$MON drop - Monad turn into ghost chain? Many KOLs have compared Monad with WLFI or more recently with Plasma. However, they forget that: • WLFI launched with a $24B FDV. • Plasma launched with roughly a $17B FDV. • For Monad, at the all time high, this figure was only around a $4.9B FDV. Another notable point about Monad is that they are doing several things that go against traditional approaches. • Monad allocated 3.3% for the airdrop and is willing to face FUD. Only true contributors receive the airdrop. • They also unlocked the entire 38.5% of $MON allocated for ecosystem development and did not distribute incentives at the early stage to produce beautiful metrics such as TVL or active addresses. ➥ This is something I fully support because if incentives are distributed randomly without a clear plan, it becomes nothing more than a temporary painkiller. However, it is also true that the Monad ecosystem right now does not have anything particularly special. Everything is still very basic. The majority of incoming capital is speculating on memes and NFTs, and that is all for now. I also do not think that using memecoins can retain users in the long run. It is similar to incentives and only works when the ecosystem is already strong enough to keep capital from leaving. ➥ If there is no runner, degens will not bridge in to gamble and those who get rekt will bridge out. It is still far too early to conclude that Monad is a zombie chain when they have been live on mainnet for only about one week. Sui once airdropped generously to loyal network users, and with Monad I also hope this could happen. That is the expectation. As for planning or predicting their next steps, we cannot truly answer that question. For now, Monad still holds control and I believe they will know how to use their treasury appropriately depending on market conditions instead of throwing money out the window the way Berachain or Unichain did.