#高FDV低流通量VC币风险 This debate has shown me many familiar patterns. Hayes's argument is actually not new, it's just the old cliché of "VC coins with high FDV and low circulation will eventually collapse." But he has indeed tapped into market sentiment, after all, many retail investors have lost money in projects with this structure. The response from the Monad founder was quite decent, articulating technical advantages and ecological vision convincingly. But the problem is, these things need time to be validated, whereas Hayes's doubts are immediate and intuitive. In the public opinion arena, critics often have an advantage over builders. What will really determine Monad's fate is whether developers will create valuable things with it in the coming years. As someone with experience, I just want to remind everyone: don't be blinded by short-term price fluctuations, and don't easily believe one-sided claims from KOLs. Do your own research, focus on long-term value, because that’s the key to surviving in this market long-term.