Monad, an Ethereum rival, offered early investors up to $60 million to cash out. Almost all said no
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- Monad Foundation set aside up to $60 million to buy locked MON from select early investors at a discount, but says few chose to sell, with the program completing Tuesday.
- MON tokens repurchased under the program remain locked on their original vesting schedule, so the buyback does not accelerate supply entering the market.
- MON traded around $0.021 on Tuesday, about 16% below the $0.025 public-sale price, with ~11.8 billion tokens circulating against a fully diluted value of about $2.1 billion.
- Early investors were allocated roughly 19.7 billion MON (~20% of original supply), with the first unlocks beginning in November after a one-year wait and monthly releases over a four-year schedule.
- Monad's DeFi ecosystem has grown almost 150% in about six weeks — deposits climbed to ~$895 million from ~$360 million on July 2, with $707 million in stablecoins and ~$79 million in daily DEX trading.
- The Monad Foundation did not disclose the discount offered, how much of the $60 million was spent, or how many investors participated.
Why it matters: With November's first investor unlocks approaching and MON trading 16% below its $0.025 sale price, the failed buyback preserves the scheduled supply overhang — yet holders' refusal to sell at a discount reads as confidence in vesting terms. Monad's DeFi TVL has grown ~150% in six weeks to $895M, sharpening the gap between on-chain activity and token price.
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