Arthur Hayes is warning traders that Monad might lose most of its worth as he stresses that just a few main chains will endure.
Arthur Hayes continues to share direct views about new blockchain initiatives and his latest feedback on Monad have triggered debate throughout the crypto sector.
His remarks have now raised questions on how new chains enter the market, how they win belief and why many fail as soon as early curiosity fades.
Hayes Calls Monad a Dangerous Wager
Arthur Hayes didn’t maintain again throughout his look on Altcoin Every day. He stated Monad carries important draw back danger because of its token construction and early-stage development.
He described it as a excessive FDV, low float mission, which regularly locations retail merchants at an obstacle. For context, FDV is the worth a mission would present if each token had been already buying and selling available on the market.
When the hole between FDV and circulating provide turns into vast, costs can transfer sharply as soon as insider tokens unlock.
All L1s exterior of $ETH are zeros.
Arthur Hayes says non-public chains are completed. Establishments need public blockchains for actual safety, and which means Ethereum.
Solana survives if it finds a brand new narrative past memecoins. Monad is one other excessive FDV VC entice heading to zero.… pic.twitter.com/gfOxtBQ8Pq
— SamAlτcoin.eth 🌎 (@SAMALTCOIN_ETH) November 28, 2025
Hayes stated that many merchants chase early good points on new chains, then face sudden drops when liquidity begins thinning. He warned that Monad matches this sample and expects its token to lose most of its worth as soon as the primary wave of pleasure quiets down.
The brand new chain launched this week and launched its MON token by means of an airdrop.
Monad additionally raised $225 million from Paradigm final 12 months, and the mission markets itself as a high-performance answer that helps parallelised execution. It additionally does this whereas staying suitable with the Ethereum Digital Machine.
Supporters imagine that this combine provides it a bonus, however Hayes disagrees.
Hayes Believes Solely a Few Chains Will Survive
Hayes stated the checklist of recent layer-1 initiatives grows yearly however most won’t final. He expects the market to slender round a small group that may entice builders, customers and institutional adoption.
To this point, his shortlist contains Bitcoin, Ethereum, Solana and Zcash. He stated these have endurance as a result of they maintain sturdy communities, deeper liquidity and clearer use circumstances.
“Monad gained’t have the ability to compete with Ethereum
I’ve no perception that it is a professional blockchain.
It’ll by no means have any actual utilization.”
— Arthur Hayes
when you perceive community results, Ethereum’s right here to remain on the prime.
Monad’s answer is straightforward: construct on… pic.twitter.com/EuXpU6VK1N
— rip.eth (@ripeth) November 29, 2025
He pointed to many previous cycles the place dozens of recent chains arrived with sturdy advertising and marketing however couldn’t hold traction. He believes the identical sample will repeat, and added that each new chain will get an early push as a result of merchants seek for the subsequent main breakout.
All earlier than the hype fades.
Associated Studying: Hayes Predicts Fairness Perps Will Overtake Inventory Exchanges
Ethereum and Solana Stay His Fundamental Picks
Hayes typically factors out Ethereum as crucial chain for institutional companions.
He stated massive traders use Ethereum for stablecoins, tokenised belongings and varied Web3 experiments and affirmed that this exercise will proceed rising.
In response to him, this provides Ethereum extra power than initiatives making an attempt to enter the identical house with smaller groups and fewer connections.
He additionally believes that Solana will stay a serious chain. Solana not too long ago recovered strongly after its earlier struggles and regained consideration from merchants and builders. Hayes stated that Solana wants a recent development driver after the meme coin rush cooled down.
He expects the chain to search out new makes use of however doesn’t anticipate it to outperform Ethereum over lengthy intervals.
He argued that nearly each different layer-1 mission will fade as a result of they lack the identical stage of adoption or liquidity. In all, he sees Ethereum and Solana as the one two that may entice severe long-term exercise exterior Bitcoin.