Coinbase’s First Monad (MON) Token Sale Starts Strong but Slows Quickly

Coinbase has officially entered the world of public token sales, and its first test arrived with Monad (MON), a new high-performance Layer-1 blockchain. The sale opened with high energy, raising about $43 million in just the first 23 minutes. But the pace changed soon afterward. Several hours later, more than half of the available tokens were still unsold.

This contrast between a fast start and fading demand offers valuable insight into how today’s crypto investors make decisions. It also signals how Coinbase hopes to reshape token launches for retail buyers and what challenges remain for new blockchain projects like Monad.

Coinbase structured the MON token sale to appeal to everyday investors instead of only large buyers. The offering price was fixed at $0.025 per token, with 7.5% of MON’s total supply available for purchase. Anyone could join with an order as small as $100, while larger participants could place bids up to $100,000.

To encourage fair distribution, Coinbase used an algorithm that fills smaller bids first. This means large investors cannot dominate the sale, giving regular buyers a better chance to receive an allocation. This structure also reflects Coinbase’s goal of rebuilding trust in public token launches after years of private rounds capturing most early supply. Monad’s token design also aims to promote stability. More than half of all MON tokens are locked at launch, including those owned by the team and early investors. These locked tokens unlock gradually over time, reducing the chances of sudden price drops caused by large holders selling immediately.

The MON sale began with strong demand, but interest slowed significantly within hours. While the early rush shows genuine curiosity about Monad, the slowdown raises questions about long-term appetite for new Layer-1 blockchains. Several factors help explain the decline:

Many investors noted that the sale remains open for several days. Because the sale is not based on “first come, first served,” participants do not feel rushed to commit early.

Other buyers expressed concerns about the valuation. Based on the sale price and total supply, some believe Monad’s fully diluted valuation may be too high for a project that has not yet proven long-term adoption. When early investors and venture capital firms hold a large share, retail participants often wait to see how the market reacts after launch.

Coinbase also added a rule that discourages fast selling. Anyone who sells their tokens within the first 30 days of listing may receive smaller allocations in future token sales. While this rewards long-term holders, it may also reduce participation from buyers who prefer flexibility.

The debut of Coinbase’s public token sale platform shows that the crypto market is entering a more careful and mature stage. Investors are still willing to explore new opportunities as seen in the fast $43 million raised but they are no longer rushing in without considering valuation, token distribution, and long-term utility. Monad now has the challenge of proving that it can deliver real value beyond its sale results. At the same time, Coinbase has taken a meaningful step toward creating a safer, more accessible environment for public token offerings. If the model evolves successfully, it could help bring transparency, fairness, and broader participation back into early-stage crypto fundraising.

Do you think this new public sale model will rebuild trust in early crypto launches, or will investors continue to stay cautious until new projects prove real utility?