Monad founder Keone Hon has publicly responded to sharp criticisms from BitMEX co-founder Arthur Hayes regarding the Monad blockchain. Hayes recently labeled the project a high-risk venture driven by capital hype rather than genuine application utility, describing it as a 'high-FDV, low-float VC coin.' He warned that such projects could potentially lose 99% of their value post-unlock. Hayes further cited Bitcoin, Ethereum, Solana, and Zcash as the only Layer 1 blockchains likely to survive long-term. Despite the harsh words, Keone Hon responded respectfully to the allegations, acknowledging the criticism while defending the project's technological merits and long-term vision. However, the tension escalated when Hayes tweeted the phrase "Steady lads ..." directed at Hon. This phrase is a well-known crypto meme historically associated with significant volatility or impending crashes, famously used by Do Kwon before the Terra collapse. [Update 1] Following Hayes' "Steady lads" comment, the market reacted negatively. Traders have been closely monitoring a sharp decline in the MON token's price, which reportedly dropped to the 0.25 range, approaching its initial presale levels. Market participants noted that while the token had previously doubled from its sale price, these gains were largely erased as the price trended downward amidst the renewed volatility.