[Hayes Says High FDV Tokens No Longer Surge After Binance Listing] According to Jinse Finance, on October 24th, Arthur Hayes, CEO of Flop Labs and former co-founder of BitMEX, stated in his keynote speech at TOKEN2049 in Singapore that high FDV, low-circulation tokens no longer surge after listing on Binance. He criticized venture capital pre-sales for abusing token economics and allowing retail investors to take the fall. FDV stands for Completely Diluted Valuation, and low circulation means a small batch of tradable coins supporting a large valuation; unlocking allows early VCs to cash out. Hayes stated that this model dominated the industry for over a decade (since the ICO boom), but the market no longer buys into it. He proposed Flop Labs' "100% Fair Launch" plan: no pre-sale, no VC quotas, instead airdrop distribution through the testnet, with users earning FLOPs through actual work. The genesis airdrop represents approximately 24.3% of the Year 10 supply (about 4.4 billion/18.1 billion tokens), and is planned to launch in late October or early November 2026, lasting about 90 days. The mainnet genesis is scheduled for Q1 2027. Flop Labs is funded by Hayes personally. He warned that FLOPs have not yet been traded, and any early sales are scams.