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Monad, an Ethereum rival, offered early investors up to $60 million to cash out. Almost all said no
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- DeepHorus
Monad, an Ethereum rival, gave early investors a chance to cash out locked MON tokens at a discount through a buyback program worth up to $60 million. The Monad Foundation announced Tuesday that the program had concluded, but nearly all approached investors declined to sell.
The offer functioned as an early exit, letting select holders receive cash immediately instead of waiting for their tokens to become tradeable. The foundation did not disclose the discount offered, how much of the $60 million was spent, or how many investors participated.
Any MON tokens repurchased remain locked on their original vesting schedule, so the buyback does not accelerate tokens coming onto the market. The program was completed three months before investor unlocks begin in November, following Monad's public network launch last November.
Early investors were allocated about 19.7 billion MON, nearly 20% of the initial supply. Those tokens were locked for one year and will release monthly over four years. MON traded around $0.021 on Tuesday, about 16% below the $0.025 public sale price.
Roughly 11.8 billion MON are circulating, giving a market value near $250 million against a fully diluted value of $2.1 billion. Token price has lagged despite rapid growth in network activity. Deposits in Monad-based DeFi apps have climbed to about $895 million from $360 million on July 2, a 150% jump.
The foundation said the program aimed to provide liquidity to investors whose needs changed while keeping long-term holders aligned. Without knowing the discount, the lack of sellers cannot be read simply as bullish sentiment.
November marks the first point early investors receive tokens they can sell normally, with monthly releases thereafter. The foundation's decision to keep repurchased tokens locked suggests it expects patient capital to support Monad's future development.
