Arthur Hayes: Maybe Monad can unlock all tokens and sustain users, challenging Ethereum and Solana

BlockBeats News, November 30th, Arthur Hayes and Monad co-founder Keone Hon continued their war of words on "Monad as a high FDV low circulating supply VC coin." Keone Hon pointed out that the project teams under Arthur Hayes's family office Maelstrom also have not unlocked all tokens. Arthur responded to this by saying, "The projects we are currently investing in or have advised also have a large amount of locked tokens. I have always advised founders that team and investor tokens should be fully unlocked as soon as possible, preferably all at once."

"Then one of two things will happen: the price will go straight to zero, and if there is no organic demand based on actual usage, it will stay there; or the price will first plummet, then rebound due to real organic usage demand. Unfortunately, so far no founder has taken this advice, so I cannot present a successful case based on this theory. Maybe Monad can be the first to prove me right—using its amazing technology to truly bring usage and challenge Ethereum and Solana."

Earlier reports stated that in an interview, Arthur Hayes described Monad (MON) as "another high FDV (fully diluted valuation), low circulating supply VC coin." This token structure itself exposes retail investors to significant risks, potentially crashing by 99%. Early pumps usually occur, followed by a brutal sell-off after insider token unlocks. It becomes another "bear chain." Arthur Hayes believes that most new Layer-1 networks will ultimately fail, with only a very few surviving in the long term.