MONAD Failed?
Last few weeks everyone was talking about Monad mainnet and token launch.
Mindshare was at All Time HIGH
But the onchain numbers tell another story:
Monad’s main DEX KURU has only $1.73M TVL
Monad LST platforms are also struggling as the top ones are still under $20M TVL
Overall TVL is just $185M and this is actually low compare to the size of project it is.
for example a single stablecoin protocol Solstice USX on Solana is having almost 2x TVL than monad ~ $325M
Even Solana TVL was above $200M on that $8 crash post FTX saga ( one of the worst phase of SOLANA )
So the question is :
Did Monad mess up by giving rewards to CT influencers instead of own users?
Earlier people used to be excited for L1s because people farmed early apps
DeepBook and Walrus on Sui
Similarly many early Solana projects cooked well.
So what went wrong with Monad ?
Ecosystem Airdrop farming is dying ?
Or did Monad leave its community behind and that's why nobody is interested in the ecosystem?
I'm not giving any verdict because it's too early to say but numbers are not impressive ngl.
$MON
