After an initial frenzy, Monad's public sale of MON Token on Coinbase has slowed significantly, leaving many observers concerned that the offering is at risk of ending undersubscribed. On the first day, investors purchased only about 48% of the 7.5 billion MON issued — a stark contrast to the early buying wave, when many expected the sale to end within 24 hours. As of November 19, the subscription rate was just under 64%, suggesting that demand on the second day was much lower than on the first day.
Amid this sharp drop in activity, Monad co-founder Keone Hon took to social media to explain and somewhat defend the project’s strategy. Hon wrote on X: “The goal of the MON Token Sale is to achieve the widest possible distribution. We chose Coinbase and their allocation algorithm because it is democratic and transparent, and targeted to the audience we believe is important to reach and reactivate. The world is a big place, and getting out of the bubble is essential.”
Monad's native Token public offering on Coinbase raised about $43 million in the first half hour of Monday. Monad aimed to raise about $187 million USDC, with a maximum order of $100,000 USDC and a minimum of $ 100 USDC.
Monad’s offering is less exciting than some recent Token Sale . Last month, for example, MegaETH went public and was so oversubscribed that investors pledged more than $1.39 billion, despite a target of only $50 million.
Online market experts speculate that the fact that the MON sale on Coinbase was not open to European investors may have been one of the reasons for the drop in sales. Others believe that Monad's tokenomics and previous Capital rounds may have discouraged potential investors.
Hon also noted: “In the Coinbase MON sale, users had 5.5 days to decide to pledge, and once pledged, the Token were locked. This actually incentivized people to wait until the last minute to evaluate, creating an interesting dynamic that we may consider adjusting for future sales.”
“If Token are not sold out by the scheduled closing date next Saturday, unsold Token will be reallocated to Ecosystem Development,” according to Monad’s announcement.
