Coinbase’s Monad public token sale starts hot and then fizzles

Coinbase's new public token sales platform launched the Monad token sale on Monday, which started rapidly, raising $43 million in the first 23 minutes, or about 23% of the total offering. However, commitments soon slowed, with the sale only reaching 45% subscription roughly six hours in, leaving over $100 million in tokens unsold at the time of reporting. This performance appears to be lagging behind the previous MegaETH token sale, which was heavily oversubscribed. Monad is aiming to raise about $187 million in USDC, with a fixed sale period until Saturday night. Some critics, like Stakecito, pointed to concerns about the project raising significant capital from VCs ($260 million previously) and setting the initial fully diluted valuation (FDV) at an estimated $2.5 billion as reasons for investor hesitation. The launch of this platform is significant as Coinbase seeks to host monthly token sales following its acquisition of the onchain fundraising platform Echo, aiming to provide a regulated alternative to the past ICO era.

(Source：The Block)