Monad is launching on the Mainnet tonight, and you must know this information.

Written by: Deep Tide TechFlow

The cryptocurrency market is gradually showing signs of recovery and adjustment after the significant drop last week.

As we enter a new week, Monad, which is set to launch on the mainnet tonight at 10 PM, has naturally become the focus of everyone's attention.

As a star project with cumulative financing exceeding 430 million USD, Monad not only set a new financing record for the L1 track but also became the first public offering project after Coinbase launched its Token Sales platform.

In a market that generally lacks new narratives and where older projects are struggling to rotate, the market performance of Monad after its mainnet launch, as well as which ecosystem projects can be participated in immediately, are all refreshing developments in the current sluggish market.

Whether participating in the early ecosystem or observing the price discovery process of the MON token, both may represent trading opportunities worth paying attention to recently.

We have compiled various information from the current market, including financing background, token distribution, ecological projects, etc., to help you quickly understand the current situation of Monad.

Funding Review, the Era Imprint of VCs

From May 2022 to November 2025, Monad's financing journey spans a full three and a half years, perfectly experiencing the complete cycle of the cryptocurrency market from the bottom of the bear market to the peak of the bull market, and then to a significant decline.

This time span is itself quite interesting.

In May 2022, during the market turmoil caused by the collapse of Luna, the Pre-Seed round took place; in April 2024, when Paradigm led a $225 million Series A round, it set the record for the largest crypto financing of that year.

Data source: RootData + Surf.AI Total financing of 431.5 million dollars.

Private placement: ~244 million; Public offering: 187.5 million (actual raised: 269 million USD)

During this cycle, the market has gradually begun to question projects with “high FDV and low circulation.” Some highly valued projects have recently been mocked by the community as “after-work chains,” and neither their operational actions nor the actual use of public chains can be considered satisfactory.

But Monad, with its outstanding ability to “get things done,” has been able to create a community from the very beginning, supporting projects and founders, and holding the Monad Card event before its launch. Recently, it also had a fantastic collaboration with Solana, continually creating waves of excitement.

Having received substantial support from top institutions, yet facing a shift in market sentiment. Is Monad a gem from the VC era, or can it prove to be the final brilliance that demonstrates institutional value? The answer may be revealed tonight.

However, we can also find some clues from the recent public offering information.

The previously concluded Coinbase public offering raised a total of $269 million, exceeding the target by 144%. According to the “bottom filling” rule, users who filled the full $100,000 actually received about $57,000.

Image source: Whales Market

Based on the pre-market prices at the time of publication, approximately $0.032-0.034, the paper gains for public offering participants range between 28-36%.

This yield cannot be said to be an exaggerated profit, but in the current market environment, it is already considered a moderate victory.

Pre-market 3 billion FDV, is it expensive?

When it comes to the valuation of the MON token, what's even more interesting is the market expectations.

According to prediction platform data, the probability that the FDV of $MON will exceed 3 billion on the day after its launch is over 50%, which is slightly higher than the public offering of 2.5 billion.

If calculated based on the current pre-market price of $0.032, the FDV of $MON is approximately $3.2 billion; which happens to fall within the predicted mainstream valuation range. The market is expressing a subtle attitude with real money, recognizing the project, but remaining cautious of overly high valuations.

In terms of the specific tokenomics, 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 the previously committed airdrop portion.

The portions for other teams and initial investors are subject to a lock-up mechanism and are currently not in circulation.

It is worth noting that the largest variable in the current token economy is the 38.5 billion tokens used for ecological development, which accounts for 38.5% of the total supply and is already unlocked.

This 38.5 billion ecological token, on a positive note, sufficient ecological incentives can quickly attract developers and users. Both Optimism and Arbitrum achieved rapid growth in TVL through large-scale ecological incentives.

But to put it negatively, if misused, this represents a huge potential selling pressure. The key lies in how the foundation uses this “ammunition”—whether to accurately incentivize core projects or to flood the market indiscriminately—determining whether Monad can truly establish an ecological moat and also affecting the market's confidence in the $MON token.

Compared to other L1 projects, Monad's valuation is in a delicate position.

Looking at the relationship between financing amount and valuation, there are significant differences among various projects. Monad's financing of 431 million USD corresponds to an estimated FDV of around 3 billion, with a multiple of about 8 times. Interestingly, Aptos has a similar ratio (350 million financing to 2.8 billion FDV), but Sui is on a completely different scale, with 400 million financing supporting a 14.1 billion FDV, reaching 35 times.

The market's valuation of a project depends more on the strength of the narrative, ecological development, and market timing, rather than simply on the multiples of financing amounts.

The current valuation multiple of Monad at 8 times is relatively conservative, indicating that it does not have the high premium like Sui did at that time, and it shows that the market is waiting for the mainnet performance to decide whether to grant a higher valuation.

When Solana stands for Monad

There is too much competition, both overt and covert, in the world of cryptocurrency, and you seldom see scenes like this:

The official Solana account changed its avatar to Monad's purple logo and tweeted “MON mode activated.”

You might not even know for a moment whether this is Solana or Molana.

Even more surprisingly, Solana officially announced that MON will be launched on the mainnet on the same day it goes live on the Solana chain, enabling direct trading without complex cross-chain transactions through Wormhole Labs' Sunrise DeFi.

According to them:

“MON will be compatible with most Solana DeFi venues and trading platforms, including perpetual contracts and the upcoming lending feature.”

On the surface, Solana and Monad are both high-performance L1s and should be in competition. However, upon deeper consideration, the two actually occupy different ecological niches:

Solana has established its own non-EVM ecosystem, while Monad focuses on EVM compatibility. Rather than seeing it as competition, it is more about each occupying different tracks in the high-performance public chain space.

This wave of operations by Solana is essentially demonstrating the openness and liquidity advantages of its ecosystem. Through the native cross-chain solution of Sunrise DeFi, Solana is positioning itself as a trading hub for all assets, rather than just a closed loop within the SOL ecosystem. In their own words, listing coins is no longer the exclusive right of centralized exchanges.

The author believes that this competitive relationship is also a manifestation of a new trend in the cryptocurrency market.

In the reality where liquidity is scattered, users are fatigued by cross-chain operations, and there aren't many good asset opportunities, whoever can provide the best trading experience and liquidity will attract users.

Solana chooses to embrace MON, which reflects both confidence in its DeFi infrastructure and a desire to attract more traffic in the listing process; for MON holders, this means that in addition to traditional CEX, there is now a liquid on-chain trading venue.

The maturity of Solana's DeFi ecosystem is second only to Ethereum, with daily trading volumes consistently in the tens of billions of dollars. The ability of MON to connect to this ecosystem on the first day will undoubtedly provide another support for its price discovery and liquidity.

Day 1 opportunity to participate

The Monad mainnet launch is not a surprise; there are currently over 300 projects in the ecosystem, of which 78 are unique to Monad.

For users who have received the MON airdrop or want to participate early, here are several main directions summarized:

DeFi: Trading and Yield Opportunities

The perpetual contract exchange is ready. Perpl and Drake will both launch on the first day, with the former securing $9.25 million in funding from DragonFly, and the latter focusing on a CLOB + AMM hybrid model. Those looking for the best execution prices can pay attention to the aggregators Monorail and Mace.

The lending market offers a wide selection. Modus introduces a sealed-bid clearing mechanism to prevent MEV arbitrage; Curvance offers a 97% LTV; Townsquare focuses on cross-chain lending. Each protocol has its own characteristics and incentive programs.

Staking rewards can be obtained through Fastlane's shMON, which is Monad's liquid staking token that allows you to maintain liquidity while earning staking rewards.

Due to space limitations, we will only list a few here; for the complete project, please refer to this link:

“Monad Ecosystem Guide: Everything You Can Do After the Mainnet Launch”

In addition, the official also released a Day 1 Consumer App Guide, which these applications can use on the mainnet from day one:

Game category:

Lumiterra: Open World MMORPG with AI Companion System

LootGo: A walking earn-crypto application similar to Pokemon GO (now available on the App Store)

Bro.fun: On-chain beer pong, you can place bets to win rewards.

Prediction type:

RareBetSports: Predicting Player Performance (Points, Assists, etc.)

LEVR.Bet: Leverage Sports Prediction, up to 5x

Social Mining:

TeleMafia: Turn Telegram groups into a mafia battleground and fight directly in the chat.

You can find more consumer applications on the website app.monad.xyz.

Meme and NFT: Purple Craze

Nad.fun is ready to become Monad's pump.fun, and meme coins will be launched 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 synchronized on the Solana chain, which can be directly participated in through Sunrise DeFi.

You can refer to the complete guide here:

Monad Day 1 Consumer App Guide

In addition to these, we have also summarized some high-financing projects in the Monad ecosystem, which still have certain reference value when viewed now, as shown in the image below:

The ecosystem is ready, now it all depends on the mainnet performance tonight.