Coinbase launches public token sales platform with US access, Monad as the first issuer

Coinbase has introduced a new public token sales platform, marking the first time since the 2018 regulatory crackdown that U.S. retail investors can participate in token sales. The platform's inaugural offering is for Monad's MON token, scheduled from November 17 to 22, preceding the Monad mainnet launch on November 24.

Coinbase stated its sale design prioritizes broader distribution using a "filling up from the bottom" algorithm, discouraging quick flips by penalizing users who sell tokens within 30 days of listing. This launch follows Coinbase's recent acquisition of the onchain fundraising platform Echo, though the new platform is stated to be separate. Coinbase plans one public sale monthly, requiring issuers to provide extensive disclosures and imposing a six-month lockup on issuers/affiliates to ensure price integrity; Coinbase charges no listing fees, only taking a percentage of USDC proceeds from the issuer.

The platform's U.S. access is a significant development, reviving public token launches after the SEC's 2018 crackdown on ICOs. Monad's sale offers up to 7.5 billion MON tokens at $0.025 each, with purchase requests limited between $100 and $100,000. Monad's tokenomics show 50.6% of the initial supply locked for at least a year, including allocations for the team and investors, ensuring initial staking rewards contribute to public circulation.

(Source：The Block)