From ‘Flop’ to Success: Monad’s MON Token Sale Concludes With Oversubscription on Coinbase
Monad, a self-proclaimed next-generation, Ethereum-compatible Layer 1 chain with low fees and scalable decentralization, has completed its token sale on Coinbase with a substantial oversubscription.
Interestingly, just a few days before the event concluded, the demand was evidently lacking, which raised some concerns within the community.
$270M Raised From 85K participants
The team behind the project announced earlier today that 85,820 participants took part in the token sale, and the total raised amount was $269 million. The co-founder, Keone Hon, noted on X that the most “important statistic” was not the millions of raised funds but the number of participants.
However, Hon acknowledged that a sizeable portion is “crypto insiders” but believes that many are also newbies. He praised the team for their efforts and added that the mainnet launch is scheduled for Monday.
Monad’s website explains that the network is EVM-compatible “at the bytecode level.” This means that Solidity contracts, EVM addresses, infra, tooling, and libraries work out of the box. Its custom code database and low system requirements allow validators to run on consumer-grade hardware, which is supposed to provide “real decentralization from day one.”
Success at Last
The final number of $269 million indicates the token sale was oversubscribed, since the initial goal was to raise $187 million. Just a few days before the event concluded, though, the figures were different and quite worrying.
Within the first day of the token sale on November 17, the team had reached only 45% of its target, which pales in comparison to other similar events for Layer 1 or 2 networks. Some of the blame could be attributed to the overall crypto market conditions in mid-November, given the crash that wiped out over $1 trillion from the capitalization.
The initial numbers prompted Hon to display his support for the project and reassert his commitment to making it a success.
The post From ‘Flop’ to Success: Monad’s MON Token Sale Concludes With Oversubscription on Coinbase appeared first on CryptoPotato.
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