Monad

Monad Labs began work in 2022, founded by HFT engineers who previously worked together at Jump Trading building ultra‑low‑latency trading systems, and subsequently moved into crypto markets. In February 2023, Monad Labs announced the completion of a $19M seed funding round, which was led by Dragonfly Capital and included contributions from various other firms and over 70 angel investors.

In April 2024, both The Block and CoinDesk reported that Monad Labs had raised $225M in a major funding round led by crypto VC firm Paradigm, marking one of the largest crypto infrastructure raises of the cycle.

By December 2024, the Monad Foundation was established, focused on "validator-led governance and community-led improvement proposals, provide developer documentation relating to the network, and engage in ecosystem development, marketing, and advisory-related services for the Monad protocol." In addition to this, Keone Hon and Eunice Giarta joined the Foundation.

In April 2025, Category Labs introduced MonadBFT, a proposed future consensus protocol designed for the Monad blockchain. The protocol is intended to improve upon existing pipelined HotStuff consensus mechanisms by addressing challenges related to tail-forking while maintaining sub-second finality and throughput of up to 10K TPS.

By October 2025, the Monad Airdrop Claim Portal became available and MON tokens have been allocated to 5,500 members of the Monad community and approx. 225K members of the wider crypto community.

In November 2025, the Monad Foundation announced details about its public sale, which took place through the Coinbase token sales platform, conducted by the foundation’s subsidiary, MF Services (BVI), Ltd. Later that month, the LFJ team announced the launch of Monad Mill, the Monad-based iteration of Token Mill. Monad Mill functions as a launchpad that converts trading fees into MON airdrops through a recurring competition called King of the Mill (KOTM). On November 23, Coinbase announced the completion of the token sale, with just under 86 thousand participants and $269M committed, leading to the sale being 1.43x oversubscribed. On November 24, Monad Mainnet went live after the team has published a blog post outlining the MON tokenomics, stating that there are a total initial supply of 100B MON, which are furthermore now live on the Monad network.