Arthur hayesBitmex co-founder now serves as co-founder and chief crypto investment officer dedicated to venture capital firm MaelstromHyperliquid’s hype token says can sink more than 100-fold.
Hayes is known for the invention of eternal change in Bitmex, the contract of derivatives that has changed the crypto trading. In Maelstrom, he invested in early stage infrastructure projects. In his latest Blog postHayes argued with a Hyperliquid token could rise 126 times, a claim supported by a Maelstrom’s appreciation model.
Hyperliquid is a decentralized exchange built on its own blockchain. Unlike Coinbase or Binance, which companies that run private servers, Hyperliquid lives completely on-chain. Traders use it for eternal futures – contracts to let them bet on crypto prices without a expiry date.
The native token, hype, acts as both management tool and an economic stake. Holders can vote on upgrades, stake tokens for rewards and benefit from way of linked to trade fees at token value. In short, hyperliquid is the place and hype is how users engage in its growth.
‘Decentralized Binance’
Hayes started his case with a big picture.
He said that when governments print excess money, the money loses their value and ordinary saviors are forced to think only to maintain their standard of living. Those who have not yet owned houses or stocks see their savings.
For many, especially in emerging markets, the easiest way to save today is with stablecoins such as the USDT and USDC – digital dollars sitting on blockchains. When you hold the stablecoins, Hayes’ dispute, the most vulnerable place to perform them is the crypto itself, as that is the system where those tokens are easy to operate.
That funnel, according to Maelstrom CIO, leads straight to hyperliquid. Hayes said it is already leading the decentralized infinite trading in futures, which controls around two-thirds of the market and begins to grow against centralized giants such as Binance.
He points to implementation as a difference. He believes that the small Hyperliquid team, led by the founder Jeff Yan, the ships feature faster than rivals with road -employees. The platform feels as fast as Binance, Hayes says, but every step-trade, settlement, collateral management-occurs clearly on-chain.
He calls Hyperliquid a “decentralized Binance.” Like Binance, it depends on stablecoins rather than banks for deposits. Unlike Binance, everything is recorded in its blockchain. Hyperliquid’s HIP-3 upgrade also allows out of developers to create completely new markets directly plugged into its order order, making it a permission to trading hub.
The 126x upside down
Then the math came. The Maelstrom model starts with a bold forecast: by 2028, the total amount of stablecoins can reach $ 10 trillion.
Next, Hayes borrowed a ratio from Binance’s history. In that exchanging, the day -to -day trading volume is often equal to about 26.4% of the total stablecoin supply. Apply that ratio to $ 10 trillion, and Hyperliquid can see about $ 2.6 trillion in the day -to -day trade.
Add fees now. Hyperliquid charges around 0.03% per trade. With $ 2.6 trillion in sunny activity, which works at about $ 258 billion in annual income once you roll it throughout the year.
Investors then discount the future money income now to show the risk and the amount of money time. Hayes uses a 5% rate, which produces the current value of nearly $ 5.16 trillion.
Finally, stacked against the currently fully melted hype appreciation of nearly $ 41 billion. Divide the two, and you get a Hayes headline number: a potential 126x upside down.
He tied the calculation back to his wider thesis – that the weak money forced people into Stablecoins, and the Stablecoins pushed them into speculation -haka crypto, with hyperliquid as railroads for that activity and hype as a token that earned the economy.
‘The king is dead’
Hayes closes his thesis with a brave prediction. “The king is dead. The king lives,” he wrote, focusing Hyperliquid could surpass Binance as the world’s largest exchange and that Jeff Yan could be a CZ’s day rival.
The model depends on the huge assumption: a $ 10 trillion stablecoin market, hyperliquid holding a binance-level part, fees that hold 0.03% and discount rates remain low. If those conditions are broken, so will the outcome.
But Hayes’s through-line is simple. If the world saves stablecoins, the speculation that follows will happen on-chain-and in its point of view, hyperliquid is already in the lead.
