Arthur Hayes changed his stance on Monad (MON) after the launch of its mainnet, in an episode that coincided with massive movements by large holders. The token launch and prior distribution triggered volatility spikes and intensified scrutiny over distribution and operational security, amid reports of whale accumulation that could not be independently verified.
Monad presents itself as a high‑performance EVM network with 10,000 TPS and 0.8 s finality, designed to reduce latency and scale applications. TPS (transactions per second) is a capacity metric that indicates how many transactions a network can process in one second, framing expectations for throughput and performance targets.
The total supply was fixed at 100 billion MON, with approximately 10.8% initially unlocked and 38.5% allocated to Ecosystem Development, managed by the project foundation. Staking was projected with yields around 8–12% annualized to incentivize network security, aligning token incentives with validator participation.
The network launched its mainnet on November 24, 2025 and preceded the airdrop, which distributed about 3.3 billion MON (3.3% of the supply) among more than 230,000 users after a Sybil purge to filter fraudulent accounts. A Sybil purge is a cleanup designed to remove fake identities trying to claim multiple incentives in an airdrop, aiming to protect fairness and the intended reach of the distribution.
In the market, MON experienced initial rises between 62% and 78%, with prices moving from $0.026 to $0.046 and a temporary valuation near $4 billion, followed by corrections — a drop on the order of 15% in the immediate aftermath. Parallel to the volatility and contradictory statements from public figures, reports of massive accumulation by large holders emerged: the figure of 300 million MON swept by whales circulated, although that figure “could not be independently verified” and reports speak in terms of “hundreds of millions” moved on‑chain.
Distribution, operational risks and signals for professionals
The combination of scheduled unlocks (up to the fourth anniversary of the mainnet, expected in Q4 2029), a high allocation for ecosystem development and the initial concentration of tokens raises practical questions about liquidity and governance. This structure concentrates attention on how supply releases may affect market depth and voting influence as the network matures.
The operational issues in the launch window — extreme fees in claim scripts and spoofing events — underscore risks to user experience and attack vectors that can affect retention and trust. These signals suggest the need for tighter operational controls and clearer guidance to reduce friction during high‑traffic events.
For institutional and professional actors, the key signals are clear: the dynamic between controlled distribution and whale accumulation, the need to monitor future supply releases, and the assessment of the risk of centralization of economic power in protocol governance. Ongoing surveillance of on‑chain flows and unlock schedules is central to risk management and to understanding how governance weight may evolve.
Monad combined an ambitious technical presentation with a launch execution marked by volatility and operational issues, while massive accumulation by large holders added a layer of complexity to price and liquidity.
