Total value locked in the Monad blockchain currently stands at around $355 million, up more than 55% since the beginning of February.

This figure makes Monad the fastest Layer 1 blockchain to reach $300 million TVL in the last few years, crossing the threshold roughly four months after its November 2025 mainnet launch.

Despite the recent growth, Monad still accounts for less than 0.4% of the approximately $91 billion total TVL tracked across all chains, leaving significant room for share gains.

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Monad's onchain fee generation currently averages under $3,000 a day. That means $355 million in capital is parked on a chain producing annual revenue in the low six figures, making Monad’s fee-to-TVL ratio among the lowest of any chain with meaningful TVL.

While prominent DeFi protocols such as Uniswap, Curve, and Morpho are present in the network, the presence of protocols does not guarantee the presence of actual users. If fee revenue doesn't scale with TVL, Monad risks joining the growing list of L1s and L2s where capital sits idle chasing token incentives rather than productive yield.

Monad's MON token has likely priced in this skepticism, as it's currently valued at a fully diluted valuation (FDV) of $2.2 billion. MON is currently down about 50% from its post-launch peak of $4.7 billion FDV from over four months ago.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.