GeckoPulse: Monad ICO on Coinbase!

Monad comes to Coinbase!

Crypto exchange Coinbase will be hosting public token sales on its new platform, starting with Monad.

The new platform will allow retail investors to participate, including US-based investors.

In Coinbase’s latest announcement post, token sales will not follow the regular ‘first-come-first-served’ format, but aims to prioritize wider distribution through an algorithm known as  ‘filling up from the bottom’.

Additionally, participants who sell their tokens within 30 days from listing may receive small allocations in subsequent sales.

On the other hand, token issuers and their associates will be required to lock their tokens for a minimum of 6-months from the completion of their public sale on Coinbase.

The sale for Monad’s native MON token will run from November 17 to November 22, right before its official launch on November 24.

Up to 7.5% of MON’s total supply - equating to 7.5B tokens - will be up for grabs at $0.025, at a fully diluted valuation of $2.5B.

Interestingly, the price of MON on Hyperliquid’s pre-market currently stands at $0.054, more than double the public sale price.

Unification

Uniswap Labs and the Uniswap Foundation, the two main entities behind the popular DeFi application Uniswap, have introduced a new proposal to align incentives within the protocol’s ecosystem.

The ‘UNIfication’ proposal will include the long-awaited fee switch mechanism, allowing protocol revenue to be used for burning native UNI tokens.

Sequencer fees from Uniswap’s Unichain Layer-2 will also be sent to the same burn mechanism. 

Additionally, both entities plan to burn 100M UNI - approximately 16% of the current circulating supply - from the protocol’s treasury.

Since the proposal was announced, the price of UNI has surged by 23.6% from $6.75 to $8.34.

EVM-coded

The Injective protocol has finally launched its native EVM mainnet, bringing Ethereum-like functionality to the Cosmos-based network.

According to the team, developers will now be able to deploy both EVM and WASM-based applications in a unified ecosystem.

The Injective EVM, abbreviated as inEVM, is an important stepping stone in the project’s ‘MultiVM’ roadmap, with plans to create a single Layer-1 that supports multiple virtual machines and smart contract formats.

Should this roadmap be accomplished, developers will have the freedom to deploy applications to different virtual machines, with all of them sharing the same assets and liquidity on-chain.

From day one, the inEVM already features popular dApps such as LayerZero, Timeswap, and Yeti Finance, as well as liquid staking protocol Accumulated Finance and lending platform Silo Finance.

Since the announcement, the price of INJ has increased slightly by 1.4% from $7.69 to $7.80 today.

Lido’s latest move

Liquid staking protocol Lido has now hopped onto the buyback trend.

Steakhouse Financial, a firm that is now part of Lido’s Finance Operations Team, has proposed to deploy an automated buyback mechanism for the protocol’s native LDO token.

As per Steakhouse’s proposal, a LDO/wstETH liquidity pair will be deployed to execute the buybacks under specific parameters.

Using these initial parameters, buybacks will be restricted when the price of ETH falls below $3,000, or the protocol’s revenue falls below $40M.

However, it is estimated that the buyback program will only utilize up to $4M based on these figures.

Shortly after the proposal was announced, the price of LDO spiked to $0.88, but has since retreated to $0.84.

In Other News

SoFi Reintroduces Crypto Trading. The publicly traded Fintech firm SoFi reintroduces crypto trading to its users after previously disabling crypto trading in 2023. BTC, SOL and ETH are available for trading alongside other cryptos.

Sonic Labs Proposes Fee Switch. Sonic Labs is planning to introduce a fee monetization system to promote a deflationary system for its S token. CEO Mitchell Demeter proposed several changes to “increase deflation and strengthen long-term value alignment”.

JPMorgan Launches JPM Coin. Financial giant JPMorgan announced that it has officially launched its deposit token JPM Coin (JMPD) to institutional clients on the Ethereum Layer 2 Base. The coin serves as receipt tokens for tokenized deposits.

DTCC Lists Chainlink ETF. The Depository Trust and Clearing Corporation (DTCC) has listed Bitwise's spot LINK ETF under its "active and pre-launch" category with the CLNK ticker. Experts expect the next ETF approval to be Ripple’s XRP.

Block Expands Bitcoin Offerings. Jack Dorsey's Block has launched Bitcoin payments for all of its merchants globally via its Square Bitcoin platform. To incentivize sellers, Block promises zero fees for sellers up till 2027. Block is the parent company behind the popular payments application, “Cash App”.

Coinbase Launches Savings Account in the UK. The Coinbase Savings Account will let eligible UK users earn 3.75% variable interest, paid daily, on their GBP savings balances. Deposits will further be FSCS protected up to £85K.

Bybit x Korbit Acquisition Rumors. South Korea’s Maeil Business reported that the Bybit crypto exchange is in talks to acquire South Korean crypto exchange, Korbit. Korbit has denied the rumors saying “we cannot comment on ongoing matters”.

Crypto Twitter’s Icarus. Popular crypto influencer “IcoBeast” just had his $1M MegaETH ICO allocation revoked and refunded after publicly disclosing that he intends to hedge against his own allocation, breaching the terms and conditions outlined in MegaETH’s ICO pre-sale.