Monad Goes Live Today: Day One Ecosystem

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Good Morning,

Monad goes live today with a deep day one ecosystem, giving traders and builders plenty to explore right away. At the same time, the market is still shaky after nearly $2B in liquidations and $903M in outflows from US spot Bitcoin ETFs.

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In Today's Email:

• What Matters: Monad Goes Live Today 👀 

• Product of the Week: Wormhole Launches Sunrise Gateway ☀️ 

• Charts: Crypto Liquidations Hit $2B, Bitcoin ETFs’ $903M in Outflows 📊 

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TOGETHER WITH

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WHAT MATTERS

Monad Goes Live Today: Day One Ecosystem

State of play: Monad launches its mainnet today with 50.6% of its 100B MON supply locked. The public sale on Coinbase offered 7.5% of supply at $0.025 and can raise up to $187.5M at a $2.5B valuation.

• The allocation sets 38.5% for ecosystem development, 27% for the team, and 19.7% for investors, with all team and investor tokens locked through long-term vesting.

• The day one ecosystem is already full. Curvance and TownSquare anchor lending with support for LSTs, stablecoins, and looping strategies.

• Yield products launch through the MON Vault and earnAUSD vault.

• Staking and liquid staking begin with shMON, sMON, and gMON offering broad integrations across the network.

• Users can trade spot on Kuru Exchange, launch tokens on Naddotfun, and expect GMGN tooling to be active.

• More protocols go live across DEX aggregation, AMMs, onchain perps, RWAs, prediction markets, social apps, and lending platforms.

Why it matters: Monad launches with real activity on day one. Locked supply keeps early pressure low, and the $187.5M sale shows there is strong interest.

Our take: The ecosystem is already usable, with lending, yields, LSTs, perps, and more ready from the first block.

For builders and investors: The chain has liquidity, tools, and room for new apps to stand out. If you are watching from the sidelines, track LST traction, lending demand, and activity on Kuru and TownSquare to gauge real momentum.

PRODUCT OF THE WEEK

Wormhole Launches Sunrise Gateway

Wormhole Labs has introduced Sunrise, a new liquidity gateway designed to be the main entry point for external assets moving onto Solana.

• Sunrise launches with immediate support for MON, the native token of the Monad blockchain that goes live tomorrow.

• The platform uses Wormhole’s Native Token Transfers system to provide unified liquidity so bridged assets can trade seamlessly across Solana apps.

• The initiative aims to fix the usual fragmented liquidity and wrapped-asset issues seen when new tokens arrive on Solana.

• With Sunrise acting as a standardized front door, Wormhole wants to position itself at the center of cross-chain flows as high-throughput networks like Monad gain traction.

• The gateway is expected to expand to tokenized commodities, stocks, and RWAs, reinforcing Wormhole’s push to become a core part of Solana’s market infrastructure.

Other cool products:

• icpay, a global crypto payment platform.

• Dynamic, a web3 auth developer platform.

• Axal, a 6-10% stablecoin savings accounts.

• Aritect, an all-in-one platform for actionable market intelligence.

• x402, an open protocol for internet-native payments from Coinbase.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

CHARTS OF THE WEEK

Crypto Liquidations Hit $2B

State of play: On Nov. 21, crypto markets saw almost $2B in liquidations as BTC dropped to $82K, its lowest level since April. The selloff pushed total market cap below $3T for the first time since spring, with more than 396,000 traders liquidated.

• Heavy ETF outflows added pressure, including $903M in redemptions the day before, contributing to bitcoin’s steep monthly decline.

• Analysts noted extreme fear, thinning liquidity, and forced selling as the main drivers.

• Bitcoin fell below key cost basis levels and tested the $81.9K True Market Mean, a zone often linked to capitulation.

• A failure to reclaim the $88K to $90K range was said to open a path toward deeper liquidity levels around $78K to $82K.

• Institutional analysts pointed to a “max pain” area between $84K and $73K, tied to the cost bases of major ETF holders and MicroStrategy.

Our take: With liquidity thin and ETF outflows stacking up, BTC needs to get back above the mid $80K range to stabilize. The $84K to $73K “max pain” band has acted as a cycle reset zone before, so a rebound from that area is still possible.

Bitcoin ETFs See $903M in Outflows

State of play: On Nov. 21, US spot Bitcoin ETFs recorded $903M in net outflows, the second largest daily withdrawal since their launch. BlackRock’s IBIT led with $355.5M in redemptions, followed by GBTC with $199.35M and Fidelity’s FBTC with $190.4M.

• Equity indices fell, crypto related stocks dropped, and Bitcoin traded below $86K as mixed US jobs data reduced optimism for a December rate cut.

• Even so, cumulative ETF inflows remain at $57.4B and total net assets stand at $113B, representing about 6.5% of Bitcoin’s market cap.

• Ethereum ETFs also saw $261.6M in net outflows, while newly launched altcoin ETFs such as XRP and Solana products attracted fresh inflows.

Our take: Institutions still hold a huge amount of Bitcoin, but they are clearly stepping back for now. A move back above the mid $80K levels would help settle the mood.

QUICK BITES

• NYSE approves Grayscale DOGE and XRP ETFs.

• Cardano suffers temporary chain split from code bug.

• Crypto liquidations near $2B as Bitcoin rout deepens.

• Spot Bitcoin ETFs shed $1.2B in 4th consecutive outflow week.

• Top DEXs Aerodrome, Velodrome hit with front-end compromise.

• Crypto DATs buckle as crash erodes nearly half of combined market caps.

• Wormhole unveils 'Sunrise' gateway to bring MON and other assets to Solana.

NOTEWORTHY READS & MEME

• Stacy Muur’s read on Neobank Thesis.

• Stacy Muur’s read on The Perp DEX Wars of 2025.

• David Hoffman’s read on Quantum Won’t Kill Crypto.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.