Key Highlights
- Monad partnered with Wormhole to enable cross-chain token transfers.
- The project recently launched its mainnet and MON token and has quickly gained strong trading interest.
- Early spoofing incidents occurred, but no funds were lost, and MON trading stayed active.
Monad, a new Ethereum-compatible Layer-1 blockchain, has selected Wormhole to power its native bridge just days after launching its mainnet and native token, MON.
The bridge will let users move MON tokens across different blockchains, which will make it easier to trade and bring more funds into Monad. Wormhole is already trusted by major protocols and supports over 40 chains and 200 applications. In short, it handles more than $170 billion in assets.
Almost 50% surge since launch
The MON token started trading at $0.046 and quickly jumped more than 51% on its first day. At the time, trading volume reached $1.2 billion in just a few hours, with 10.8 billion MON entering circulation from a total of 100 billion tokens. Currently, the token trades for $0.04171 and sits at a market cap of $451 million, according to data from CoinMarketCap.
Versions of MON are available on several networks, including Solana. On Solana, the MON/USDC pair captured around 60% of trading on the main pool, even though liquidity was low and some users faced network delays. On Uniswap, MON quickly became the most traded token, with stablecoin inflows of over $123 million helping support early trades.
Within hours of launch, more than 100 decentralized applications were active or preparing to deploy on Monad. Developers brought over 18,000 smart contracts, contributing to more than three million transactions in the first few hours. The mainnet also launched with $115 million in initial liquidity, helping keep trading smooth and supporting early investors.
Security alerts
Soon after launch, some users reported fake token transfers called “spoofing,” where transactions looked real, but no funds were moved.
Monad CTO James Hunsaker said, “Scammers used contracts to emit fake logs. Wallets and tokens were never at risk.” Over 76,000 wallets claimed 3.33 billion MON in the airdrop, and scammers tried to confuse users during this high activity. Monad quickly warned users to check contract sources and avoid suspicious links.
The MON airdrop sold tokens at $0.025 each, and early trading brought $269 million in commitments, with $187 million in tokens sold. Even with the early spoofing issues, MON’s price stayed high at around $0.04341, roughly 35% higher over 24 hours.
Monad is now entering the competitive Layer-1 blockchain space with low-cost, high-speed transactions and backing from big investors like Paradigm, Dragonfly Capital, and Coinbase Ventures.
Also Read: Coinbase Faces On-Chain Deposit Delays Amid Upgrades
