TLDR
- Monad’s TVL has surpassed $355 million, up over 55% since February 2026.
- MON token is down roughly 50% from its post-launch FDV peak of $4.7 billion.
- Daily on-chain fee revenue averages under $3,000, raising questions about real usage.
- OKX listed MON/USDT, while partnerships with NYSE and Securitize target tokenized securities.
- Over 50% of the MON token supply remains locked, with unlocks expected in 2026.
Monad has crossed $355 million in total value locked (TVL), making it the fastest Layer 1 blockchain to reach the $300 million mark in recent years. The chain launched on mainnet in November 2025, hitting that threshold in about four months.
The TVL figure is up more than 55% since the start of February 2026. DeFi protocols including Uniswap, Curve, and Morpho are live on the network. Bridged TVL stands at $654.42 million, according to available data.
Despite the growth, Monad still holds less than 0.4% of the roughly $91 billion in TVL tracked across all blockchains.
Low Fee Revenue Raises Questions
On-chain fee generation on Monad currently averages under $3,000 per day. That means $355 million in capital sits on a chain producing annual revenue in the low six figures.
This gives Monad one of the lowest fee-to-TVL ratios of any chain with meaningful TVL. Critics note that high TVL with low fee output can signal capital chasing token incentives rather than genuine activity.
App-level fee revenue does appear higher than chain-level figures, suggesting some real usage exists within the ecosystem.
The MON token is currently valued at a fully diluted valuation (FDV) of $2.2 billion. That is down roughly 50% from its post-launch FDV peak of $4.7 billion four months ago.
My analysis on $MON remains unchanged.
Still holding a bullish structure, still looking better than many other coins.
Still potentially going for the resistance level up there.https://t.co/HiNIC3iZPC pic.twitter.com/yS6IaaPa46
— Sjuul | AltCryptoGems (@AltCryptoGems) April 1, 2026
Crypto analyst Sjuul from AltCryptoGems posted on X that his view on MON remains unchanged. He described the token as still holding a bullish structure and potentially targeting a resistance level above current prices.
Institutional Moves and Token Unlock Risk
OKX recently listed the MON/USDT trading pair. The exchange cited compliance and risk assessments as part of its process. The listing aims to increase liquidity for MON holders.
Monad has also announced partnerships with the New York Stock Exchange and Securitize. The goal is to build a 24/7 tokenized securities platform that bridges traditional finance and crypto.
Additional infrastructure partners include AWS, Alchemy, and Messari. A euro-denominated stablecoin compliant with the EU’s MiCA framework has also been integrated, targeting European regulated finance use cases.
One structural concern remains: over 50% of the MON token supply is currently locked, with unlocks scheduled in 2026. Similar unlock events in other projects have historically led to price pressure.
MON is currently trading at a fully diluted valuation of $2.2 billion, down from a peak of $4.7 billion FDV recorded shortly after mainnet launch.
