Coinbase Re-launches "Token Public Offering" After 8 Years! Monad Becomes Market Bellwether
Key Points
The US's largest compliant exchange, $Coinbase (COIN.US)$ , has selected the high-performance public chain $Monad (MON.CC)$ as its first token public offering project in eight years. This move is seen as a crucial turning point for the crypto industry's transition from the chaos of 2017 ICOs towards compliance. Consequently, Monad has garnered significant market attention.
Why is the Market Highly Focused?
Coinbase's Strategic Layout
– Historical Turning Point: The relaunch of token public offerings (comparable to stock IPOs) after an eight-year hiatus marks the industry's entry into a new phase of compliance.
– Quota Breakthrough: The public offering quota of 7.5% significantly exceeds the conventional proportions in both crypto and stock market IPOs.
– Valuation Strategy: The public valuation of $2.5 billion represents a 17% decrease from the private round valuation of $3 billion. This phenomenon of public fundraising valuation being lower than early-stage private valuation is generally rare and presents a unique opportunity.
Monad's Solid Strengths
– Capital Backing: Cumulative financing exceeding **$244 million**, supported by top-tier VCs like Paradigm and Coinbase Ventures.
– Technological Breakthrough: Achieves 10,000 transactions per second through parallel execution technology while maintaining compatibility with the Ethereum ecosystem.
– Ecosystem Foundation: Testnet has accumulated 5 million+ users and **100+ ecosystem applications**.
Monad Project Overview
Project Background & Team Strength
Monad Labs was founded in 2022 by three fintech elites. The core team members all hail from the traditional financial giant **Jump Trading**, possessing extensive experience in high-frequency trading system development.
– Elite Team: The founding team worked together for eight years at Jump Trading, deeply versed in financial system performance optimization.
– Founding Vision: The team foresaw the trend of large-scale commercialization of blockchain technology early on, recognizing that the rapid adoption of blockchain payments would significantly increase market demands for network performance.
– Solution: Committed to building new financial infrastructure capable of supporting future massive commercial transactions.
Financing History & Institutional Support
Monad's financing performance is remarkable, demonstrating strong confidence from top investment institutions in its commercial prospects:
– Cumulative Financing: Total approximately **$244 million**, including a large $225 million funding round led by Paradigm in 2024.
– Investor Lineup: Includes renowned institutions like Coinbase Ventures, Dragonfly, forming an impressive roster.
– Valuation Logic: Post-financing valuation reached **$3 billion**, while this public offering valuation is $2.5 billion, providing a discount opportunity for public market investors.
Market Positioning & Core Value
With the explosive growth of stablecoin payments in 2025, the market urgently needs new financial infrastructure capable of handling massive transaction volumes:
– Market Demand: Current blockchain networks are like congested highways during holidays, with slow transactions and high fees.
– Solution: Monad achieves 10,000-level transactions per second processing capacity through technological innovation, meeting the needs of high-frequency applications like stablecoin payments, gaming, and social platforms.
– Commercial Value: Like building a new generation of financial highways, providing solid underlying support for the development of the digital economy.
Development Progress & Ecosystem Building
Although the mainnet has not officially launched, Monad's ecosystem development has shown strong momentum:
– Testnet Performance: Accumulated over **5 million active users**, validating technical feasibility; 225,000 high-quality active users will receive airdrop rewards.
– Partners: Established collaborations with multiple well-known financial institutions and tech companies.
– Ecosystem Projects: Over 100 projects in deployment, covering various fields including payments, gaming, and social.
Simplified Analysis of New Tokens for Stock Investors - Token Circulation Proportion
Stock-savvy investors often know that the proportion of shares available for trading at the opening in the US stock market typically ranges from 10% to 25%. This principle also applies to cryptocurrencies. A circulating supply at opening below 10% is generally favorable for the listing moment, while exceeding 25% often negatively impacts post-listing performance.
Note: This is a simplified version for easier understanding. For complete information, please refer directly to the official Monad documentation
Liquidity Overview
– Immediate Circulation: 10.8% (Public Offering + Airdrop)
– Locked Portion: 46.7% (Team + Investors)
– Designated Use: 38.5% Community Treasury
Overall, the immediately circulating public offering and airdrop tokens account for 10.8% of the total supply, which is a signal that meets or even exceeds expectations.
Market Observation Points
Signals from the Valuation Strategy
In traditional financial markets, IPO pricing is usually higher than early financing rounds to reflect the value appreciation from company growth. However, Monad's public offering pricing presents an "inversion" phenomenon—public market investors obtain a price 17% lower than top venture capital firms. This pricing strategy highlights Coinbase's determination to create a demonstration effect, aiming to revitalize market confidence by conceding benefits to public market investors.
Monad's Differentiated Value
– Technological Advantage: Parallel processing architecture addresses the pain point of blockchain congestion.
– Ecosystem Potential: Large test user base and developer community.
– Reasonable Allocation: Team and institutional lock-ups demonstrate long-term commitment.
Risk Warning
– Currently, there is no unified standard for the community governance rules of the community treasury, and there have been instances of misappropriation in crypto history.
– Newly listed tokens often exhibit higher volatility.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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