Coinbase has acknowledged that customers could expertise delays when sending and receiving MON tokens and MONUSDC, the Monad-native stablecoin. The timing will not be precisely a thriller: Monad simply wrapped up a large token sale and launched its mainnet, creating an ideal storm of transactional demand on an alternate nonetheless breaking in its new token gross sales infrastructure.
What occurred with Monad’s token sale
Monad’s inaugural public token providing raised $269 million from 85,820 members. MON tokens have been priced at $0.025 every, drawn from a complete provide of 100 billion tokens.
The sale was performed by Coinbase’s new token gross sales platform, a functionality the alternate constructed after buying crowdfunding platforms Echo and Sonar. This was the primary main check of that infrastructure.
Early within the course of, the sale confronted subscription challenges. The providing ended oversubscribed, that means demand exceeded the obtainable allocation.
Monad’s mainnet launched on November 24, 2025, simply sooner or later after its public sale concluded. That compressed timeline meant Coinbase needed to deal with each the distribution of tokens to tens of 1000’s of latest holders and the activation of a brand-new blockchain community in speedy succession.
The token distribution bottleneck
On the token era occasion, 49.4% of the full MON provide was unlocked, with particular allocations earmarked for ecosystem growth and crew members. The remaining 50.6% of the provision was locked at launch.
The delays seem to stem from this convergence of things: excessive participant depend, a newly launched blockchain community, and a token gross sales platform that hasn’t been stress-tested at this scale earlier than.
Coinbase hasn’t offered a selected timeline for when the delays shall be totally resolved. Customers making an attempt to ship or obtain MON and MONUSDC ought to count on slower-than-normal processing occasions in the interim.
Monad’s ambitions and market context
Monad positions itself as a low-fee, scalable different to Ethereum. The cryptocurrency sector skilled a major downturn in mid-November 2025, which makes the oversubscription of Monad’s sale all of the extra placing.
What this implies for traders
When you’re holding MON or MONUSDC on Coinbase, switch delays imply diminished liquidity for affected customers. When you can’t transfer your MON tokens off Coinbase to a decentralized alternate or a private pockets in a well timed method, you may’t react to cost actions.
With 50.6% of the full provide locked at launch, future unlock occasions will introduce important new promoting strain. Traders ought to monitor the vesting schedule carefully, because the preliminary circulating provide of 49.4 billion tokens will develop over time.
