags. Thanks to Monad.

There’s no universe in which $MON will be worth more than a $4B FDV just 24 hours after launch.

It’s simply impossible due to several factors, such as:

> the first and immediately failed sale on Coinbase.
> a massive amount of FUD… pic.twitter.com/Ch1zkV50Ea

— igorizuchaetcrypty (@igor_mikerin) November 24, 2025

Token Distribution Sets Multi-Year Vesting Schedule

According to Monad’s tokenomics, 50.6% of the total supply will remain locked initially. This includes 26.9 billion tokens allocated to the team, 19.6 billion for investors, and 3.9 billion for the Monad treasury.

Unlocks will begin in the second half of 2026. Vesting will increase gradually each quarter until the end of 2029, following a public schedule disclosed by the foundation.

Approximately 38.5 billion tokens entered immediate circulation for ecosystem development. The Monad Foundation stated that less than 2% of ecosystem development tokens are already committed to projects and infrastructure providers.

Following transparency standards, Monad became the first major ICO to fully disclose all market maker agreements. The issuer, MF Services (BVI) Ltd., published comprehensive details through Coinbase’s official filing.

Five market makers received token loans under disclosed terms. CyantArb received 50 million MON tokens for one month. Auros, Galaxy, and GSR each received 30 million MON tokens for one month.

Wintermute secured 20 million MON tokens for a one-year period. Short-term deals remain renewable monthly. Coinwatch will track market maker wallets to monitor token usage and idle balances.

The issuer also plans to deploy up to 0.2% of initial supply to seed liquidity on selected decentralized exchanges. This strategy targets improved early tradability and price stability.

The launch occurs as recent blockchain projects face scrutiny over token distribution practices. Berachain’s BERA token crashed nearly 50% after its mainnet launch in February 2025, despite raising $100 million in funding.

Community concerns about anonymous founders and insider trading plagued Berachain’s debut. One whale on Hyperliquid opened a short position with 1.6 million USDC, profiting $589,000 from BERA’s decline.

After $BERA was listed, a whale made a profit of $589K by shorting $BERA in less than 2 hours.

He deposited 1.6M $USDC to #Hyperliquid 16 hours ago and shorted $BERA at ~$13.

Then he closed the short position and withdrew 2.19M $USDC, making a profit of $589K.… pic.twitter.com/2pN3jaN12t

— Lookonchain (@lookonchain) February 7, 2025

Market observers note that recent launches have become “max extraction events,” with early investors and insiders capitalizing on initial trading volatility. The Monad launch faces similar community skepticism about fair distribution and market manipulation.

Current market conditions present additional challenges for new token launches. The broader cryptocurrency market remains in a consolidation phase, limiting appetite for high-valuation debuts.