Monad's November Unlock Could Change the Supply Picture The Monad Foundation has confirmed it completed a Monad liquidity program worth up to $60 million, offering select early investors the
The Monad Foundation has confirmed it completed a Monad liquidity program worth up to $60 million, offering select early investors the chance to sell their locked MON tokens at a discount months before those tokens would normally become tradeable. Nearly all of the investors approached turned the offer down, and the Foundation says the program has now concluded.
Source: X (formerly Twitter)
Per the Foundation's own statement, the program worked as follows:
Purchase cap: up to $60 million total
Eligibility: select early investors holding locked MON under the project's four-year vesting schedule
The discount: calculated based on how much of the four-year lock-up period remained on the relevant tokens — the longer the remaining lock, the steeper the discount
Critical detail: any MON the Foundation actually purchased through this program remains locked under the original schedule. This wasn't a mechanism to bring tokens to market early; it simply changed who holds the locked position
Participation: nearly all invited holders declined
Status: the program has now formally ended
The Foundation also stated directly that it has never sold, offered to sell, or sought to sell any MON tokens through over-the-counter transactions or any other channel, and that it isn't currently pursuing such sales.
The Foundation framed the program's purpose as giving early holders an orderly exit if their liquidity needs or investment views had changed, while preserving long-term alignment among those who stayed in. In practice, almost nobody took the exit.
That's a genuinely ambiguous signal, and it shouldn't be read as a simple bullish confirmation. A few things are worth holding in view at once:
Investors declining a discounted buyout can reflect strong conviction in MON's long-term value
It can also simply reflect that the offered discount wasn't attractive enough relative to holding
Neither the exact discount rate nor how many investors were actually approached has been publicly disclosed
Early investors hold roughly 19.7 billion MON — nearly 20% of total supply — through this allocation, so the program's design was clearly aimed at managing a specific, large concentration of future selling pressure, not a routine liquidity gesture
Without knowing how steep the discount was, the lack of sellers can't be cleanly read as investors voting confidence in MON's price. It can just as easily mean the Foundation's offer wasn't competitive enough to beat waiting.
The program's timing lines up directly with Monad's token unlock calendar. Key context:
Detail
Figure
Monad mainnet launch
November 24, 2025
Public sale price
$0.025 (via Coinbase's first-ever token sale)
Early investor allocation
~19.7 billion tokens (~19.7% of total supply)
Lock-up structure
1-year cliff, then monthly releases over a 4-year schedule
First major investor unlock
November 24, 2026
Amount unlocking in November
Roughly 16.6–16.8 billion MON, worth an estimated $580M–$630M at recent prices
November marks the first point at which early investors can sell MON through normal market channels, rather than through a Foundation-brokered exit. The Foundation's liquidity program effectively tested investor appetite to exit early — and found very little — but that doesn't resolve what happens once the lock genuinely lifts in November. Investors who declined a discounted early exit could still choose to sell at full market price once they're free to, meaning the underlying supply overhang from that 19.7 billion MON allocation remains largely intact heading into Q4.
MON currently trades at $0.02114, up 5.2% over the past 24 hours, per CoinMarketCap. Other current metrics:
Market cap: $250.02 million, up 5.2%
Unlocked market cap: $1.07 billion
24-hour volume: $24.59 million, up 47.61%
Fully diluted valuation: $2.41 billion
Circulating supply: 11.82 billion MON
Total supply: 100.68 billion MON
Max supply: 114.16 billion MON
Holders: approximately 7.87K
MON has climbed off the $0.01985 level seen earlier in the session, though it remains well below its all-time high near $0.1073 set in October 2025. The rebound in both price and 24-hour volume comes even as the broader unlock overhang discussed above remains unresolved. Analysts tracking the chart continue to watch the $0.019–$0.020 zone as key support and roughly $0.021–$0.022 as the level that would need to hold for buyers to stay in control — a level MON is testing directly as of this writing. Notably, the price strength has occurred even as on-chain activity has grown: total value deposited in Monad-based DeFi applications rose from roughly $360 million to about $895 million in six weeks, alongside growing stablecoin activity on the network.
The Monad Foundation's $60 million liquidity program tested whether early investors wanted a discounted early exit, and found that almost none did. That outcome is genuinely mixed news for MON, not a clean bullish signal: strong holder conviction and an unattractive discount rate can produce the identical result. With November's unlock now the real test — bringing a substantial share of that 19.7 billion MON allocation into normal tradeable status for the first time — the more important question isn't why investors said no to the Foundation's offer, but what those same investors choose to do once they can sell freely.
This article is for informational purposes only and does not constitute financial or investment advice. Details are based on the Monad Foundation's own public statements and publicly available token unlock and market data, current as of August 18, 2026. Cryptocurrency prices are highly volatile and unlock-related figures are estimates subject to change. Always conduct independent research before making any investment decision.
