Arthur Hayes has criticized Monad, labeling it a "high-FDV, low-float" trap orchestrated by venture capitalists. Speaking on Altcoin Daily on November 29, Hayes dismissed the "next-gen ETH killer" narrative surrounding Monad, suggesting it serves as a cash-out opportunity for founders and backers. He argued that Monad cannot compete with Ethereum and is weaker than Solana. Previously, on November 25, Hayes had set a $10 target for MON, but following a price drop, he reversed his stance, now predicting its value will fall to zero. Hayes further stated that aside from Ethereum and Solana, he expects nearly all other Layer 1 blockchains to eventually become worthless.