#代币经济模型变化 Looking back at the development history of blockchain projects, the evolution of token economic models is indeed quite revealing. Hayes's suggestion to Monad reminds me of those ambitious "Ethereum killers" in the early days. At that time, many projects adopted high FDV and low circulating token models, which could attract attention in the short term but were often unsustainable in the long run.

Now it seems that such models essentially transfer the risk to retail investors. I have personally witnessed many projects experiencing fierce sell-offs after insiders' tokens are unlocked, ultimately turning into "bear chains." Hayes's perspective, while sharp, is not without reason.

However, I believe that even if Monad fully adopts Hayes's advice and unlocks all tokens, it does not necessarily guarantee success. The token economic model is just one factor in a project's success; technological innovation, ecosystem development, and team execution are equally important. History has shown that only a few projects can survive long-term in the Layer-1 track.

In any case, this debate once again reminds us that when evaluating new projects, we need to consider multiple factors and avoid focusing solely on short-term gains. The design of the token economic model should prioritize sustainable long-term growth rather than chasing short-term hype. The industry is still evolving, and we should learn from past experiences to explore more reasonable models for future development.