Monad launched its layer 1 blockchain mainnet on Monday, which sparked a 40% rally in its native MON token despite an initial dip from its sale price of $0.02.

A list of high profile applications across the crypto ecosystem have already been deployed on the Monad mainnet, including Uniswap, Curve Finance, MetaMask, Stargate Finance and Wormhole.

This story is an excerpt from the Unchained Daily newsletter.

The mainnet launch was accompanied by MON’s token being listed on several major exchanges, including Coinbase, Kraken and Gemini, but notably not Binance.

Earlier this week, Monad’s week-long token sale on Coinbase concluded with 86,000 participants and $269 million in commitments. 

Those early token buyers faced an anti-flip rule discouraging immediate selling, which potentially helped stabilize price movements.