Controversial information in the crypto community related to MON – the Token of the Monad ecosystem – has just had a new development when Evgeny Gaevoy, founder of Wintermute, officially denied allegations that his unit was holding a Short position and putting price pressure on the project.
According to the latest update from Odaily, some developers in the Monad ecosystem have accused Wintermute – one of the largest market makers in the market – of deliberately opening Short positions on MON. They believe that this action could create panic and push the Token price down. However, Evgeny Gaevoy immediately responded and completely denied these comments. He emphasized that “don’t make statements that cannot be verified,” implying that the accusations are baseless and could seriously mislead investors.
More notably, when a community member asked directly whether Wintermute was holding a Longing position in MON, Evgeny responded briefly but clearly: “Actually, yes.” This statement quickly became a hot topic of discussion, as it not only denied the Short accusations but also showed that Wintermute was placing his faith in MON’s growth potential.
Monad is an Ethereum Virtual Machine compatible Layer 1 blockchain project designed to improve the Ethereum ecosystem. The project helps define linearly ordered transactions that can be executed in parallel without interrupting the outcome. This allows Monad to process transactions more efficiently at 10,000 TPS.
The project has also been the center of controversy recently. In an exchange on Altcoin Daily, Arthur Hayes – co-founder of BitMEX and also one of the most influential figures in the crypto Derivative market – frankly expressed his negative opinion about Monad, the blockchain that investors once expected as the next “candidate to break Ethereum’s position”. According to Hayes, the promotion that Monad will surpass Ethereum is just an exaggerated expectation, but the reality shows that this is a project with a Token allocation model that easily leads to value dilution, extremely low float and most of the benefits are tilted towards the founding team and Venture Capital.
Hayes argues that this structure poses a significant risk to retail investors because the development team and funds can simply “Dump” the Token as soon as it goes public, leaving the community in a bind. He notes that when compared to Ethereum, which is currently expanding rapidly with its Layer 2 ecosystem, zk-rollups, and a series of infrastructure upgrades, “Monad has no chance.” Hayes even notes that even Solana, which was once XEM Ethereum’s most formidable rival in the previous cycle, is having trouble maintaining its current competitive pace, let alone a new project like Monad. While he admits that he owns a small amount of Token, he maintains that his overall view is “99% bearish.”
