Monad, the EVM-compatible Layer 1 blockchain built by Category Labs, sold 7.5 billion MON tokens at $0.025 each through what became the first project to use Coinbase’s public token sales platform. The sale ran from November 17 to November 22, 2025, pulling in roughly $269 million from 85,820 participants spread across more than 80 countries.
That final figure exceeded initial targets. Monad had aimed for $187.5 million, but demand pushed the raise well past expectations, even though momentum reportedly built gradually rather than arriving in one rush.
How the sale was structured
The 7.5 billion tokens represented 7.5% of MON’s total 100 billion supply. At the $0.025 price point, that implied a fully diluted valuation of $2.5 billion.
The allocation design was deliberately engineered to spread tokens across as many wallets as possible. Coinbase’s platform used what’s been described as a “filling up from the bottom” approach, applying minimum and maximum bid limits to prevent whale-heavy concentration.
Joanita Titan, Head of Institutional Growth at the Monad Foundation, framed the sale as a deliberate effort to democratize access. The goal was to move beyond the typical playbook where venture capital and institutional backers lock up favorable allocations long before retail investors get a look.
Mainnet launch and token distribution
Monad’s mainnet went live two days after the sale closed, on November 24, 2025. At launch, approximately 10.8% of the total supply was unlocked and circulating, a combination of public sale tokens and a 3.3% airdrop.
The remaining supply breaks down into clearly defined buckets. About 50.6% sits locked: 27% allocated to the team, 19.7% to investors, and 4% to treasury and Category Labs. Another 38.5% is earmarked for ecosystem development. Full unlocks are targeted for Q4 2029.
What happened after the launch
By mid-2026, MON was trading consistently below its $0.025 public sale price. The price has fluctuated between $0.023 and $0.027.
In August 2026, the Monad Foundation offered to repurchase locked MON tokens from certain early investors at a discount, with a cap of $60 million. Nearly all eligible investors declined the offer.
The circulating supply of MON has since grown to approximately 11.8 billion tokens, reflecting scheduled unlocks and ecosystem distributions layered on top of the initial launch allocation.