by Coinstrooper Crypto Articles
Quick Take
  • The new MON market has already seen strong activity, recording $28 million in trading volume over the past 24 hours on the decentralized exchange.
  • Read more: Ethereum L1 Monad Joins Forces With Orderly Network for DeFi Boost

What Happened

Hyperliquid, the decentralized perpetuals exchange, announced Wednesday that it has listed MON-USD hyperps, allowing traders to go long or short the token in a pre-market phase.

Both Hyperliquid’s announcement and Monad’s recent posts suggest that an airdrop may be imminent, with the project’s official teasing their “airdrop claim loading” feature reaching 98% on Oct. 8, according to Monad’s latest update on X.

Market Context

Based on trading in the MON-USD hyperp, priced near $0.13, Monad’s fully diluted valuation (FDV) stands at approximately $13 billion, with 100 billion MON tokens expected to be distributed through the airdrop.

The new MON market has already seen strong activity, recording $28 million in trading volume over the past 24 hours on the decentralized exchange.

Why It Matters

MON is the native token of Monad, a Layer 1 blockchain designed to be fully compatible with the Ethereum Virtual Machine (EVM) — a feature that makes it easier for developers to migrate their applications from Ethereum.

Read more: Ethereum L1 Monad Joins Forces With Orderly Network for DeFi Boost