Three linked developments are set to reconfigure how crypto is issued, taxed and traded: the release of Monad’s tokenomics, U.S. Treasury guidance enabling staking for ETFs, and Coinbase’s relaunch of primary sales. These shifts matter for retail investors, ETF managers and token issuers because they alter market incentives, tax treatment and launch design.
Monad presents itself as an EVM‑compatible base layer with ambitious performance and substantial funding, claiming up to 10,000 TPS and sub‑one‑second finality, and raising $248 million, including a $225 million Series A in March 2024. The network projected a mainnet launch around Nov. 24, 2025, positioning its rollout alongside a public sale and airdrop schedule.
The MON tokenomics center on a large supply with significant day‑one unlocks: total supply is 100 billion MON, with 49.4% to 50% unlocking on day one and about 10.8% in circulation at launch. The public sale of 7.5% of the supply is scheduled on Coinbase between Nov. 17 and 22 at $0.025 per token, implying a fully diluted valuation of $2.5 billion, while 3.3% is reserved for an airdrop with a claim portal planned for Oct. 14. Major allocations—38.5% to the ecosystem, 27% to the team and 19.7% to investors—raise concerns about dilution and initial selling pressure, according to market observers.
The big changes coming to the crypto ecosystem
Regulatory clarity arrives via Revenue Procedure 2025‑31, issued by the U.S. Department of the Treasury and the IRS on Nov. 10, 2025, clarifying that ETP/trust‑type vehicles can stake digital assets and distribute rewards to investors while maintaining commodity tax treatment. The guidance incorporates a safe harbor with conditions, including operation on national exchanges and at least 85% liquidity for redemptions, removing a major tax barrier that had prevented yield‑bearing staking products.
Coinbase is relaunching an “ICO 2.0” model with regulatory guardrails and has selected Monad as the inaugural project in Nov. 2025. To support market depth, Coinbase will lend 160 million MON to five market makers—Galaxy, GSR, Wintermute, Auros and CyantArb—and will apply an allocation algorithm to retail investors, aiming to mitigate volatility and improve initial liquidity.
Execution risk centers on whether supply and liquidity programs can absorb the initial flow, as a large day‑one unlock collides with market‑making arrangements and retail allocations. At the same time, ETF staking pathways may accelerate demand for yield‑oriented exposure, contingent on compliance with exchange listing and 85% redemption liquidity thresholds.
The next concrete milestone is the public sale of MON (Nov. 17–22) and the mainnet launch around Nov. 24, which will be decisive to gauge whether the supply and liquidity measures can absorb market pressure and how the new regulatory clarity channels demand into yield products.
