Monad's total value locked (TVL) has reached approximately $355 million, marking a growth of over 55% since early February 2026. This milestone comes about four months after its mainnet launch, during which it surpassed the $300 million mark. Despite this growth, Monad's TVL represents less than 0.4% of the total $91 billion across all chains. Additionally, the platform's daily on-chain fee revenue remains below $3,000, indicating a low fee-to-TVL ratio and suggesting limited capital efficiency. This may imply that the funds are primarily driven by incentives rather than actual usage.