Hyperliquid News Today: Wealth Over Contribution: Monad's Airdrop Criteria Spark Outrage

The highly anticipated airdrop for Monad's native MON token has sparked intense debate within the crypto community, with traders and NFT holders accusing the Layer-1 blockchain project of excluding key contributors from its distribution criteria. The airdrop claim portal, set to open on October 14, 2025, remains shrouded in uncertainty, despite Monad's promise to reward "core community members" and broader crypto users. Critics argue the eligibility rules disproportionately favor high-net-worth individuals and ignore early supporters, including testnet participants and DeFi users on platforms like Hyperliquid [5].

Monad's airdrop portal, which users can access until November 3, is part of the project's strategy to distribute tokens to 230,000 individuals across five categories: core community members, onchain users, general crypto participants, contributors, and builders [1]. While the team has not finalized the criteria, community speculation points to factors such as testnet activity, NFT ownership (e.g., CryptoPunks, Pudgy Penguins), and engagement on Discord and social media [1]. However, the lack of transparency has fueled frustration.

DeFi researcher Coin Metrika highlighted the disparity, noting that only 5,500 wallets-0.74% of Monad's Discord users-would qualify under the current framework, while 225,000 addresses outside the community would receive allocations. "This seems to prioritize wealth over contribution," they wrote, sarcastically summarizing the rules as rewarding "wallets with money, not those who helped build the ecosystem" [5].

The backlash has been particularly fierce among Hyperliquid and HypurrNFT users, who feel sidelined despite significant contributions. Hyperliquid, a decentralized perpetuals exchange, listed MON-USD derivatives ahead of the airdrop, with traders engaging in over $28 million in volume. Yet, many users reported that their testnet activity and high trading volumes did not qualify them for the airdrop [5]. Similarly, HypurrNFT holders-expected to be rewarded for their early support-found their eligibility uncertain [6].

Monad co-founder Keone Hon acknowledged the concerns on X, urging users to "triple-check" their wallets and avoid phishing attempts. However, critics argue the project's criteria undermine trust. "This airdrop is a joke," one user tweeted, reflecting widespread dissatisfaction [5].

Despite the controversy, the MON token has generated significant market enthusiasm. Pre-launch trading on platforms like Hyperliquid and BingX implies a fully diluted valuation (FDV) of $13–$18.9 billion, with token prices ranging from $0.12 to $0.15 [3]. Analysts speculate that a $1 price tag could make MON one of the most valuable tokens of 2025, though volatility remains high.

Monad's $225 million Series A funding, led by Paradigm, has bolstered confidence in its potential to rival established Layer-1 blockchains like Solana and Avalanche. The project's testnet, capable of processing 10,000 transactions per second, positions it as a serious contender in the scalability race [7].

As the airdrop portal remains open, users are urged to verify their eligibility via Privy authentication, linking wallets and social accounts to prove participation. Monad has promised to announce final allocation details soon, but the absence of a confirmed listing date has added to the uncertainty [4].

Community advocates stress the importance of transparency. "Fair distribution is critical for long-term adoption," said one Discord user. Until then, the controversy underscores broader tensions in the crypto space over airdrop fairness and the balance between rewarding early adopters and attracting new users.