According to the pre-market price of approximately $0.032-0.034 at the time of publication, the paper profits for public offering participants range between 28-36%.
Written by: Deep Tide TechFlow
After experiencing a significant drop in the crypto market last week, signs of recovery and adjustment are gradually emerging.
As we enter a new week, Monad, which is set to launch its mainnet tonight at 10 PM, has naturally become the focus of attention.
As a star project that has raised over $430 million, Monad not only set a new fundraising record in the L1 track but is also the first public offering project after Coinbase launched its Token Sales platform.
In a market that generally lacks new narratives and where old projects are struggling to rotate, the market performance of $MON after Monad's mainnet launch and which ecological projects can be participated in immediately are fresh air in the current stagnant market.
Whether participating in early ecosystems or observing the price discovery process of the MON token, these may also be trading opportunities worth paying attention to in the near term.
We have compiled various information currently available in the market, including fundraising background, token distribution, ecological projects, etc., to help you quickly understand the current situation of Monad.
Fundraising Review: The Imprint of the VC Era
From May 2022 to November 2025, Monad's fundraising journey spans a full three and a half years, coinciding with the complete cycle of the crypto market from the bear market bottom to the bull market peak, and then to a significant drop.
This time span is itself quite interesting.
The Pre-Seed round in May 2022 occurred during the market turmoil triggered by the Luna collapse; in April 2024, Paradigm led a $225 million Series A round, setting the largest scale of crypto fundraising for that year.
Data Source: RootData + Surf.AI Total fundraising of $431.5 million.
Among this, private placement: ~ $244 million; public offering: $187.5 million (actual raised: $269 million)
It is during this cycle that the market has gradually begun to question "high FDV low circulation" projects, with some highly valued projects recently being mocked by the community as "off-work chains," as neither their operational actions nor the actual use of the public chain can be considered satisfactory.
However, Monad, with its outstanding ability to "create excitement," has consistently generated waves of enthusiasm from the very beginning, from community building, project and founder support, to the Monad Card event before the launch. Recently, it even collaborated with Solana, always managing to stir up a wave of excitement.
Having received substantial support from top institutions, it now faces a shift in market sentiment. Is Monad a hidden gem of the VC era, or can it prove the value of institutions in its final glory? The answer may be revealed tonight.
However, we can first find some clues from the recent public offering information.
The recently concluded Coinbase public offering ultimately raised $269 million, exceeding the target by 144%. According to the "bottom filling" rule, users who filled in $100,000 actually received about $57,000.
Image Source: Whales Market
Based on the pre-market price of approximately $0.032-0.034 at the time of publication, the paper profits for public offering participants range between 28-36%.
This return rate is not an exaggerated profit, but in the current market environment, it can be considered a moderate victory.
Is a pre-market FDV of $3 billion expensive?
When it comes to the valuation of the MON token, the market expectations are even more interesting.
Prediction platform data shows that the probability of the $MON FDV exceeding $3 billion on the day after launch is over 50%, which is slightly higher than the public offering's $2.5 billion.
If calculated at the current pre-market price of $0.032, the FDV of $MON is approximately $3.2 billion; this also falls within the predicted mainstream valuation range. The market is expressing a subtle attitude with real money, recognizing the project but remaining cautious about overly high valuations.
In terms of specific token economics, the total supply of $MON is 100 billion, with an initial circulation of 10.8 billion, accounting for 10.8%. This includes 7.5% from the public offering round and 3.3% from previously promised airdrop portions.
The portions for other teams and initial investors have a lock-up mechanism and are currently not in circulation.
It is worth noting that the largest variable in the current token economics is the 38.5 billion tokens allocated for ecological development, which is already unlocked.
These 38.5 billion ecological tokens, on the positive side, can provide sufficient ecological incentives to quickly attract developers and users, as seen with previous projects like Optimism and Arbitrum, which achieved rapid TVL growth through large-scale ecological incentives.
On the downside, if misused, this represents a significant potential selling pressure. The key lies in how the foundation utilizes this "ammunition," whether to precisely incentivize core projects or to flood the market, which will determine whether Monad can truly establish an ecological moat and also influence market confidence in the $MON token.
Compared to other L1 projects, Monad's valuation is in a delicate position.
Looking at the relationship between fundraising amounts and valuations, there are significant differences among various projects. Monad's $431 million in fundraising corresponds to an estimated FDV of around $3 billion, with a multiple of about 8 times. Interestingly, Aptos has a similar ratio (with $350 million in fundraising corresponding to a $2.8 billion FDV), but Sui is on a completely different level, with $400 million in fundraising supporting a $14.1 billion FDV, reaching a multiple of 35 times.
The market's valuation of projects depends more on narrative strength, ecological development, and market timing, rather than simply on the multiple of fundraising amounts.
Monad's current valuation multiple of 8 times is relatively conservative, lacking the high premium seen with Sui at that time, indicating that the market is waiting for the mainnet performance to decide whether to grant a higher valuation.
When Solana Supports Monad
There is a lot of overt and covert competition in the crypto world, and you rarely see a scene like this:
The official Solana account changed its avatar to Monad's purple logo and tweeted "MON mode activated."
You might even momentarily wonder if this is Solana or Molana.
Even more surprisingly, Solana officially announced that MON will simultaneously launch on the Solana chain on the day of the mainnet launch, enabling direct trading without complex cross-chain transactions through Wormhole Labs' Sunrise DeFi.
According to their statement:
“MON will be compatible with most Solana DeFi venues and trading platforms, including perpetual contracts and the upcoming lending features.”
On the surface, Solana and Monad are both high-performance L1s and should be in a competitive relationship. However, upon deeper reflection, the two are actually in different ecological niches:
Solana has established its own non-EVM ecosystem, while Monad focuses on EVM compatibility. Rather than competition, it is more accurate to say that they occupy different tracks within the high-performance public chain space.
Solana's move essentially showcases the openness and liquidity advantages of its ecosystem. Through native cross-chain solutions like Sunrise DeFi, Solana is positioning itself as a trading center for all assets, not just a closed loop within the SOL ecosystem. In their own words, listing tokens is no longer the exclusive domain of centralized exchanges.
I believe this competitive-cooperative relationship also reflects a new trend in the crypto market.
In a reality where liquidity is dispersed, users are fatigued by cross-chain transactions, and there are not many good asset opportunities, whoever can provide the best trading experience and liquidity will attract users.
Solana's choice to embrace MON is, on one hand, a confidence in its DeFi infrastructure, and on the other hand, a desire to capture more traffic in the token listing process; for MON holders, this means that in addition to traditional CEXs, there is now an on-chain trading venue with ample liquidity.
Solana's DeFi ecosystem is second only to Ethereum in maturity, with daily trading volumes consistently in the tens of billions. MON's integration into this ecosystem on day one will undoubtedly provide another support for its price discovery and liquidity.
Opportunities Available on Day 1
The launch of Monad's mainnet is not a sudden event; there are currently over 300 projects in the ecosystem, of which 78 are unique to Monad.
For users who have received MON airdrops or wish to participate early, here are several main directions:
DeFi: Trading and Yield Opportunities
Perpetual contract exchanges are ready. Perpl and Drake will both launch on day one, with the former having secured $9.25 million in funding from DragonFly, and the latter focusing on a CLOB+AMM hybrid model. For the best execution prices, keep an eye on aggregators Monorail and Mace.
Lending markets offer a rich selection. Modus introduces a sealed-bid liquidation mechanism to prevent MEV arbitrage; Curvance offers a 97% LTV; Townsquare focuses on cross-chain lending. Each protocol has its own features and incentive plans.
Staking yields can be obtained through Fastlane's shMON, which is Monad's liquid staking token, allowing you to earn staking rewards while maintaining liquidity.
Due to space limitations, we only briefly list these; for a complete project overview, you can refer to:
“Monad Ecosystem Guide: Everything You Can Do After the Mainnet Launch”
Additionally, the official team has released a Day 1 Consumer App Guide, which includes applications that can be used on the first day of the mainnet launch:
Gaming:
Lumiterra: An open-world MMORPG with an AI companion system
LootGo: A walking earn-crypto app similar to Pokemon GO (now available on the App Store)
Bro.fun: On-chain beer pong, where you can bet to win rewards
Prediction Class:
RareBetSports: Predicting individual player performances (points, assists, etc.)
LEVR.Bet: Leveraged sports predictions, up to 5x
Social Mining:
- TeleMafia: Turn Telegram groups into mafia battlegrounds, fighting directly in chat
You can find more consumer-grade applications at app.monad.xyz.
Meme and NFT: The Purple Craze
Nad.fun is ready to become Monad's pump.fun, launching meme coins as soon as the mainnet goes live. In terms of NFTs, Purple Friends (1111 pieces) and Chog are the most OG series, with the latter's founder being one of the largest airdrop recipients.
There will also be MON-related meme trading opportunities on the Solana chain, allowing direct participation through Sunrise DeFi.
For a complete guide, refer to:
“Monad Day 1 Consumer App Guide”
In addition to these, we previously summarized some high-funding projects within the Monad ecosystem, which still hold reference value today. Here’s a visual summary:
The ecosystem is ready; now we just need to see how the mainnet performs tonight.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
