Monad has indeed been the most talked-about project this year. After the mainnet officially launched in November, TVL quickly surged to $170 million, with a funding scale of $244 million. The team includes top-tier institutions like Jump Trading. Honestly, the project's goals sound quite attractive—combining Solana's performance, Ethereum compatibility, and true decentralization, the three key elements.

On the technical side, Monad's parallel EVM execution, custom database, and optimistic concurrency architecture are truly hardcore. The technical section of the white paper is detailed enough, with the concurrency model and database design standing up to scrutiny. The target of 10k+ TPS is not just a pipe dream, and the fact that nodes can run on ordinary servers also lowers the participation threshold.

But here's the awkward part—despite the solid technical specifications, the Tokenomics section has very little content. The unlocking mechanism is vague, clearly VC-friendly design. The project team has put a lot of effort into the technology, but the economic model seems to favor early investors—an old trick.

The more realistic current issue is that $MON's price performance, like other projects in the same track, is stuck in a dilemma of high performance but no usage. In the hyper-competitive L1 space of 2025, performance advantages are now basic features. The key is whether the ecosystem can take off. Monad lacks not TPS, but applications, liquidity, and market confidence. VC selling pressure hasn't stopped, the ecosystem hasn't matured, and naturally, the token price struggles to rise.

In short, this is a typical awkward situation of technical prowess but market underperformance.