Alright, folks, let's talk about Monad. Specifically, let's talk about how their big `monad token` sale on `coinbase`—the one everyone was supposedly wringing their hands over—somehow, miraculously, pulled off an "oversubscribed" finish. Give me a break. You know, I've seen more genuine suspense watching paint dry than what went down with this `monad crypto` offering. It's like they wrote the script backward, starting with the "happy ending" and then figuring out how to make the middle look dramatic.
Remember last week? Everyone was clucking about how the `monad launch` was fizzling. After a hot start—$43 million in half an hour, woohoo!—it kinda just... flatlined. Six hours in, barely 45% of their $187 million target. You could practically hear the collective sigh of disappointment from the crypto bros, praying their next big thing wouldn't be a flop. Contrast that with something like the MegaETH sale, which was so oversubscribed it made Monad look like a kid trying to sell lemonade on a deserted street. MegaETH pulled in $1.39 billion for a mere $50 million in tokens; that's not just oversubscribed, that's a feeding frenzy. Monad? A paltry 1.15x oversubscription in the end. It's not a victory lap, it's a participation trophy.
But then, lo and behold, a "late surge" happened. Just ahead of the 9 p.m. ET deadline, over $43 million poured in during the final 24 hours. A dashboard from some X user named Swishi tracked it. Swishi, huh? Sounds legit. It’s almost like... someone knew this would happen. Oh wait, Monad co-founder Keone Hon did predict it. He said people would wait till the last minute because of the 5.5-day lock-in mechanism. He called it "an interesting dynamic that might be revisited for future sales." Interesting dynamic? No, 'interesting' doesn't cover it—it's a calculated gamble on human FOMO, pure and simple.
Hon also spouted off about wanting the "broadest distribution" and how `coinbase` was perfect for reaching an audience "important to engage and re-activate." He even talked about breaking out of the "bubble." Let's be real, "broadest distribution" sounds a whole lot like "we needed to juice these numbers, and Coinbase has the most normies with money to throw around." The whole "break out of the bubble" thing? That's just marketing fluff for `what is monad` to the average person who still thinks `monad crypto price` means something other than a lottery ticket. They expect us to believe this nonsense, and honestly... it's insulting.
This whole thing was `coinbase`'s first big test of its new public token sales platform. They just dropped $400 million acquiring Echo and Sonar. You really think they were gonna let their inaugural offering, a big `monad blockchain` play, go belly up? Not a chance. This wasn't just about `monad token` success; it was about Coinbase proving their new toy works. The pressure in that virtual war room must've been thicker than a bad internet connection. I can almost picture the frantic calls, the sweating executives, the last-minute pleas to whales to "save the project!" It's all just a big show, isn't it? A performance for the market.
So, Monad wants to be a "hyper-performant Layer 1 network," EVM-compatible, rivaling Solana's speed and Ethereum's decentralization. Lofty goals, sure. But `what is a monad` really bringing to the table besides a fancy new sale mechanism and a lot of buzzwords? They've raised $225 million since 2022. That's real money. And they're launching their public mainnet on Nov 24, with 50.6% of the 100 billion `mon` token supply locked up. Team, investors, treasury—all locked, "vesting schedules designed to ensure long-term alignment." That's the boilerplate, ain't it? Always "long-term alignment" until the lock-up expires and everyone bails.
They've got 38.5% for ecosystem development, 27% for the team, and 19.7% for investors. A smaller 4% for Category Labs Treasury, formerly Monad Labs. And a little 3.3% for a `monad airdrop` to early users. So, the vast majority is going to insiders and for future "development," which can mean anything. Does anyone actually believe these allocations are purely for the good of the "community"? Or is it just setting up the next generation of crypto millionaires while the little guy gets to participate in a "democratically transparent" sale? Maybe I'm just a cranky old man yelling at clouds, but I've seen this movie before.
At $0.025 per token, that assumed $2.5 billion fully diluted valuation is nothing to sneeze at. But for a project that looked like it was stumbling out of the gate, then suddenly "found its footing," you gotta wonder. Is this `monad news` really a sign of organic demand, or a carefully orchestrated rescue mission to protect a major exchange's new venture and a heavily funded project's reputation? How many of those last-minute buys were truly from the "millions of regular people" Hon wants to reach, and how many were strategic injections to hit that "oversubscribed" headline? We'll probably never know, but it sure smells fishy.
