The Layer-1 Monad blockchain went live on Monday, accompanied by an airdrop of its MON token.
The Monad team described blockchain as a “high-performance network capable of supporting a wide range of growing industry verticals, including DeFi, payments/stablecoins, and new institutional use cases for high-frequency finance.”
Previously, the team said the blockchain is also “EVM compatible” and that the chain is designed to help scale Ethereum’s virtual machine into its next stage of growth.
Regarding the airdrop, according to project documentation, the total supply of MON is 100 billion tokens, with 10.8% currently unlocked and in circulation. The circulating portion is split between two buckets: 7.5% was made available over the past week through a public sale on Coinbase’s Token Platform at $0.025 per token. token and the remaining 3.3% will be unlocked as part of the airdrop.
The remaining supply is distributed as follows: 27% to the Monad team, 19.7% to investors, 4% to the Labs Treasury, and 38.5% to ecosystem development. Some community members on X expressed frustration with the distribution, arguing that the team’s share is unusually high compared to industry norms.
“The public launch of the Monad mainnet marks a major step towards making high-performance blockchain infrastructure available to everyone. Developers should not have to choose between speed, security and ease of use,” Keone Hon, co-founder of Monad, said in a press release shared with CoinDesk.
“With Monad, we’ve worked to deliver all three without asking builders to abandon the tools and languages they already know. We’re excited to empower a new wave of applications and bring blockchain technology closer to mainstream and institutional adoption.”
Read more: Monad unveils Tokenomics ahead of November 24th MON Token Airdrop
