#代币分发与募资机制 This time, Hayes and Monad's debate is quite interesting. The suggestion to unlock all tokens is indeed a bold idea, but it also shows Hayes' dissatisfaction with the current token issuance model of Layer-1 projects. From on-chain data, the pattern of high FDV and low circulation indeed tends to cause price volatility and is not conducive to the long-term development of the ecosystem. However, if Monad actually does this, it could cause a huge shock to the market in the short term. The key still depends on how the project team balances token unlocking with ecosystem development. This case is worth ongoing attention and may provide some ideas for the improvement of future token issuance mechanisms.