TLDR
- Monad has launched its token sale on Coinbase ahead of the mainnet launch on November 24.
- The token sale offers a fixed price of $0.025 per MON token, with participation available in over 80 jurisdictions.
- The sale will run for 5.5 days and has already raised over $78 million in just a few hours.
- Critics are concerned about Monad’s increased token supply and its potential impact on decentralization.
- The sale offers 7.5% of the total token supply, raising questions about distribution among early investors.
Monad, the Ethereum-compatible Layer 1 blockchain, has launched its token sale on Coinbase ahead of its mainnet debut on November 24. This sale marks a milestone as Coinbase hosts its first-ever public token offering. The sale is open to buyers in over 80 jurisdictions, including the U.S., making it a landmark event for both Monad and Coinbase.
Coinbase Hosts Monad Sale Amid Supply Concerns
The Monad token sale began today, offering a fixed price of $0.025 per MON token. Buyers can participate using USDC, with a cap of 7.5% of the total supply available. The sale will last for 5.5 days, with a limit of 100,000 USDC per buyer. According to Coinbase, the small-buyers-first algorithm will help increase participation. Unused USDC will be refunded to contributors.
In just a few hours, over $78 million worth of MON tokens were requested. The sale’s success reflects strong demand for the token. Monad’s distribution approach is designed to allow retail investors to participate in this early-stage project.
While demand for the MON token is high, there are ongoing concerns about the blockchain’s supply structure. Monad has revealed that the validator rewards will raise the total supply of MON from 100 billion to 108.2 billion tokens. The increase in supply, combined with ongoing ecosystem allocations, has sparked debate over the project’s commitment to decentralization.
Critics worry that the limited sale supply and the increased total token supply could lead to a concentration of power among early investors and insiders. Some fear that this may undermine the project’s image of offering “fair, decentralized access” to the blockchain.
Monad Uses Parallel Execution for Increased Throughput
Monad positions itself as a high-performance blockchain designed for use cases that require speed and efficiency, such as trading systems and consumer applications. The blockchain is compatible with Ethereum, making it easy for developers to build decentralized applications (dApps) on the platform. Monad also uses a parallelized execution model to increase transaction throughput.
The team behind Monad has spent the past two years developing the blockchain ecosystem, running accelerators, and engaging developers. The project’s goal is to create a robust, scalable, and decentralized network that can support a variety of applications.
With the mainnet launch scheduled for November 24, Monad aims to be a contender in the Layer 1 blockchain space. However, the token sale and the concerns about distribution will likely influence how the project is perceived moving forward.
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