Backpack

DeFi

Monad

Liquid

Monad's total value locked in DeFi has climbed to $327.54 million, according to DefiLlama data, roughly four months after its mainnet launched on November 24, 2025. That growth stands out at a time when Bitcoin has been chopping between $68,000 and $74,000 and most alt-L1 ecosystems are treading water.
For a chain that started at zero in late November, reaching over $300 million in locked value during a pullback is a strong signal. The numbers suggest more than just launch hype.
<h2 id="span-span-strong-what-do-the-numbers-actually-show-strong-span-span">What Do the Numbers Actually Show?</h2>
The headline TVL figure of $327.54 million only tells part of the story. According to the DefiLlama snapshot, Monad's bridged TVL sits at $654.42 million, meaning a substantial amount of capital has crossed over to the chain even if not all of it is actively deployed in&nbsp;<a href="https://bsc.news/post/decentralized-finance-defi-comprehensive-guide" rel="noopener noreferrer nofollow">DeFi</a> protocols.
<a href="https://bsc.news/post/understanding-stablecoins-how-they-work-guide" rel="noopener noreferrer nofollow">Stablecoin</a> market cap on the chain has reached $442.79 million, up nearly 16% over the past week. That metric matters. Stablecoin growth on a new chain signals capital flowing in for actual use, not just speculative token exposure. $USDC accounts for roughly 62% of that stablecoin supply.
On the trading side, DEX volume hit $46.3 million in the last 24 hours with an additional $13.23 million in perpetual futures volume. Weekly perps volume reportedly jumped nearly 60%, suggesting derivatives activity is picking up pace alongside spot trading.
<h3 id="span-span-strong-daily-chain-metrics-at-a-glance-strong-span-span">Daily chain metrics at a glance:</h3>
<ul>
 <li>Chain fees (24h): $5,080</li>
 <li>Chain revenue (24h): $3,020</li>
 <li>App fees (24h): $56,758</li>
 <li>App revenue (24h): $11,090</li>
 <li>Net inflows (24h): $6.11 million</li>
</ul>
One pattern worth noting: apps on Monad are generating significantly more in fees than the base chain itself. That mirrors a trend seen on&nbsp;<a href="https://bsc.news/post/solana-blockchain-ecosystem-deep-dive" rel="noopener noreferrer nofollow">Solana</a>, where the economic value concentrates at the application layer rather than at the protocol level. For users and builders, that is a healthy sign. It means people are actually using the apps, not just parking capital.
<h2 id="span-span-strong-how-did-monad-get-here-so-fast-strong-span-span">How Did Monad Get Here So Fast?</h2>
Monad launched its public mainnet on November 24, 2025, backed by $513 million in total funding including a Coinbase-hosted public token sale that attracted over 85,000 participants. The $MON token debuted at a public sale price of $0.025.
The chain bills itself as a high-performance EVM-compatible Layer 1, targeting 10,000 transactions per second with sub-second finality. Full&nbsp;<a href="https://bsc.news/post/ethereum-virtual-machine-evm-explained" rel="noopener noreferrer nofollow">Ethereum Virtual Machine</a> compatibility means developers can port existing&nbsp;<a href="https://bsc.news/post/what-are-smart-contracts-and-how-do-they-work" rel="noopener noreferrer nofollow">smart contracts</a> without rewriting anything, lowering the barrier for established DeFi protocols to deploy.
That compatibility has paid off. TVL grew from roughly $150 million in the weeks following launch to the current $327 million range, with contributions from both EVM mainstays like Uniswap v4 and Monad-native protocols like Capricorn and Kuru. Liquid staking has also started to gain ground, sitting around $14 to $16 million.
The Monad Momentum incentive program and ecosystem accelerator initiatives have helped pull in early liquidity, though the real test will be retention once those incentives taper off.
<h2 id="span-span-strong-what-about-mon-itself-strong-span-span">What About $MON Itself?</h2>
The token has not kept pace with the chain's DeFi growth. $MON currently trades around $0.022 with a market cap of roughly $242.85 million and a fully diluted valuation of $2.24 billion. That price sits below the $0.025 public sale price and well off the all-time high of $0.048 hit shortly after launch.
A significant token unlock schedule begins in November 2026, when team and investor allocations (roughly 47% of total supply) start vesting monthly through 2029. That overhang, combined with approximately 2% annual inflation from staking rewards, creates supply pressure that ecosystem growth will need to absorb. On the flip side, if DeFi activity continues at this pace, the chain has a runway to build the kind of organic demand that justifies the valuation over time.
<h2 id="span-span-strong-is-the-growth-sustainable-strong-span-span">Is the Growth Sustainable?</h2>
The strongest case for sustainability sits in the stablecoin data. A 16% weekly increase in stablecoin supply, positive net inflows of $6.11 million in the last 24 hours, and growing DEX and perps volumes all point to users showing up for the DeFi opportunities rather than just chasing token speculation. When stablecoin supply grows on a chain where the native token is near its lows, that is capital coming in for utility.
There are fair counterpoints. Earlier analysis from Blockworks noted that 75% of assets bridged into Monad during its first weeks flowed back out to other chains, pointing to farm-and-rotate behavior. Short-term TVL dips have appeared in some DefiLlama snapshots, and $MON's price action has been inconsistent. Those are valid flags, but the data has moved significantly since the chain's opening weeks.
In a market where most new&nbsp;<a href="https://bsc.news/post/layer-1-blockchains-ultimate-guide" rel="noopener noreferrer nofollow">L1s</a> struggle to maintain any relevance past their launch month, Monad is holding $327 million in TVL, posting $46 million in daily DEX volume, and watching its apps pull in more fees than the chain itself. That last part may be the most telling detail of all. When the apps earn more than the infrastructure, it usually means real users showed up.
<ul>
 <li><a href="https://defillama.com/chain/monad" rel="noopener noreferrer nofollow">DefiLlama</a> Monad chain overview with TVL, stablecoin data, fees, and volume metrics</li>
 <li><a href="https://learn.backpack.exchange/articles/monad-mainnet-launch" rel="noopener noreferrer nofollow">Backpack Exchange</a> Monad mainnet launch details, MON tokenomics, and Coinbase public sale overview</li>
 <li><a href="https://blockworks.co/news/after-monad-tge" rel="noopener noreferrer nofollow">Blockworks</a> Post-TGE ecosystem assessment including bridge outflow data and early DeFi activity</li>
 <li><a href="https://coinmarketcap.com/currencies/monad/" rel="noopener noreferrer nofollow">CoinMarketCap</a> $MON price, market cap, and token performance data</li>
</ul>

Monad TVL Explodes In Spite of Market Pullback

Table of Contents

BSCN

Other articles published on Mar 31, 2026

Join our free newsletter for daily crypto updates!