Summary
- The Monad Foundation completed a program offering to buy locked MON tokens from select early investors at a discount, but says few chose to sell.
- Any MON tokens repurchased in the program will remain locked on their original vesting schedule, meaning the buyback does not accelerate tokens coming onto the market.
- MON’s price has lagged despite rapid growth in Monad’s decentralized finance activity, and the foundation says the offer was intended to provide liquidity to changing investors while keeping long-term holders aligned.
Monad gave some of its earliest investors a chance to cash out their locked tokens months before they could normally sell them. Nearly all of those approached passed.
The Monad Foundation stated Tuesday it had finished a program offering to buy locked MON from certain early investors at a discount. It had set aside as much as $60 million for the purchases.
The Foundation did not disclose the price it offered, how much of the $60 million was ultimately spent or how many investors participated. CoinDesk has asked Monad for the discount offered to holders.
The program was essentially an early exit. Investors willing to take a lower price could get cash now rather than wait for their MON to become tradeable. Any tokens bought by the Foundation remain locked on their original schedule, so the program does not bring them onto the market early.
Monad is a relatively newer blockchain built to run applications compatible with Ethereum. Its MON token is used to pay transaction fees and help secure the network.
