Monad’s public sale only raised 70% of the amount in 2 days! Coinbase Launchpad flopped?

According to the latest monitoring data, the public sale of high-performance Layer 1 public chain Monad (MON) tokens on Coinbase’s newly launched “Regulated Token Sales Platform” has successfully raised more than $130 million in funds two days after its launch, but it is still 30% short of its goal.
(Preliminary summary: Monad launched the first ICO on Coinbase on 11/17! One article organizes $MON token economics, ICO prices, and pre-market trading)
(Background supplement: Coinbase disclosed the list of Monad ICO market makers, fund size and execution cycle, and introduced third-party supervision)

Contents of this article

According to the latest monitoring data, high-performance Layer 1 public chains The public sale of Monad (MON) tokens on Coinbase’s newly launched “Regulated Token Sales Platform” has successfully raised more than $130 million in funds, equivalent to 70% of its total public sale target of $187.5 million and 30% short of its goal.

It is worth mentioning that this public sale is the first U.S.-regulated compliant token sale project officially launched by Coinbase after acquiring Echo Launchpad. It was officially launched on November 17 and is expected to end on November 22, and the Monad mainnet will also be launched as scheduled on November 24.

What is Monad (MON)?

Monad is a high-performance Layer 1 blockchain that is fully compatible with the Ethereum EVM. It is claimed to be able to achieve 10,000 transactions per second (10,000 TPS), a block time of 1 second, and extremely low gas fees. The goal is to solve the long-standing scalability pain points of Ethereum, and is called the "potential Ethereum killer" by the market.

The project was developed by Category Labs and is backed by a luxurious investment lineup, including top institutions such as Paradigm, Dragonfly Capital, and Electric Capital. It has completed a total of US$244 million in private financing. If the public sale is fully completed, Monad's total financing amount will reach $431.5 million.

At a glance key details of the Coinbase public sale

• Public sale ratio: 7.5% of the total supply of 100 billion MON (7.5 billion MON)
• Public sale price: US$0.025 per coin
• Total fundraising target: US$187.5 million
• Fully diluted valuation (FDV): 25 Billion US dollars
• Qualification for participation: Coinbase KYC needs to be completed and 2FA turned on, covering more than 80 countries and regions including the United States
• Allocation mechanism: Using "request allocation" instead of rush buying, the system will give priority to small retail users to avoid whale monopoly

Why is the MON public sale not full yet?

Despite MON’s own positioning, luxury financing background, and the first ICO opportunity given by Coinbase, MON has become very popular. However, the progress of raising only US$130 million within 2 days of the sale is indeed a bit poor compared to the previous Stable public chain.

Community analysis pointed out that the reasons for this situation may include: first, the recent sluggish performance of the cryptocurrency market, with Bitcoin and Ethereum leading the decline. Perhaps investors are worried that the currency price will be suppressed by the overall market trend after MON is launched; secondly, Coinbase The mechanism of the public sale also emphasizes that it is mainly allocated to retail investors, so the giant whales may have a wait-and-see attitude this time and are unwilling to invest money; finally, on the eve of the mainnet release, the project has been involved in many controversies recently, including unfair airdrop distribution, opaque token economics, etc., which may have affected investors' confidence in the project.