Carey Olsen advises Monad Foundation on Monad Mainnet Launch
Carey Olsen has advised the Monad Foundation and its subsidiaries on the public launch of Monad, a high-performance Layer 1 blockchain designed to deliver exceptional speed while preserving security and decentralisation. MON, the native token for Monad, was distributed via an airdrop to over 225,000 participants and was the first public token sale on Coinbase’s new token sale platform, involving over 85,000 purchasers in over 70 jurisdictions.
The public sale, which was significantly oversubscribed with commitments of US$269 million, was available in more than 70 jurisdictions (including in the US). MON, the network’s native token, may be used to pay gas fees, secure the chain via staking, and align validators, developers and users around the protocol’s long-term growth.
Carey Olsen partner Chris Duncan and associate Simon Galante advised the Monad Foundation on all Cayman Islands and British Virgin Islands aspects of the launch.
Chris Duncan, partner and head of the firm's Cayman Islands digital assets practice, said: “Monad is one of the most ambitious and technically advanced Layer 1 blockchain projects in development today, and the launch of the MON token marks a significant moment both for the team and for the wider on-chain ecosystem. Monad being selected as the first token to be sold using Coinbase's public token sale platform is a testament to that. It has been a privilege to support the Monad Foundation on what is a groundbreaking launch and we look forward to continuing our work with the team as it seeks Monad to shape the next generation of decentralised applications and financial infrastructure.”
Carey Olsen’s cross-jurisdictional digital assets team advises leading foundations, issuers, exchanges and Web3 projects on token launches, regulatory licences and registrations, governance structuring and ongoing compliance across global markets.
