[Arthur Hayes: 99% Bearish on Monad, Calls It a High-Risk VC Coin] Arthur Hayes stated that the Monad token model is characterized by 'high FDV, low liquidity,' essentially a high-risk structure dominated by VCs and early investors. This model often sees a brief surge in the early stages due to hype and low liquidity, but as token unlocks occur, selling pressure may increase sharply. He mentioned that he had made a small investment in MON but is now '99% bearish,' bluntly saying, 'Send this dogshit to ZERO!' Additionally, he believes that apart from foundational chains like Bitcoin, Ethereum, Solana, and Zcash, most emerging L1 projects, including Monad, are unlikely to survive.