- Monad token sale slows sharply as buyers hesitate amid shifting demand.
- Market debates access limits and tokenomics as participation continues weakening.
- Keone Hon stresses transparency while defending Coinbase’s allocation approach.
Momentum around the Monad token sale on Coinbase slowed sharply after an early burst of activity. Buyers stepped back on Tuesday and raised concerns that the offering may fall short of full subscription.
Interest eased after Monday’s opening phase when participants secured about 48% of the 7.5 billion MON tokens available. Activity softened further on Tuesday and reached just under 64% by 5 p.m. as commitments came in at a slower pace.
Traders Question Causes of Slowing Demand
Besides the weaker flow of commitments, online discussions widened as traders assessed the shift in sentiment. Some pointed to Coinbase’s exclusion of European users, which removed a large segment of retail interest.
Others highlighted uncertainty around Monad’s tokenomics and earlier funding rounds. These factors contributed to a cautious atmosphere as observers watched participation drift away from the early surge.
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According to Monad co-founder Keone Hon, the sale design influences how buyers act. He said on X that the team chose Coinbase for its transparent allocation model and access to a broader audience. He explained that the goal was wide distribution that engages users beyond the inner crypto circle.
Sale Structure Adds Pressure As Buyers Delay Decisions
Monad seeks to raise about $187 million in USDC, with bids ranging from 100 USDC to 100,000 USDC. Early trading produced roughly $43 million in the first 30 minutes, yet the pace did not carry into Tuesday. The slower trajectory contrasts with MegaETH’s recent offering, which drew more than $1.39 billion in commitments for a $50 million raise.
Additionally, Coinbase said its token sale platform grew from its Echo acquisition and reflects improving regulatory conditions in the United States. Executives expect these conditions to support a steady return of compliant public offerings.
If tokens remain unsold by Saturday, Monad will redirect them to ecosystem development, keeping its broader distribution plan intact.
Hon Emphasizes Transparency And Rejects Market Gamesmanship
According to Hon’s extended comments on X, the allocation algorithm avoids incentives that could distort bidding behavior. He said the structure removes prorata rewards that would favor large holders and excludes time-based rules that often encourage server congestion.
He also noted that transparency prevents the creation of artificial demand, which is common in sales designed to appear heavily oversubscribed. Hence he stated that Monad aims to attract long-term participants rather than rely on short-term hype. Hon added that the five and a half day decision window offers meaningful flexibility for buyers and helps reach users outside the usual crypto bubble.
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