#Layer-1网络发展 Analyzing the mudslinging between Hayes and Monad actually reflects some core issues in the current L1 track. High FDV and low circulation token models indeed carry risks, but it cannot be entirely generalized. The key still depends on the project's own technological innovation and ecosystem development. The Monad team emphasizes that they have unique features, but currently lack sufficient evidence. Hayes suggests unlocking all tokens to demonstrate strength, which is an interesting perspective. However, I believe that for an L1 project to truly survive, beyond tokenomics, it is more important to achieve breakthroughs in performance, security, and application ecosystems. I will continue to follow Monad's on-chain data performance to see if it can bring new highlights.