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Monad’s long-awaited mainnet debut unleashed a torrent of ecosystem activity on November 25, propelling its native MON token to a 78% intraday surge and drawing over $100 million in stablecoin TVL. Yet within hours of launch, reports surfaced of spoofed transactions appearing on block explorers. They were phantom transfers that looked real but weren’t, highlighting the teething pains of a high-speed Layer 1 built to rival Solana.
Co-founder Keone Hon detailed the whirlwind in a Day 2 update shared on X. Fiat on-ramps from Alchemy Pay, Banxa, and Transak went live, while DeFi protocols Curvance, Folks Finance, and Wombat Exchange rolled out lending vaults and liquidity markets. Avail connected the Monad apps and ecosystem for liquidity access to the wider blockchain environment via monadfastbridge.com, powered by Avail Nexus. The Skrumpeys NFT collection rocketed to #2 on Magic Eden, and Polymarket launched MON/USDC betting markets. Tenderly added full monitoring and JiffyScan became the go-to explorer. In a single day, 372 contracts were verified and the number of MON holders tripled to more than 100,000.
Today on Day 2 of Monad Mainnet:
– Alchemy Pay, Banxa, Capa, Koywe, OSL Pay, Swapped, and Transak added onramp support for MON
– Tenderly added support
– @AccountableData went live with their first vault
– @Curvance went live!
– @YapdotMarket is live!
– @FolksFinance is…
— Keone Hon 🎟️ (@keoneHD) November 26, 2025
The $105 million MON airdrop to early testers and community contributors played a massive role in advertising the hype, as Monad’s 10,000 TPS EVM-compatible chain hit live status after three years in devnet. Monad announced that all airdrop-claimed MON tokens were deposited into an “escrow” smart contract.
Trading at $0.048 post-launch, MON’s rally pushed its market cap past $500 million, with analysts eyeing a breakout above $0.05 if TVL sustains. Uniswap and Curve are currently leading the pack.
$MON finally reached 500 Million Mcap at 4.6 Billion FDV.
It's slow, steady and rising.
No idea why Binance didn't list on spot yet though.
Looking forward to a few more memecoin launches on monad.
Should be dropping something as regards Lumiterra and Lootgo later today. pic.twitter.com/nOHn1vmLOh
— wyck 📴 (@wyckoffweb) November 26, 2025
However, despite the positives, some cracks showed. On Day 2, some users reported fake MON transfers mimicking real ones on explorers two days post-launch, prompting user alerts and Monad’s team to investigate. No confirmed exploits were found but the reports brought back memories of L1 jitters, like Solana’s 2022 outages. However, Monad’s parallel execution held firm under load this time.
Backed by Paradigm and Electric Capital, Monad’s momentum of 372 contracts in a day vs. Ethereum’s average 200, positions it as Ethereum’s speed demon. With Coinbase’s ICO transparency and Enso’s day-one support, the chain could siphon DeFi liquidity if it navigates these bumps.
Bitcoin traded at $87,604 on November 26, up 0.25%. For L1 hunters, Monad’s volatile start shows signs of opportunity while calling for caution.
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