PANews reported on November 30th, citing Cointelegraph, that Arthur Hayes warned Monad, stating that the recently launched L1 blockchain could plummet by 99%, ultimately becoming yet another failed experiment driven by venture capital hype rather than genuine applications. Hayes described the project as "yet another high FDV, low circulating supply VC coin," pointing out that its token structure itself exposes retail investors to risk. Hayes stated that most new L1 networks eventually fail, with only a few likely to maintain long-term relevance, such as Bitcoin, Ethereum, Solana, and Zcash.

In response, Monad founder Keone Hon posted on the X platform: “I greatly admire your contributions to the industry. Perps is a remarkable innovation, and I believe it will continue to grow rapidly. You have had a tremendous impact on the industry. I’ve noticed you’ve been commenting on Monad frequently in recent days. While I know some of your comments may have been taken out of context, I think you might want to understand what makes Monad unique and why it’s more than just another L1 framework. I’m sure you faced a lot of negative comments and skepticism at the beginning of your innovations at BitMEX, but you always faced them head-on and persevered. I would like to emulate your approach.” Keone Hon listed several reasons why Monad is different and concluded, “If you would like to get some MON to experience the network, please let me know, and I’d be happy to send it to you. Thank you again for your contributions to this field, see you on the blockchain.”