Introduction Crypto veteran Arthur Hayes has issued a cautionary warning regarding Monad, a newly launched layer-1 blockchain, suggesting it could decline by as much as 99%. Despite initial enthusiasm, Hayes remains skeptical about its long-term prospects amidst concerns over its valuation and structure. Conversely, he maintains a bullish outlook on the broader cryptocurrency market, driven by anticipated monetary expansion and institutional adoption. Key Takeaways Arthur Hayes warns that Monad could experience a 99% drop, citing its high fully diluted valuation and vulnerable tokenomics. He predicts most new layer-1 blockchains will fail, with only a select few like Bitcoin, Ether, Solana, and Zcash likely to endure. Hayes remains optimistic about the market, citing renewed liquidity injections and global credit expansion as positive catalysts. He anticipates privacy coins and zero-knowledge systems will become central themes, with Ethereum-based solutions gaining traction among insti...