Monad's current total locked value (TVL) is approximately $355 million, representing over a 55% increase since early February 2026, and surpassing $300 million about four months after its mainnet launch. However, its TVL accounts for less than 0.4% of the total on-chain market cap of approximately $91 billion, and the daily on-chain fee revenue is below $3,000. The fee-to-TVL ratio is relatively low, indicating limited capital utilization efficiency, and funds may primarily rely on incentives rather than actual usage. (The Block)