[Arthur Hayes: Monad is a high FDV, low liquidity VC token, facing a brutal sell-off after token unlock] BlockBeats News, November 30 – BitMEX co-founder Arthur Hayes stated in an interview that Monad is 'another high FDV (fully diluted valuation), low liquidity VC token.' This type of token structure inherently exposes retail investors to significant risks. Typically, there is an early surge, followed by a brutal sell-off after insider token unlocks. It will 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. He listed the protocols he believes will survive the next cycle: Bitcoin, Ethereum, Solana, and Zcash.