Monad, the EVM-compatible Layer 1 blockchain built by Category Labs, sold 7.5 billion MON tokens at $0.025 each through Coinbase’s public token sales platform, becoming the first project to use it. The offering ran from November 17 to November 22, 2025, raising roughly $269 million from 85,820 participants in more than 80 countries, above the initial $187.5 million target. The tokens represented 7.5% of MON’s 100 billion total supply and implied a fully diluted valuation of $2.5 billion at the sale price. Coinbase structured the allocation with minimum and maximum bid limits to distribute tokens across more wallets and limit concentration among large buyers. Monad Foundation Head of Institutional Growth Joanita Titan said the design sought to broaden access beyond allocations typically secured by venture capital and institutional investors before retail participation. Monad’s mainnet launched on November 24, 2025, two days after the sale ended. About 10.8% of total supply was unlocked and circulating at launch, including the public sale allocation and a 3.3% airdrop. Approximately 50.6% remained locked, comprising 27% for the team, 19.7% for investors, and 4% for treasury and Category Labs, while 38.5% was reserved for ecosystem development. Full unlocks are targeted for the fourth quarter of 2029. By mid-2026, MON traded consistently below the $0.025 sale price, fluctuating between $0.023 and $0.027. In August 2026, the Monad Foundation offered to repurchase up to $60 million of locked MON from certain early investors at a discount, but nearly all eligible investors declined. Circulating supply later grew to approximately 11.8 billion tokens through scheduled unlocks and ecosystem distributions.