Self-proclaimed next-generation network Monad, compatible with Ethereum, a low-fee, scalable decentralized cryptocurrency, has completed its token sale on Coinbase.
It’s worth noting that demand was clearly insufficient a few days before the event’s conclusion. Nevertheless, 85,820 people ultimately participated in the token sale, with the total sale amounting to $269 million.
Project co-founder Keone Hon wrote on social media that the most important statistic isn’t the millions in sales, but the number of participants.
However, he acknowledged that a significant portion of the participants are «crypto insiders,» including many newcomers. He also added that the mainnet launch is scheduled for Monday, November 24.
According to the Monad website, the initial goal was to raise $187 million, but the final amount raised exceeded $269 million. However, the first day of trading on November 17th only brought in 45% of the planned figure.
Considering the statistics of other projects, this is a more than modest figure, but subsequently the indicators increased sharply, which is why Hong thanked all the participating users.
The sluggish start can be partly explained by the negative situation in the cryptocurrency market after its capitalization fell by $1 trillion. At the end of last week, the trend reversed, and the main leader Bitcoin rose above $87,500.