Monad, an Ethereum rival, offered early investors up to $60 million to cash out. Almost all said no
The Monad Foundation's offer to buy back locked MON tokens from early investors at a discount was largely rejected, despite the availability of $60 million for the program. While the network has seen significant growth in DeFi activity, the token price has struggled since its public sale.
Why it matters
The rejection of the buyback suggests that early investors remain confident in the long-term value of the project despite current market price stagnation.
The Monad Foundation said 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 to their original schedule, so the program does not bring them to 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.
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