Ethereum News Today: High TPS, Low Confidence: Monad's Debut Sparks Decentralization Debate

BingX, a leading cryptocurrency exchange, has become one of the first platforms to list Monad (MON), the native token of a high-performance Ethereum Virtual Machine (EVM)-compatible Layer 1 blockchain. The listing, announced on November 24, 2025, grants global users early access to MON, which has already sparked mixed reactions in its trading debut. The exchange is offering a limited-time zero-fee trading promotion for MON/USDT pairs, underscoring the token's anticipated demand.

MON's initial market performance has been uneven. Shortly after its trading debut, the token traded around $0.02417, below its $0.025 sale price on Coinbase's Token Platform, with a modest $50 million in trading volume within the first 100 minutes - a stark contrast to the explosive demand seen for projects like Plasma. Critics have raised concerns about the token's distribution model, with the development team holding 27% of the total supply, a figure higher than industry norms. This allocation has fueled skepticism among community members, who argue it could undermine confidence in the network's decentralization according to reports.

Despite the lukewarm reception, Monad's technical specifications position it as a contender in the Layer 1 space. The blockchain claims to process 10,000 transactions per second (TPS) with sub-second finality and low fees, leveraging innovations such as parallel execution, the MonadBFT consensus mechanism, and RaptorCast networking protocols according to technical documentation. These features aim to address Ethereum's scalability limitations while maintaining full EVM compatibility, a key selling point for developers seeking to migrate applications without rewriting code according to technical documentation.

The token's tokenomics model further emphasizes long-term ecosystem growth. Of the 100 billion total supply, 38.5% is allocated to ecosystem development, while 30% is reserved for the "Monad Momentum" incentive program, rewarding early adopters, liquidity providers, and developers according to tokenomics analysis. The mainnet launch also included a $105 million airdrop, distributing 3.3% of the total supply to over 230,000 participants, including DeFi users and NFT holders according to launch reports. However, some recipients expressed disappointment, citing smaller-than-expected allocations and limited immediate utility for the token according to user feedback.

Exchange listings have expanded rapidly, with HTX and WEEX also announcing support for MON. BingX's zero-fee promotion, valid until December 1, aims to attract traders and liquidity to the token, while Coinbase's role in the public sale - raising $187.5 million - highlights institutional confidence according to market analysis according to transaction data according to exchange announcements. Analysts remain divided: some view the price drop as a sign of weak demand, while others argue it reflects healthy market discovery according to market analysis. Pseudonymous analyst Red Hair Shanks noted that "there is no one left who wants to buy" after the initial $2.5 billion valuation, citing low follow-through from the public sale according to market reports.

Looking ahead, Monad's success will hinge on ecosystem adoption. Projects like Kuru Exchange and aPriori are already building on the chain, and the network's focus on scalability could position it as a competitor to Ethereum and Solana according to technical analysis according to market reports. However, challenges remain, including regulatory scrutiny for non-U.S. users and the risk of early sell pressure from unlocked tokens according to market analysis.