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Monad Foundation ends discounted buyback of locked MON tokens
The program set aside up to $60 million, but repurchased MON stays locked on the original vesting schedule rather than entering the market early.
Monad Foundation has wrapped up a program to buy locked MON tokens from certain early investors at a discount, giving them an option to cash out before their tokens normally became tradeable. CoinDesk reports the foundation aimed to provide liquidity to changing investors while keeping long-term holders aligned.
The foundation said it had reserved as much as $60 million for the purchases, but it did not disclose the discounted price, how much of the total was used, or how many investors participated. CoinDesk says Monad did not share those details in response to questions about the discount offered to holders.
Tokens repurchased through the buyback remain subject to the original vesting schedule, so the transaction does not accelerate future token supply onto the market. CoinDesk notes the offer arrived about three months before investor unlocks begin, with MON still trading below its prior public sale price and most of the token supply still outside circulation.
CoinDesk also reports that Monad allocated about 19.7 billion MON, nearly 20% of the original supply, with those tokens locked when the network launched last November. MON traded around $0.021 on Tuesday, about 16% below the $0.025 public sale price, while roughly 11.8 billion MON were circulating, implying a market value near $250 million versus fully diluted value around $2.1 billion.