The Layer 1 blockchain Monad has grabbed the headlines prior to now few days following its profitable launch earlier final week. MON, its native token, loved a big 80% surge on the again of the launch, hitting an all-time excessive of 0.048 on Wednesday, November 26.
Whereas the Monad protocol has loved important consideration since going dwell, it seems that not everyone seems to be assured in its potential adoption. Most notably, BitMEX co-founder Arthur Hayes has put ahead a pessimistic outlook for the undertaking, saying its token worth might fall as a lot as 99%.
Monad Has No Actual Use Case: Hayes
In a YouTube interview with Altcoin Day by day, Hayes said that some other Layer 1 blockchain in addition to Ethereum and Solana is “zero” and isn’t going to do very nicely. Utilizing Monad for example, the previous BitMEX CEO described the protocol’s coin as one other “excessive FDV, low-float” token.
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Hayes stated that Monad goes to be the brand new “Berachain” and expects its native token’s worth to fall by 99% after the preliminary soar. Berachain, which launched in February 2025, has its native token BERA buying and selling beneath $1, almost 94% beneath its all-time excessive of $14.83.
As of this writing, the Monad token is valued at round $0.0285, reflecting an over 40% decline since hitting its all-time excessive on Wednesday.
Hayes highlighted that each new undertaking’s token typically enjoys an early worth spike earlier than going through a deep correction, as there’s often no actual use case to again up the preliminary progress. The crypto founder famous that it’s a traditional case of FOMO (concern of lacking out), particularly after the large success of Ethereum.
Hayes stated within the interview:
Each coin will get their first pump and folks need to consider within the new L1. Everyone desires to spend money on the brand new Ethereum like they might have in 2014 when everybody missed it. Me included. However once more, that doesn’t imply it [Monad] goes to really have any actual use case.
Shifting ahead, Hayes went on to choose a “magnificent 5” of protocols at the moment within the cryptocurrency area, together with Bitcoin, Ethereum, Solana, ZCash, and Ethena.
If Not Layer 1s, What Subsequent?
It’s little shock that ZCash made it to the BitMEX co-founder’s record of high blockchain protocols. In response to Hayes, ZCash and different privacy-focused cash—like Monero—will dominate the crypto narrative much more within the coming yr.
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Moreover, Hayes talked about that Zero Data (ZK) proofs and quantum resistance are different crypto narratives to be careful for in 2026. Particularly, the crypto founder famous that the subsequent winner within the crypto market over the subsequent one to 2 years would come from the ZK area.
Featured picture from iStock, chart from TradingView