Monad addresses Coinbase token sale slowdown as risk of undersubscription grows
Monad's public token sale on Coinbase is slowing down, raising concerns about undersubscription, though the project defends its distribution strategy.Summary
The public sale of Monad's native MON tokens on Coinbase is experiencing a sharp slowdown after an initial surge, leading to a real risk of undersubscription. On day one, roughly 48% of the 7.5 billion tokens were sold, and by Tuesday afternoon, the rate had only reached just under 64%, far below the pace needed to sell out quickly. Monad co-founder Keone Hon defended the strategy, stating the sale's purpose is to achieve the broadest distribution by utilizing Coinbase's democratic allocation algorithm to reach an important, broader audience outside the typical crypto bubble. The sale aims to raise about $187 million in USDC. Hon noted that the five-and-a-half-day commitment window incentivizes users to wait until the last minute. If tokens remain unsold by Saturday's closing date, they will be reallocated to Ecosystem Development. This sale is underperforming compared to MegaETH's recent offering, which was oversubscribed by 27x. Speculation suggests that excluding European traders or Monad's tokenomics might be contributing to the lackluster demand.
(Source：The Block)