Skepticism Grows as Monad's Much-Anticipated Mainnet Encounters Questions About Tokenomics

Monad (MON), a fast and efficient

Virtual Machine (EVM)-compatible Layer 1 blockchain, is preparing to go live with its mainnet on November 24 following a public token offering managed by . The project's premarket perpetual contracts have , indicating investor caution ahead of its listing on the centralized exchange. At the same time, the fundraising event has within just two days, thanks to Coinbase's algorithm that prioritizes smaller buyers for broader access.

This token offering, a first for Coinbase, has

, with $78 million in purchase requests submitted within hours of the start. Investors are able to buy MON at $0.025 per token using , with 7.5% of the total token supply available to the public. However, some have voiced concerns about the fairness and transparency of the token allocation, pointing out that the total supply from 100 billion to 108.2 billion tokens. Certain analysts also argue that ecosystem funds are being redirected to cover operational expenses instead of supporting developers, which has led to skepticism about genuine community involvement.

Market opinions remain divided.

86% of participants believe Monad's market cap will surpass $2 billion, but optimism drops at higher levels—only 21% expect it to reach $4 billion. Crypto analyst Matthew Nay from the fundraising is lower than Hyperliquid's $3.8 billion FDV, which could appeal to early investors during a generally weak market. Monad's positioning against other Layer 1 blockchains, especially its parallel execution and EVM compatibility, has and Ethereum in their early days.

Coinbase's involvement in the event has also been a focal point.

its on-chain trading through the acquisition of Vector, a platform built on Solana, while amid a wider tech market downturn. The success of the event— —demonstrates Coinbase's increasing impact on the U.S. crypto sector, though questions remain about its tokenomics and governance approach.

With the November 24 launch drawing near, Monad's ability to respond to community feedback and fulfill its promise of a high-throughput blockchain will be key to its future reputation. The project's growth, validator incentives, and decentralized governance will play a crucial role in attracting both developers and users beyond the initial excitement. For now, the market is watching closely as one of the most anticipated blockchain launches of 2025 enters its final stage.