Arthur Hayes says most L1s outside Ethereum and Solana are headed to zero

Arthur Hayes, co-founder of BitMEX, stated his belief that nearly all Layer 1 (L1) blockchain tokens outside of Ethereum and Solana are destined to fail and become worthless. He specifically cited the recently launched Monad, predicting its MON token would crash by 99% due to an inflated valuation typical of VC-backed L1s with high Fully Diluted Valuation (FDV) and low circulating supply. Hayes explained that new L1 projects often see an initial price surge driven by investors chasing early Ethereum-like gains, but this hype rarely translates into long-term viability. When asked about his top five crypto picks, Hayes named Ethereum, Solana, Bitcoin, Zcash, and Ethena. He views Ethereum as the essential backbone for institutional Web3 adoption, supported by L2s for scalability and privacy, while noting that Solana, the second-largest L1, needs a new catalyst beyond meme coin activity to sustain its momentum, though he doubts it will outperform Ethereum.

(Source：Crypto Briefing)