Pre-market on $MON is overvalued, here’s why! @HyperliquidX just launched the pre-market for @Monad token, even though the mainnet isn’t live yet. The current price is around $0.12, implying an FDV of $12B. That’s huge considering Monad hasn’t even launched its mainnet. For context: > @Aptos trades at ~$6B FDV > @SeiNetwork trades at ~$2.8B FDV > @SuiNetwork trades at ~$34B FDV, but it already has high TVL, real fees, and real adoption Monad’s mainnet isn’t live, so nothing is proven yet. The testnet showed good results, but testnets rarely translate directly into sustainable on-chain demand, most of that activity is airdrop farming. It promises ~10,000 TPS, 1-second block times, and full EVM compatibility, but these are only design specs until the mainnet and real apps prove that performance is actually sustainable. So it still has to prove real-world execution, developer retention, and liquidity depth. It is also driven by Monad’s $225M raise led by Paradigm at a $3B valuation in 2024, which naturally created high expectations. But Aptos raised $350M and is valued today at $6B, so there’s no direct correlation between the amount raised and the eventual valuation. That’s why I decided to short MON on Hyperliquid, especially with a funding rate of 0.0013 % per hour, equivalent to ≈ 11.3 % APR. In my view, it’s overvalued, and earning 11 % while shorting it just makes it easier to do.