[Arthur Hayes: Perhaps Monad Can Fully Unlock Tokens, Retain Users, and Challenge Ethereum and Solana] BlockBeats News, November 30 – Arthur Hayes and Monad co-founder Keone Hon have been engaged in an ongoing debate regarding 'Monad being a high FDV, low-circulation VC token.' Keone Hon pointed out that projects under Arthur Hayes' family office Maelstrom's investment portfolio also have not fully unlocked their tokens. In response, Arthur stated: 'Projects we have invested in or advised, whether currently or in the past, also have a large number of locked tokens. My consistent advice to founders has been that team and investor tokens should be unlocked 100% as quickly as possible, ideally immediately.' 'Then one of two things will happen: the price will go straight to zero and stay there if there is no organic demand based on actual usage; or the price will crash first and then rebound and recover due to real organic usage demand. Unfortunately, no founder has taken this advice so far, so I currently don’t have a successful case to prove this theory. Perhaps Monad can be the first to prove me right—with its impressive technology truly driving usage and challenging Ethereum and Solana.' Previously reported, Arthur Hayes mentioned in an interview that Monad (MON) is 'yet another high FDV (fully diluted valuation), low-circulation VC token.' This token structure inherently exposes retail investors to significant risks, potentially leading to a 99% crash. Typically, there is an early pump, followed by a brutal sell-off once insider tokens are unlocked. It could become another 'bear chain.' Arthur Hayes believes that most new Layer-1 networks will ultimately fail, with only a very small number surviving in the long term.