Monad's Token Sale Fills from Bottom, Surpasses $216M Target

The public token sale for Monad's native MON token on Coinbase has defied early concerns of a lackluster reception, ultimately raising over $216 million-115% of its $187 million target-just hours before its scheduled conclusion on November 23 [according to reports]. The offering, which began on November 17, initially surged with $43 million in commitments within the first half-hour but faced a sharp slowdown, leaving over 50% of the token supply unclaimed six hours later [as initial data shows]. However, a late surge in buying activity, particularly over the final 24 hours, pushed the sale past its target, [according to data from X user Swishi].

The sale's trajectory contrasted with that of MegaETH's token offering in October, which raised $1.39 billion for a $50 million target, 27.8x oversubscribed [according to market analysis]. While MegaETH's sale was marked by immediate frenzy, Monad's approach relied on a "filling up from the bottom" mechanism, prioritizing broader distribution among smaller investors over large buyers [as reported in analysis]. This model aligns with Coinbase's strategy to democratize access to token sales, a shift for the U.S. exchange, which previously limited such offerings to accredited investors [according to industry reports].

The MON sale offered 7.5% of the total 100 billion token supply at $0.025 per token, [valuing the network at $2.5 billion]. Of the total supply, 38.5% is reserved for ecosystem development, 27% for the team, and 19.7% for investors, with a smaller 4% allocated to the Category Labs Treasury [according to distribution details]. Critics, however, highlighted the project's heavy VC ownership and low community airdrop allocation (3.3% of tokens), [sparking backlash on social media].

Community sentiment was further complicated by the sale's structure, which allowed participants five and a half days to commit, with funds locked in once finalized [according to platform details]. Monad co-founder Keone Hon defended this design, arguing it encouraged last-minute evaluations and broader participation [in a public statement]. His prediction proved accurate as buying activity spiked in the final hours, with over $43 million in commitments recorded in the past 24 hours before the sale's 9 p.m. EST deadline [as reported in real-time data].

Polymarket data reflected shifting expectations, with the probability of the sale reaching $300 million rising from 81% to 84% as of November 20 [according to market analysis] [according to analytics]. Analysts speculated that the final push could have been influenced by the impending release of MegaETH's token sale funds on November 21 [as industry reports indicate].

For Coinbase, the sale represents a pivotal test of its new public token platform, launched after acquiring on-chain fundraising firm Echo [according to platform updates]. The exchange's Product Director, Scott Shapiro, noted the sale's initial volatility but emphasized its role in reactivating retail investors in the U.S. and globally [in an official statement]. If the offering had fallen short, unsold tokens would have been reallocated to ecosystem development [as part of the platform's policy].

The sale's success underscores the evolving dynamics of token fundraising in a post-ICO era, where regulatory scrutiny and market conditions play critical roles [according to industry analysis]. With Monad's mainnet launch scheduled for November 24, the project now faces the challenge of translating its token sale momentum into long-term adoption and utility for its EVM-compatible Layer 1 blockchain [according to project updates].