Monad Foundation said it has completed a program offering certain early investors cash for locked MON tokens at a discount, though nearly all of those approached declined. The foundation had earmarked up to $60 million for the purchases but did not disclose the price offered, how much was ultimately spent or how many investors took part. Any MON acquired through the program remains locked under the original schedule, meaning the buyback does not accelerate tokens into the market. Monad, an Ethereum-compatible blockchain, allocated about 19.7 billion MON, nearly 20% of the original supply, to investors. Those tokens were locked when the public network launched last November and begin unlocking after a one-year cliff, followed by monthly releases across the rest of a four-year vesting schedule, making November the first point when early investors can normally start selling. MON traded around $0.021 on Tuesday, about 16% below last year's public sale price of $0.025. Roughly 11.8 billion MON are in circulation, implying a market capitalization near $250 million and a fully diluted value of about $2.1 billion. The token has weakened even as usage on the network has expanded, with value locked in Monad-based decentralized finance applications rising to about $895 million from roughly $360 million on July 2, stablecoins on the chain totaling about $707 million, and decentralized exchanges processing about $79 million in daily volume, according to DeFiLlama.