#Layer-1网络发展 Looking back over many years of Layer-1 network development, it has to be said that current projects are increasingly resembling the old套路 from back in the day. Seeing Arthur Hayes comment that Monad could plummet 99%, I feel deeply. This kind of high FDV and low circulating supply token structure—isn't it the same套路 often seen during the ICO boom? Early rapid gains, then brutal sell-offs once insiders unlock, ultimately turning into a "bear chain."

From historical experience, most new Layer-1 networks do not escape failure. Those that survive through multiple cycles are usually projects with genuine value and ongoing innovation capability. Hayes mentioned Bitcoin, Ethereum, Solana, and Zcash, which indeed are outstanding projects that have stood the test of the market.

However, not all new projects should be dismissed outright. The response from Monad’s CEO Keone Hon is also worth noting. He emphasized Monad’s differentiated advantages in technology and architecture, as well as the "bottom-up distribution" mechanism to avoid whale monopolization. Whether these innovations will help Monad stand out remains to be seen with time.

Looking at past cycles, projects that truly survive long-term tend to have several features: continuous technological innovation, active community support, clear application scenarios, and solid governance structures. Investors should analyze new projects from these angles rather than be fooled by short-term price fluctuations.

After all, blockchain technology is still in its early stages, and more innovative Layer-1 solutions may emerge in the future. The key is to maintain an open and rational attitude—neither blindly hype nor easily dismiss. Let time test the true value of each project.