Monad, an EVM-compatible Layer 1 blockchain developed by Category Labs, raised $269 million during its public token sale. The event, which took place from November 17 to November 22, 2025, utilized Coinbase’s token sales platform and attracted 85,820 participants from over 80 countries.
The project sold 7.5 billion MON tokens at a price of $0.025 each, exceeding the initial target of $187.5 million. This allocation represented 7.5% of the total 100 billion supply, resulting in a fully diluted valuation of $2.5 billion. The platform implemented bid limits to prevent concentration among large holders.
The Monad mainnet launched on November 24, 2025. At that time, 10.8% of the total supply was in circulation, including tokens from the public sale and a 3.3% airdrop. The remaining supply is divided between locked allocations for the team, investors, and ecosystem development, with full unlocks scheduled for Q4 2029.
As of mid-2026, the circulating supply reached approximately 11.8 billion tokens. The market price has fluctuated between $0.023 and $0.027. In August 2026, the Monad Foundation proposed a buyback of locked tokens from early investors with a cap of $60 million, but the offer was largely rejected.
