Nearly all early backers of Ethereum rival Monad declined a discounted cash-out option ahead of token unlocks.
The Monad Foundation offered up to $60 million to repurchase locked MON tokens from early investors at a discount, but most declined. The program aimed to provide liquidity before scheduled unlocks, with tokens remaining locked on original vesting terms despite the buyback.
MON trades below its public-sale price, with most of the token supply still out of circulation. The foundation stated the offer was designed to align long-term holders amid rapid growth in decentralized finance activity on the network.
Details on the discount offered, total funds spent, and participant count were not disclosed. The move precedes investor unlocks set to begin in three months.