Original｜Odaily Planet Daily (@OdailyChina)
On November 8, Coinbase officially hinted at the launch of its Launchpad platform, targeting industry hot topics such as listing fees charged by some Launchpad platforms, early unlocks for KOLs, and insider tokens. Last night, the mystery was finally unveiled—Coinbase's token sales platform is now live, with its first project, Monad, set to launch on November 17, and it is open to U.S. investors. Meanwhile, U.S. Treasury Secretary Bessent announced today the release of "New Guidelines for Cryptocurrency Exchange-Traded Products" by the U.S. Treasury and IRS. Combined, these two announcements indicate that competition in the CEX industry is about to intensify, and the U.S. market will become a battleground for many exchanges.
Odaily Planet Daily will provide a brief analysis of the above events for readers' reference.
After the "Blue Carpet Program," Coinbase Launches Public Sale for Launchpad Tokens
The market has always paid close attention to the dynamics of the Coinbase system. The reasons are twofold: on one hand, it is due to its unique position as the "first stock of a cryptocurrency exchange" and a leading CEX in the U.S.; on the other hand, it can be considered a "barometer of the U.S. crypto market" in some respects.
Previously, Odaily Planet Daily provided a detailed introduction and analysis of Coinbase's listing of BNB and the launch of the Blue Carpet Program in the article “Is Coinbase's Launch of the 'Blue Carpet Program' the First Step in Competing for CEX Spot Trading Liquidity?”. At that time, we pointed out that in the face of increasingly fierce industry competition, Coinbase had to brainstorm to capture liquidity within the circle and needed to drive platform expansion through wealth creation effects. The launch of the token sales Launchpad platform is undoubtedly a concrete measure to achieve these core goals.
Of course, in the current environment where the Launchpad mechanisms of exchanges and crypto projects are highly mature, Coinbase's Launchpad can both "cross the river by feeling the stones" and seek opportunities for "overtaking on a curve" through technical means and mechanism rules.
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Detailed Explanation of the "Coinbase Token Sale Guide": Monthly Sales, Algorithmic Distribution, 6-Month Selling Ban for Project Parties
As mentioned in last night's report by the Wall Street Journal, "The Coinbase token sales platform will conduct token sales once a month and will use an algorithm to determine how tokens are distributed to investors, aiming for broad and fair distribution. Investors can submit purchase applications within a week, and they must have a good reputation and complete registration on Coinbase while complying with relevant regulations to use the platform. Additionally, token purchases will support USDC payments. The token sales platform will initially be open to individual investors in most regions worldwide, with plans for further expansion in the future."
Subsequently, Coinbase's official “Ideal State Guide for Coinbase Token Sales” further elaborated on the specific rules, mentioning:
- The token sales platform will not adopt a first-come, first-served model but will use a "bottom-up filling" algorithm aimed at promoting broader distribution and limiting asset concentration among large buyers. This typically allows participants with the smallest request amounts to receive a more substantial allocation while gradually satisfying larger requests until the token shares are exhausted.
- Regarding the application window, token sales on the Coinbase platform will last for a period (e.g., one week), and users can submit token applications at any time during the window. After the window closes, the algorithm will determine the final token distribution plan.
- The Coinbase token sales platform will allow selected groups of investors to gain early access to new project tokens before they are traded on its main exchange, but the platform aims to limit asset concentration among large buyers. Token issuers and their affiliates will be prohibited from selling their held tokens for a period of six months.
- The Coinbase token sales platform aims to promote fair token sales. If individual recipients sell their tokens within one month of the token release, their allocation in future issuances may be reduced.
- The Monad token sale will take place from November 17 to November 22.
It is evident that, unlike the Launchpad mechanisms of Binance, OKX, and other CEXs, Coinbase is attempting to maintain the price performance and market performance of listed projects through two means:
1. By using algorithmic distribution to encourage participation from small retail users, which is beneficial for fair distribution and avoids manipulation by whales or insider trading;
2. By imposing time restrictions on project parties and users to maintain certain price stability, preventing newly listed tokens from experiencing "peak moments right from the start."
Additionally, regarding the long-discussed issue of "listing fees," the document also provides corresponding explanations: "No fees are charged for token listings or participation: Users do not incur any fees for participating in token sales; Coinbase (only) charges issuers a fee, which is a certain percentage of the USDC amount received from the sale. This fee is solely for token sales—Coinbase does not charge listing fees."
In short, Coinbase does not collect project tokens as listing fees but takes a portion of the funds from token sales as a fee similar to the "technical service fee" referred to in domestic internet platforms.
Details of the token sale guide
Most importantly, this time, the Monad token sale will be open to users from multiple regions worldwide, including U.S. users.
Coinbase's New Token Sales: U.S. Retail Investors Allowed to Participate Again After 7 Years, U.S. Crypto Market Revives
As pointed out in the earlier token sale document, "Coinbase provides access to the retail community in most regions worldwide upon launching (the token sales platform) and plans to expand in the future. Since 2018, U.S. users will now be able to participate widely for the first time—this is a significant victory for the U.S. crypto economy."
This landmark event and its significant impact have also been emphasized by Coinbase CEO Brian Armstrong, who stated, "Token issuance should not only benefit whales, insiders, and speculators; tokens on Coinbase's token sales platform will be distributed to the community."
This is particularly intriguing in light of U.S. Treasury Secretary Bessent's announcement today.
Content of the U.S. Treasury Secretary's announcement
According to the updated guidelines from the U.S. IRS, "If a crypto trust is traded on a national securities exchange, units that only hold cash and a single type of digital asset, managed by a custodian, and address specific investor risks, can be staked."
Consensys Senior Legal Advisor Bill Hughes commented that this development is expected to have a significant impact on the adoption of staking, providing much-anticipated regulatory and tax clarity for institutional tools like crypto ETFs and trusts, allowing them to participate in staking while remaining compliant. This effectively removes the significant legal barriers that previously prevented fund sponsors, custodians, and asset management companies from incorporating staking yields into regulated investment products.
Additionally, according to crypto journalist Eleanor Terrett, the “Bipartisan Market Structure Discussion Draft” has also been issued, with Section 103(d) emphasizing self-custody protection, stating, "to safeguard individuals' rights to directly hold and trade digital assets without relying on intermediaries, to use such wallets for legitimate purposes to engage in peer-to-peer transactions with others, provided that: the counterparty is not a financial institution as defined by U.S. law and the transaction does not involve sanctioned or frozen property." The entire section on "DeFi" is still "seeking further feedback."
In other words, the personal investment participation rights of U.S. users have received provisional recognition in the draft, which may also be a direct favorable incentive for Coinbase to launch the token sales platform at this time.
Notes for Coinbase's New Token Sales: Coinbase One Membership Benefits and Monad Token Economic Model Information
Following the announcement of the Monad token sale by Coinbase, it quickly launched the Coinbase One Membership Week, allowing relevant users to trade for free. Additionally, according to a post by the community leader Super Jun revealed, the secret to (the Monad token sale) is to purchase a Coinbase One membership, which can unlock a subscription limit of up to $500,000; without a One membership, the maximum subscription limit is only $100,000.
For more information about Coinbase's token sale, you can refer to the article “Can You Earn by Participating? A Review of the 8 Most Popular Recent Token Sales”.
Additionally, here is the explanation of the Monad token economic model. According to official information, the total token supply is 10 billion, with the following distribution:
Monad Token Economic Model Pie Chart
- Ecosystem Development: 38.5%
- Team: 27.0%
- Investors: 19.7%
- Category Labs Treasury: 4.0%
- Public Offering: 7.5%
- Airdrop: 3.3%
The token sale will take place from 9 AM EST on November 17 to 9 PM EST on November 22. It is reported that the tokens for investors, the team, and the Category Labs Treasury will be locked on the first day of the mainnet launch and will be gradually released according to established rules to ensure long-term benefit alignment. These tokens have a minimum lock-up period of one year (until November 2026), and the specific release schedule varies by group. At the time of the mainnet launch, 5.06 billion MON (50.6%) will be locked.
Details of Monad Public Sale
It must be noted that, based on the current information, the opening FDV of Monad and the actual circulating market value will have a relatively large gap, and the selling pressure is relatively limited, so retail investors need to be cautious of the risks of hedging and short selling.
Conclusion: Coinbase Fires the First Shot in the U.S. CEX Market Competition
Finally, the launch of the token sale platform by Coinbase has also driven up its stock price, with last night's U.S. stock market opening surge exceeding 3% at one point; and with the clear frequency of token sales set to once a month, despite strict KYC conditions, it will still attract many users to participate.
After the SEC initiated the "Crypto Project," Coinbase has become the vanguard of the U.S. crypto market expansion, and how leading exchanges like Binance and OKX respond may become the next focal point of attention in the U.S. crypto market.
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