Monad token sale defies ‘fizzle’ fears, will end oversubscribed on Coinbase

The public offering for Monad's MON tokens on Coinbase is concluding oversubscribed, raising nearly $216 million, exceeding its $187 million target, despite initial fears of a 'fizzle.' The sale, which began on November 17, saw a significant surge in buying activity on Saturday, with over $43 million committed in the final 24 hours, according to data from Swishi. This performance contrasts with an earlier dip where the sale only reached 45% of its goal six hours after launch. Monad is developing an EVM-compatible, hyper-performant Layer 1 network. This sale represented Coinbase's first major test of its new public token sales platform, offering about 7.5% of the total MON supply. Monad co-founder Keone Hon had defended the slow start, explaining that the five-and-a-half-day commitment window incentivized users to wait until the last minute to evaluate, aiming for the broadest possible distribution.

(Source：The Block)