► Monad Thesis: Long monad:native Literally no one talking about monad:native on my tl right now despite the chain not being that bad. @Monad is getting very close to becoming a $1B DeFi economy only 9 months after mainnet. TVL went from $52M around launch to $945M now, ~18x growth. But the more interesting part is what the TVL is turning into. – $730M stablecoins – $434M RWA – $1.74B bridged TVL – $256M daily DEX volume So TVL alone is almost 2.9x monad:native's circulating mcap, while stablecoins are >2.2x. Obviously TVL/mcap isn't a valuation formula, but it's hard to ignore when the gap keeps widening while the token is still trading like the chain is nothing. Most capital is sitting on K3, Aave, Euler, Hyperithm, Morpho and Pendle. The chain now does ~6.37M tx/day with ~29.8K active addresses and ~9K new addresses. That's only ~70-74 realized TPS on a chain designed around 10,000+ TPS, which sounds bearish, but I see it differently. The chain is barely using 1% of its theoretical execution ceiling while already holding almost $1B DeFi TVL. The bottleneck right now is whether enough valuable activity gets built on top of that state. The infra keeps getting faster before demand even gets close to catching it. – MIP-12 moved blocks from 400ms → 300ms and finality from 800ms → 600ms on live mainnet. – MIP-8 is changing how storage is laid out so contracts touching multiple storage slots become cheaper. Phase A is already live and full activation passed testnet. – Cadence is researching the next jump toward 100ms blocks / 200ms finality with multiple concurrent proposers. So I think monad:native is still a good long-term hold into the new cycle with all these fundamentals. – the chain is securing significantly more capital than the token is priced for – network effects across DeFi, payments, RWAs, consumer apps and capital formation concentrate better on one shared, fast, neutral state – capital and serious teams are choosing Monad for speed + EVM familiarity – incentive-driven activity exists, but institutional-grade products are landing and expanding – the Foundation offered up to $60M to buy locked MON from early investors at a discount reflecting the remaining lock-up, and nearly all declined If Monad can keep this ~$1B economy active and growing, the next thing that needs to catch up is monad:native.