#Monad Layer-1网络发展 Time flies, and in the blink of an eye, the blockchain industry has gone through more than ten springs and autumns. Watching the emerging Layer-1 project Monad, I can't help but think of those ambitious public chains in the past that aimed to challenge Ethereum. History is often surprisingly similar; high valuation, low circulation, VC dominance—these characteristics are all too familiar. Arthur Hayes's warnings are not baseless but stem from a profound understanding of industry cycles.

Looking back, projects like EOS, Cardano, and others were highly sought after in their early days, but ultimately they could not escape the fate of price crashes. This token economic model is very unfriendly to retail investors and easily leads to unidirectional wealth transfer. Although the Monad team is confident, whether they can break this curse remains uncertain.

As someone who has witnessed the rise and fall of countless projects, I advise new entrants to stay rational and participate cautiously. I also hope the Monad team can learn from past lessons and innovate in token distribution and unlocking mechanisms. After all, truly lasting projects ultimately rely on technology and ecology, not short-term hype. Let’s wait and see if Monad can stand out in this cycle and bring new possibilities to the industry.