For a few days, it looked like a party nobody wanted to attend. Monad’s highly anticipated token sale on Coinbase started with a bang, then went quiet. So quiet, you could almost hear the crickets chirping over the blockchain. Whispers of a “fizzle” started making the rounds. Was one of the year’s big launches about to fall flat?
- Monad’s token sale initially appeared to be struggling, leading to concerns that the launch might fail despite high anticipation. The sale ultimately succeeded, raising nearly $216 million, comfortably exceeding its $187 million target.
- The slow start was partially attributed by Monad’s co-founder to the sale’s design, which incentivized participants to wait until the final hours to commit capital for broader distribution.
- This event marked the first major test for Coinbase’s new public token sales platform, which aims to leverage the exchange’s large user base to launch new tokens like Monad’s Layer 1 network.
Then, as the final hours ticked away, the tide turned. A late surge of capital pushed the sale not just over its goal, but comfortably past it. The party wasn’t a bust after all. It was just fashionably late.
By the time the dust settled, Monad had pulled in nearly $216 million. That’s about 115% of its original $187 million target. It was a victory, but one that came with a healthy dose of suspense and a few chewed fingernails along the way.
The sale’s opening act was strong. It launched on November 17 and raked in $43 million in the first half hour. A promising start. But then, the momentum stalled. Six hours in, the progress bar sat at a lonely 45%. In a market used to instant gratification and explosive demand, this slow crawl felt like a warning sign.
It’s hard not to compare. Just a few weeks earlier, a rival network called MegaETH held a token sale. They wanted $50 million. They got $1.39 billion in commitments. That sale was oversubscribed by a factor of nearly 28. Monad’s slow burn stood in stark contrast to that bonfire of demand.
A New Playground for Coinbase
This wasn’t just a test for Monad. It was the first major trial for Coinbase’s new public token sales platform. For years, the leading U.S. exchange stayed away from initial coin offerings, or ICOs. This new platform marks a major change in strategy, putting Coinbase directly in the business of launching new tokens to its massive user base.
Monad was their first big show. The project aims to build a new Layer 1 network. Think of it as a foundational blockchain, like Ethereum or Solana, but designed for extreme performance. Monad is also EVM-compatible, which means applications built for Ethereum can run on it easily. It’s like building a brand new, ultra-fast highway system that all the existing models of cars can use without any modifications.
The sale offered up 7.5% of the total MON token supply. The project’s token distribution shows a long-term vision. A huge 38.5% is set aside for growing the ecosystem, 27% goes to the team, and just under 20% is for early investors. It’s a standard layout, meant to signal that the builders are in it for the long haul.
But a good plan means little if you can’t get the initial funding. As the sale dragged on, the pressure mounted on both Monad and its high-profile partner, Coinbase.
The Psychology of the Clock
As concerns grew, Monad co-founder Keone Hon took to X to offer a different perspective. He argued the slow pace wasn’t a sign of weak interest. Instead, he suggested it was a rational response to the sale’s design.
“The purpose of the MON token sale is to achieve the broadest distribution,” Hon wrote. He explained that they chose Coinbase to reach a wider audience, to “break out of the bubble” of crypto insiders.
He also pointed out a key dynamic. Participants had five and a half days to decide whether to commit their funds. Once they were in, their money was locked. This structure, he argued, created an incentive to wait. Why lock up your capital on day one when you can wait until the last minute, see how things are shaping up, and make a final decision then?
“That actually incentivizes people to wait until the last minute to evaluate,” Hon noted, “which is an interesting dynamic that might be revisited for future sales.”
His prediction proved correct. In the final 24 hours, another wave of buys came in, totaling over $43 million. The latecomers arrived, the target was met, and the narrative flipped from near-failure to a calculated success.
So, the capital is secured. The platform is validated. But the real work for Monad is just beginning. Raising money is one thing. Building a hyper-performant blockchain that can compete with the giants is another entirely. The clock on that promise has just started ticking.
