Simply put
- The long-anticipated MON token airdrop took place on Monday.
- This airdrop was valued at around $105 million.
- The token’s price was roughly aligned with a recent public offering.
Monad successfully completed its long-awaited MON token airdrop on Monday, granting recipients access to millions of dollars in cryptocurrency alongside the blockchain’s launch.
Earlier this month, the company—positioning itself as a rival to Ethereum and Solana—saw about 76,000 wallets claim free MON. However, due to the network being inactive at that time, these holdings were withdrawn shortly after.
Monad reported that users, builders, and community members had requested 3.33 billion MON tokens, with participants including traders from platforms like Hyperliquid and Pump.fun, as well as NFT project owners.
As per the cryptocurrency data provider, MON was recently trading at approximately $0.0316, bringing the total value of the airdrop to around $105.2 million. The airdrop amounted to about 3% of MON’s total supply and 30% of its circulating supply.
In Monad’s official Discord server, some users expressed surprise, noting that MON traded for a price similar to previous token sales, including those recently launched on Coinbase.
Monad stated that around 85,800 individuals participated in the offering, which attracted commitments of $269 million. Last week, they mentioned that 7.5 billion MON tokens were offered at $0.025 each, totaling $187 million, and were distributed to buyers on Monday.
A user known as Barnabas on X shared their disappointment regarding the MON allocation, mentioning that after dedicating over six months to creating monad-themed comics and engaging with the community, they “expected a little more.”
They stated, “It may not be a lot of money, but it’s an honest job,” while showing an image of exchanging 32,000 MON for nearly $950 in USDC.
Others, like user NikkiSixx7 on X, mentioned they sold their MON tokens right after gaining access. The Turkish translation noted that 71,000 MON was sold for $0.031 each on the exchange MEXC.
“Even if prices rise tomorrow, I won’t be upset,” they commented, adding that they also don’t see the best opportunities in the ecosystem right now.
Airdrops are commonly used in crypto to incentivize product use and reward early supporters. Earlier this year, SEC Chairman Paul Atkins indicated that regulators are developing appropriate disclosures and exemptions.
Last year, the decentralized exchange HyperLiquid issued an impressive $1.6 billion in decentralized tokens, marking one of the most substantial airdrops in the industry. In both scenarios, the airdrop’s scope faced geographic limitations.
According to the company, Monad has raised a total of $431 million, including $244 million from multiple funding rounds and $187 million from public offerings.
While some speculators were disappointed with the airdrop, Trevor Thompson, co-founder and CEO of Ethos Network, noted that it benefited the project by maximizing fundraising while offering tokens at a fair price. He mentioned on X that Monad’s ICO was effectively executed in terms of price discovery, which can be tricky without leaving money on the table.
“Their ICO was basically perfect in terms of price discovery,” he said, referring to MON’s launch. “It is quite challenging to get the IPO/ICO price ‘accurate’ without compromising potential profits.”
