How to participate in the Monad public sale? Is the Monad public sale worth participating in?

On November 17, the next-generation high-performance Layer 1 public chain Monad officially launched the public sale of MON as the first project on Coinbase's new token issuance platform. This public sale will last until November 22, and the tokens are expected to be distributed on November 24, the same day they go live on the Monad Mainnet. As the first token issuance case after Coinbase launched its new public sale platform, Monad is also seen as an important experiment for Coinbase in exploring a public, transparent, and compliant token issuance path.

It is worth noting that when the public sale of Monad was launched, it was during a period of overall correction in the cryptocurrency market, with market sentiment generally weak. The fear index fell to single digits, Bitcoin retreated to around $90,000, and Ethereum fluctuated in the $3,000 range. In this environment, Monad set the public sale price at $0.025 and an approximate FDV of $2.5 billion, quickly sparking discussions in the market regarding its valuation, liquidity, and other aspects. Based on the above context, CoinW Research Institute will conduct a systematic analysis of its public sale mechanism, actual subscription progress, and project development status in the following text to present a more comprehensive perspective.

1. How to participate in the Monad public sale

The public sale will sell 7.5 billion MON Tokens at a fixed price of 0.025 USD, with a total fundraising scale of 187.5 million USD. Over 80 countries/regions are eligible to participate, including Hong Kong, China. Below is the complete process and notes for investors participating in Monad's public sale on the Coinbase platform:

Step 1, Account and Identity Verification: Investors must have a Coinbase account and complete KYC.

Mainland identity cannot participate; identities from regions such as Hong Kong or Singapore that are allowed can participate (bank statements or utility bills along with a handheld ID photo are required). This public sale only accepts USDC as a payment method. The minimum purchase amount per user is 100 USDC, and the maximum is 100,000 USDC. Additionally, Coinbase One members can apply for 1.5 to 5 times the additional token quantity based on their membership level during this Monad token sale and in each subsequent sale.

Step 2, understand the distribution mechanism: The public sale period of Monad is one week from November 17 to November 22 (.

1. Algorithmic allocation of “Small Amount Priority”

Coinbase adopts a “bottom-up” algorithm distribution mechanism that emphasizes fairness. It prioritizes meeting the subscription needs of small users, ensuring that more retail investors have the opportunity to participate; only then will larger applications be gradually processed until all Tokens are distributed. This rule prevents large holders from concentrating large quotas, reducing the concentration of token distribution from an institutional level, making the token sale fairer and more retail-friendly.

2. Zero-fee participation mechanism

Throughout the token sale process, users do not need to pay transaction fees, nor do they need to purchase platform tokens; they only need to hold USDC to participate.

3. Restrictions on the project's sell-off

Coinbase has set strict compliance and disclosure requirements for issuers, and during the six months after the Token is listed, issuers and their affiliates are not allowed to sell the Token.

4. Restrictions on user sell-offs

Coinbase has also introduced constraints on user behavior. If users choose to sell their tokens within 30 days of the token's launch, their priority for future participation in similar token sale activities on Coinbase may be reduced.

Step 3, Token Distribution: After the public sale ends

Coinbase will determine the final allocation for each user based on algorithm results. If the user's subscription amount exceeds their allocated quota, the system will refund the undisbursed portion of USDC. The Monad Mainnet will be launched on November 24, and MON tokens will be distributed to participants simultaneously, with MON tokens being deposited into the user's Coinbase wallet.

![])https://img-cdn.gateio.im/webp-social/moments-4087cd045ad08fd27a0445475b28b48d.webp(

Source：coinbase

) Two. Monad public sale status

From the current market participation situation, investor sentiment is relatively cautious. In contrast, MegaETH completed approximately $300 million in fundraising in the first hour after its launch, with a total fundraising amount of $1.39 billion, oversubscribed by 27.8 times. On the other hand, Monad's public sale saw a subscription rate of about 45% six hours after launch, with cumulative fundraising of only $90.05 million, which is noticeably slow. However, as of the time of publication, its total subscription amount has exceeded $100 million. Some opinions suggest that this difference is related to the current overall market being in a correction cycle, as the price of Bitcoin has fallen back to around $90,000, leading to a naturally conservative sentiment towards risk assets. Therefore, it is understandable that Monad's public sale experienced relatively mild participation in the early stages.

The data from the prediction market Polymarket more intuitively reflects the current market sentiment. At this stage, most of the funds are betting that the public sale scale will exceed 400 million dollars, with a probability of 93%; the probability of the final amount breaking 600 million dollars is 65%. As the target subscription amount range increases, market confidence declines rapidly, with the probability of breaking 1 billion dollars being about 27%, while the probability of exceeding 2 billion dollars is only 2%. Overall, the market generally believes that the Monad public sale is most likely to fall within the range of 400 million to 1 billion dollars.

![]###https://img-cdn.gateio.im/webp-social/moments-64660af06055f58f4c491b217bea8aa3.webp(

Source: polymarket

Another interesting observation is that prediction markets reflect the true risk preferences and expectations of public sale participants to some extent. Many users treat the market prediction results from Polymarket as a trading strategy and hedge on Polymarket after the new issuance. For example, based on the current prediction results from Monad, some users believe that its total public sale amount will ultimately not exceed $1 billion, so they will buy $1 billion worth of No contracts in advance and sell the corresponding positions as the public sale end time approaches. Meanwhile, since the Monad Token MON has been listed for pre-trading, some users will also choose to hedge during the pre-trading period. This strategy is a conventional trading strategy and will not be elaborated here.

) Three. Monad public chain status

Monad is an EVM-compatible Layer 1 public chain aimed at improving transaction processing efficiency and confirmation speed. According to official data, Monad supports a transaction throughput of approximately 10,000 transactions per second and compresses block confirmation time to about 0.8 seconds. According to gmonads data, the Monad testnet has covered 25 countries and 53 cities, running a total of 174 validator nodes. Its Token MON reached a pre-market price of up to 0.07 USD and has currently fallen back to around 0.04 USD.

![]###https://img-cdn.gateio.im/webp-social/moments-925bf74df9f1838cdc0c4b1969a1c48a.webp(

Source: gmonads

In terms of ecological progress, Monad has over 300 projects that have joined its ecosystem, of which 78 are unique to its ecosystem. Its ecosystem covers areas such as DeFi, Gaming, consumer applications, AI, and NFTs. As the Mainnet approaches, the number of ecosystem projects continues to increase, and the subsequent user activity, developer retention rate, and actual performance after the Mainnet launch will determine whether the Monad ecosystem can continue to expand.

) IV. Summary

The current public sale of Monad is still ongoing, and there is a clear divergence in market views. The discussion mainly focuses on the token distribution structure, initial liquidity arrangements, and the funding participation during the public sale phase. Some users believe that Monad's token structure leans towards the traditional VC model, with ecosystem development accounting for 38.5%, the team for 27%, and investors for 19.7%, while the public sale only accounts for 7.5%. The combined proportion of the team and investors exceeds 46%, which makes some investors cautious about the expected selling pressure after the token unlock, especially against the backdrop of the current weak market sentiment.

Liquidity is another area of concern. According to public information, Monad has collaborated with five market makers, four of which use one-month loans and renew monthly, while only Wintermute provides a year-long commitment. Out of a total supply of 100 billion tokens, only 160 million have been borrowed for market making, and the foundation will provide a maximum of 0.2% for initial DEX liquidity, which is lower than the industry standard of around 2% for market making investment. Therefore, some users believe that such a cautious scale of market making may be insufficient to absorb significant selling pressure during the initial launch period, thus affecting price stability.

However, despite the relatively steady subscription pace during the early stage of the public sale, Monad still holds special significance in the broader industry context. Since the SEC's strict regulation led to the exit of the ICO model in the United States in 2018, there has been a near absence of public, transparent, and publicly accessible token issuance channels domestically. After acquiring the Echo platform founded by Cobie, Coinbase is attempting to rebuild a compliant public sale framework and plans to continuously launch new projects on a monthly basis. It is worth mentioning that Coinbase's bio on X has now changed to December 17, leading the market to speculate that the next token issuance might be Base. Monad has been chosen as the first project, representing Coinbase's first step in reconstructing the public issuance market in the U.S., and is seen by some industry insiders as a signal for compliant token issuance to return to the mainstream stage. For the market, Monad is not just a new token issuance; it is more like Coinbase's attempt to restart the public issuance market and push the industry back onto the path of compliance, and thus is regarded as having the significance of opening a new cycle.