Keone Hon: Monad’s token sale breaks records on Coinbase

Key Takeaways

• The launch of the Monad blockchain has shown incredible transaction speeds and a seamless user experience.
• Coordination challenges were an obstacle to achieving a full rollout.
• Monad opted out of the ecosystem-wide pre-deposit campaign.
• Monad’s token sale was the first on Coinbase’s new platform, marking an important milestone.
• Exchanges act as intermediaries, facilitating crypto transactions rather than creating them.
• Decentralization is critical to the growth and adoption of blockchain technology.
• More than 85,000 participants in the Coinbase token sale highlight the strong interest in the Monad token.
• Controlling the movement of tokens does not work in a decentralized environment.
• Adapting to market dynamics is more effective than resisting it.
• Organic demand is essential to the continued growth of TVL, to avoid artificial inflation.
• Efficient blockchains like Monad require less capital to maintain market efficiency.
• Monad’s approach to token sales and blockchain implementation sets it apart from other projects.

Guest introduction

Keone Hon is the founder and CEO of Monad Labs. He previously led the high-frequency trading team at Jump Trading for eight years before switching to Jump Crypto to focus on blockchain research and DeFi infrastructure. In 2022, he founded Monad to bring parallel execution and high performance to the Ethereum Virtual Machine.

Blockchain functionality and user experience

• The blockchain itself worked seamlessly in talking to many users people were happy with the x speed of the interaction of processing transactions with all wallets no major problems and the chain itself is really fast and really works.

  – Keone Hon

• Blockchain performance metrics have been critical to evaluating its success.
• Fast transaction processing has contributed to a good user experience.
• Compatibility with all wallets was the highlight of the launch.
• User feedback has shown excitement at the speed of blockchain.
• Performance was a key factor in the early adoption of blockchain.
• Blockchain’s seamless functionality was a key selling point.

• I think the blockchain itself has worked really seamlessly.

  – Keone Hon

• Blockchain functionality is a testament to its design and functionality.

Present strategic challenges and decisions

• I think it’s difficult to get all the shooting groups together on the first day.

  – Keone Hon

• Working with multiple teams created organizational challenges.
• The launch was not without its imperfections due to these challenges.
• Strategic decisions, such as skipping the early deposit campaign, are made.

• The decision not to have an ecosystem wide pre deposit campaign is really popular with many new blockchains.

  – Keone Hon

• Monad’s unique approach to token presentation has set it apart from others.
• The absence of a pre-deposit campaign was a strategic choice.
• Coordination issues highlighted potential areas for improvement.

Monad’s pioneering role in token sales

• Monad is the first token sale project on the new coinbase platform.

  – Keone Hon

• The Monad token sale on the new Coinbase platform has shown significant success.
• This initial role can influence market perception and investor interest.
• The token sale strategy was an important part of Monad’s launch.
• Being the first on the Coinbase platform set Monad apart from the market.
• The significance of this historic event was not lost on industry observers.
• Monad’s approach to the token sale was innovative and strategic.
• The choice of a token sale platform was a calculated decision.

The role of exchanges in the crypto ecosystem

• Any exchange like an exchange is just like a business a place that accepts deposits and houses user accounts within the exchange.

  – Keone Hon

• Exchanges act as businesses that facilitate trading within the crypto network.
• They act as intermediaries, not creators, in the crypto space.
• Understanding the roles of exchanges is essential to mastering the crypto ecosystem.
• The exchange integrates with existing networks to facilitate transactions.
• Their functionality is essential for the purchase and movement of digital goods.
• The definition of trading roles clarifies their role in the market.

• Just a participant in the network.

  – Keone Hon

• Exchange roles are important in the crypto trading process.

Importance of decentralization

• From the point of view of decentralization I think it is very important to grow crypto so that more people can use blockchains and get people to use the new systems that are being built.

  – Keone Hon

• Decentralization is essential to the growth and use of blockchain technology.
• It plays a key role in driving broader crypto engagement.
• The belief in decentralization as a driver of adoption is widespread.
• Decentralization influences user adoption and the development of new systems.
• Its importance cannot be overstated in the context of blockchain growth.
• The emphasis on decentralization highlights its role in the crypto ecosystem.
• Understanding the impact of decentralization is critical to harnessing the power of blockchain.

Market engagement and interest in the Monad token

• The coinbase token sale is a way for more people every day to get access to the mon token before the public mainnet… more than 85,000 people.

  – Keone Hon

• The Coinbase token sale attracted more than 85,000 participants, indicating strong interest.
• This level of involvement shows the potential success of the mon token.
• The success of the token sale was an important indicator of market interest.
• High participation numbers highlight the demand for the Monad token.
• The sale gave everyday people access to the token before the mainnet launch.
• The token sale’s engagement metrics were a positive sign for Monad.
• The strong interest in the token sale underscores its market power.

The futility of controlling the movement of tokens

• In fact, you know the base monad doesn’t control what people do with their tokens like I don’t.

  – Keone Hon

• Controlling the movement of tokens does not work in a decentralized environment.
• The decentralized nature of blockchain controls the use of tokens.
• Attempts to control the movement of tokens are often unsuccessful.
• The lack of a token control base reflects the blockchain’s decentralized ethos.

• Anyone can acquire monad tokens and merge them into other blockchains.

  – Keone Hon

• The established ecosystem allows the movement of tokens across blockchains.
• Understanding this limitation is important in navigating the crypto landscape.

Adapting to market conditions

• I think you know that you don’t want to try to fight the current which I guess you can say if the river has gone too far it’s like okay good.

  – Keone Hon

• Adapting to market dynamics is more effective than resisting it.
• Strategic flexibility is essential in the rapidly changing crypto landscape.
• Resistance to market trends can impact blockchain projects.
• Accepting market fluctuations allows for better strategic positioning.
• The importance of flexibility is a key step for crypto projects.
• Understanding market trends is critical to successful strategy development.
• The emphasis on flexibility highlights its role in crypto’s success.

Organic demand and sustainable TVL growth

• The reality of the monad is that as a blockchain that works very well where you know that people can make markets through the exchange of order books and quote accurately at any reasonable price that they don’t really need a lot of money to do that.

  – Keone Hon

• TVL growth should be driven by organic demand rather than artificial inflation.
• Organic demand ensures sustainable growth in blockchain ecosystems.
• Efficient blockchains like Monad require less capital for market efficiency.
• Artificial inflation of TVL can lead to uncontrolled growth patterns.
• Understanding the importance of organic demand is critical to the success of blockchain.
• The focus on organic demand highlights its importance in the crypto space.
• Sustainable TVL growth is an important consideration for blockchain projects.