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Okay, so Monad's MON token sale "defied fizzle fears" and ended up oversubscribed on Coinb... Okay, so Monad's MON token sale "defied fizzle fears" and ended up oversubscribed on Coinbase. Big deal. Let's not pretend we haven't seen this song and dance before. Another layer-1 blockchain promising the moon with "hyper-performance" and EVM compatibility. Yawn.
The "Broadest Distribution" or Just Bag Holders?
Keone Hon, Monad's co-founder, claimed the point of the sale was "to achieve the broadest distribution." Right. Because handing out tokens to 85,820 people (a number they keep bragging about) is somehow revolutionary. Newsflash: most of those people are just gonna flip their MON for a quick buck the second they can. So much for "long-term alignment with project success."
And let's be real, the "democratic and transparent" allocation algorithm Hon praises? It's just a fancy way of saying "we're letting Coinbase handle the mess." They get their cut, we get a bunch of retail investors holding the bag, and Monad gets... what exactly? A slightly wider pool of people to shill their project to?
The sale started hot, cooled off real quick, then saw a "dramatic surge of activity at the end." Convenient, isn't it? Almost like they knew exactly how to play the FOMO card. "Oh no, it's not selling! Quick, everyone, buy now or miss out!" Give me a break.
I mean, they're trying to be the next Solana, but without, you know, all the actual users.
Tokenomics: A Red Flag Factory
Then there's the tokenomics. 27% for the team? 20% for VCs? CoinMamba on X called it "one of the most predatory tokenomics" out there. And the supposed "ecosystem development" fund? 38.5%? Smells an awful lot like a slush fund waiting to happen. I mean, if that's similar to Plasma's tokenomics, and we all know how that ended...
And 50.6% of the tokens locked at launch? They spin that as a positive, but it just means there's a massive cliff waiting to happen when those tokens unlock. Prepare for the dump. Monad Sets Nov. 24 Launch With 50.6% Tokens Locked
The MON price already fell 15% right after launch. Shocker. MON Price Falls 15% Following Monad Mainnet Debut, Airdrop Distribution
What's worse, the airdrop already happened. Nothing says "vote of confidence" like immediately diluting the supply and incentivizing early sellers. But hey, at least "mainstream users" get a chance to lose money on this thing, right?
And this is Coinbase's big move into token sales? After buying those Echo and Sonar crowdfunding platforms? So, what, they're gonna pump out one of these a month? Are they just trying to find new ways to get retail investors rekt? Maybe I'm the crazy one here.
10,000 TPS? Prove It.
Monad claims 10,000 transactions per second. Okay, show me. Because every blockchain project promises the world, and almost none of them deliver. Remember when everyone was screaming about sharding? I do.
The real question is: who actually needs 10,000 TPS? What real-world application is being bottlenecked by Ethereum's current throughput? Is this just tech for tech's sake?
So, What's the Real Story?
Look, I'm not saying Monad is a complete scam. Maybe they'll actually build something useful. But the oversubscribed token sale doesn't prove anything except that crypto is still full of hype and gullible investors. I'm not touching this one with a ten-foot pole.