Monad (MON), a Layer 1 (L1) network governance token backed by the Ethereum Virtual Machine (EVM), has shown resilience amid a broad bear market.
The token made its market debut on November 24th at a price of $0.02417. Over time, prices have gone up and now MON is trading at $0.0474, up 85% since launchas seen in the following graph.
Monad is a network that promises to solve the scalability problems that exist on platforms like Ethereum. The company’s team says it is designed with a parallel execution approach, fast completion times, and a proprietary database that optimizes processing.
In addition, it enables the use of Solidity and EVM tools to facilitate smooth migration of existing projects, as described in Criptopedia, the educational section of CriptoNoticias.
Its native token, MON, has important functions within the ecosystem: participation in governance; This enables staking to increase the security of the protocol and serves as a means of paying for usage fees.
This is also part of the economic design of the project, with a portion of the supply being directed to the development team under a progressive token unlocking scheme to ensure sustainable evolution.
Despite this excellent price performance, MON started with very modest trading volumes. Just $50 million was traded in the first 100 minutes. teeth Low number for L1 token premium This supports the idea that demand is weaker than expected.
In addition to this, public sales on the Coinbase Token Platform were also not launched. 7.5% of the circulating supply was offered at $0.025, but it still took a long time to run out.
The community also has questions about its distribution. The team will retain 27% of the supply, investors will retain 19.7%, and only a small portion will be left for finance and ecosystem development.
Arthur Hayes, co-founder and former CEO of BitMEX, commented on the launch of MON in a sarcastic tone. “Exactly what this bull market needed was another useless Layer 1 chain with low circulating supply and a completely inflated valuation. But obviously I bought it anyway. This is a bull market, damn it! MON is $10,” he said.
In his message, Arthur Hayes sarcastically mocks the release of MON. The businessman pointed out that initially the amount of tokens in circulation was very small, What usually causes rapid and erratic growthThey criticize that the project was born because the total cost was overestimated.
He also describes this as a new network with no real purpose. However, Hayes said he still made the purchase without giving it much thought. He justifies this by saying that in a bull market, almost all assets will eventually rise. It is worth clarifying that his “prediction” that MON will reach $10 also appears to be cynical. At that price, the token would be worth more than Solana (SOL), but that seems highly unlikely.
(Tag Translation) Altcoin
