Arthur Hayes: Perhaps Monad can be the first to unlock all tokens and challenge Ethereum and Solana.

On November 30, Arthur Hayes and Monad co-founder Keone Hon continued their verbal sparring over “Monad as a high FDV low circulating VC coin.” Keone Hon pointed out that the project party of the portfolio under Arthur Hayes' family office Maelstrom had not unlocked all tokens either. Arthur responded, “The projects we are currently or have previously invested in or advised also have a large amount of locked-up tokens. My constant advice to founders is that the team and investors' tokens should be unlocked 100% as soon as possible, preferably all at once.” “Then one of the following two situations will occur: the price drops to zero, and if there is no organic demand based on actual use, it will stay there; or the price falls sharply first and then rebounds due to real organic demand. Unfortunately, so far no founder has taken this advice, so I currently cannot present a successful case based on this theory. Perhaps Monad can be the first to prove me right—bringing real usage with its stunning technology to challenge Ethereum and Solana.” Previously reported, Arthur Hayes stated in an interview that Monad (MON) is “another high FDV (Fully Diluted Valuation), low circulating supply VC coin.” This token structure itself poses significant risks for retail investors, potentially leading to a 99% drop. Typically, there will be an early pump, followed by a brutal dumping after insider tokens are unlocked. It will become another “bear chain.” Arthur Hayes believes that most new Layer-1 networks will ultimately fail, with only a few surviving in the long term.