BitMEX co-founder Arthur Hayes has issued a stark warning about the future of Monad's native token, MON, suggesting it could plummet by 99%. Hayes criticized the token's economic structure, describing it as a high-FDV, low-circulating-supply setup that could trap retail investors. He argued that the design primarily benefits insiders and venture capitalists, who might sell during peak market hype. Hayes also expressed skepticism about Monad's potential to rival Ethereum or even match Solana in terms of real-world adoption. The token has already seen a significant decline, dropping 25% from its peak price of $0.0487 to approximately $0.036.