gMonad

$MON launched TGE 2 weeks ago but onchain activity is low.

No viral apps, no hot memecoin/token or NFT defying expectations.

Sure, it might be early, but the super slow growth of LSTs is particularly strange.

LSTs should be no-brainer farms if degens expect the Monad ecosystem to perform well.

Think of it as a second chance to get in early on Lido/Jito tokens again.

Alas, here's how top 3 LSTs perform (despite 14% APY):

- @0xFastLane: $12.2M

- @Kintsu: $1.38M

- @MagmaStaking: $1.3M

For comparison, $MON staking via Nansen (with 2x points boost) managed just $5.2m in deposits.

What's more, Monad's native DEX (Kuru) boasts $1.7M in TVL.

Clearly, previous playbook of farming native DEXs is dead.

Even the leading liquidity hub lending protocol Curvance barely got $21M in TVL.

This shows that the airdrop failed to create a wealth effect and inject liquidity into the ecosystem.

Airdrop recipients aren't using their $MON airdrop tokens in DeFi: They either sold or simply hold $MON unproductively.

It might be just 'early' and everything can change but momentum matters.

Monad managed to get high mindshare on X, integrations into top wallets, and exchanges.

The curtain is open and the stage is empty.

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