Traders price Monad at around $15 billion FDV on Hyperliquid’s MON pre-launch market
Hyperliquid, which operates a crypto perpetual futures trading platform, has listed MON-USD hyperps, allowing traders to long or short the token in a pre-market phase.
On Wednesday, Hyperliquid announced that users can now long or short MON-USD hyperps for the pre-launch MON token with up to 3x leverage. Hyperps, or Hyperliquid-only perps, function like perpetual contracts but do not require an underlying spot or index oracle price, according to its website.
MON is the native token for Monad, a Layer 1 blockchain that rolled out its testnet earlier this year. Monad is designed to be fully compatible with the Ethereum Virtual Machine, making it easier for developers to transition their applications.
Monad has teased an airdrop for MON and updated its "airdrop claim loading" progress bar to 80% on October 6, up from 51% on October 2, according to its post on X.
Based on mark prices in the MON-USD hyperp of nearly $0.15, MON's fully diluted valuation stands at roughly $15 billion.
Within hours of the rollout, Hyperliquid’s MON market has seen a trading volume of $19.3 million and an open interest of nearly $4 million.
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