TLDR
- Hyperliquid’s MON-USD perpetuals saw $28M in 24-hour trading volume.
- MON token is priced at $0.13 with a fully diluted valuation of $13B.
- Monad’s airdrop is near completion, with the claim feature 98% ready.
- Hyperliquid’s new market offers traders pre-airdrop speculation on MON.
Hyperliquid, a decentralized exchange, has recently listed MON-USD perpetual contracts, allowing traders to speculate on the price of Monad’s native token, MON, ahead of its highly anticipated airdrop. This move comes as Monad’s airdrop draws closer, with the project’s social media indicating the airdrop claim feature is nearly complete. The MON-USD perpetuals offer a chance for traders to position themselves before the official distribution of tokens.
Hyperliquid Launches MON-USD Perpetual Contracts
Hyperliquid has introduced perpetual contracts for the MON-USD pair, enabling traders to take long or short positions on the MON token before its official launch. This new market on the decentralized exchange has already attracted substantial interest, with over $28 million in trading volume recorded within the past 24 hours. The listing gives traders an opportunity to speculate on MON’s future value, with the token currently priced around $0.13.
MON is the native token for Monad, a Layer 1 blockchain designed to be fully compatible with Ethereum Virtual Machine (EVM). The blockchain’s compatibility with Ethereum allows developers to move their applications seamlessly, which is expected to increase the token’s demand as the ecosystem grows. The listing on Hyperliquid gives early traders a chance to act on potential market movements before the official launch and distribution.
Anticipated Airdrop Boosts MON Trading Activity
The MON-USD perpetual contract listing coincides with the increasing buzz surrounding Monad’s expected airdrop. Monad has recently teased the airdrop claim feature, with an update showing it’s nearly 98% complete. The airdrop is expected to distribute 100 billion MON tokens, which would give Monad a fully diluted valuation of around $13 billion. As of now, the trading activity in MON-USD perpetuals indicates strong market interest in the token ahead of its release.
Traders on Hyperliquid are positioning themselves for the airdrop by speculating on the price of MON before its official entry into the market. This anticipation has resulted in considerable volume, reflecting investor expectations regarding the future value of the token. The trading volumes show the level of interest in both the token and the upcoming airdrop, making it a focal point for those involved in decentralized finance.
Monad’s Blockchain and its Potential
Monad’s Layer 1 blockchain is designed to simplify the migration of applications from Ethereum. Its full compatibility with the Ethereum Virtual Machine (EVM) is expected to be a key factor in attracting developers and users to the platform. As more projects look to build on Monad, the demand for its native MON token is anticipated to rise, further influencing the token’s value and market dynamics.
With the imminent airdrop, Monad aims to increase its exposure and user base, encouraging more decentralized finance (DeFi) adoption. The project’s blockchain technology and its smooth transition for Ethereum-based projects provide a compelling reason for developers and traders to engage with Monad’s ecosystem. The airdrop distribution will likely fuel the token’s growth, increasing its role in the broader DeFi space.
Hyperliquid’s Role in Pre-Market Trading
The listing of MON-USD perpetual contracts on Hyperliquid positions the decentralized exchange as a key player in the pre-market phase of the MON token. Hyperliquid allows users to trade perpetual contracts without needing to own the underlying asset, providing flexibility and leverage in trading. This enables traders to speculate on the token’s price without having to wait for the official airdrop.
The decentralized nature of Hyperliquid also aligns with the broader trends in the crypto space, where decentralized platforms continue to attract attention. As the airdrop date approaches, the exchange’s role in providing early exposure to MON may play a critical part in setting the stage for its official launch and distribution. The strong trading volumes and ongoing interest suggest that Hyperliquid will continue to be a key venue for MON trading ahead of the airdrop.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
