I went through the @monad post-launch metrics. Numbers show that the network isn't dead: • 1.6-2.1M transactions daily • TVL is $220M (down 21% from mid-December peak) • Daily active accounts are around 20-35K The $MON token is trading at $0.018 (down 64% from ATH). But these are just the surface numbers. More than 50% of the chain's activity (~18K users) comes from the @naddotfun token launchpad, a dApp similar to @Pumpfun. All other dApps have under 2K users. For a chain that raised $244M from @paradigm and @coinbase, having one memecoin platform carry the entire ecosystem is not sustainable. As soon as the meta changes, Monad could lose its only active user base. The infrastructure works as intended. The challenge is proving what Monad offers beyond raw speed compared to Base or other established chains. I wouldn’t call Monad a ghost chain yet, but the trajectory points in that direction. High TPS means nothing without the active users.