Arthur Hayes, co -founder of Bitmex, now serves as co -founder and investment director of the Maxestrom cryptographic venture -centered firm, says that Hyperliquid’s exaggerated token could rise more than 100 times.
Hayes is better known to invent the perpetual exchange in Bitmex, the derivative contract that changed the cryptography trade. In Maelstrom, he invests in infrastructure projects in the initial stage. In his last blog post, Hayes argued that Hyperliquid’s Token could increase 126 times, a claim backed by an assessment model produced by Maelstrom.
Hyperliquid is a decentralized exchange built in its own block chain. Unlike coinbase or binance, which are companies that run private servers, Hyperliquid lives completely in the chain. Merchants use it mainly for perpetual futures, contracts that allow them to bet on cryptocurrency prices without an expiration date.
Your native token, bass drum, acts as a government tool and economic participation. Holders can vote on updates, stake tokens for rewards and benefit from the way commercial rates are linked to the value of the token. In summary, hyperlichid is the place and exaggeration is how users share their growth.
‘Decentralized binance’
Hayes begins his case with the overview.
He says that when governments print too much money, coins lose value and ordinary savers are forced to speculate only to maintain their standard of living. Those who do not yet have houses or actions see their eroded savings.
For many, especially in emerging markets, the easiest way to save today is with stablcoins such as USDT and USDC, digital dollars that are native to blockchains. Once Stablecoins maintains, Hayes argues, the most obvious place to put them to work is the cryptography itself, since that is the system where those tokens work more easily.
That funnel, according to Maelstrom’s CIO, leads directly to hyperlichid. Hayes says that the decentralized trade of perpetual futures already dominates, controlling around two thirds of the market and is beginning to grow against centralized giants such as Binance.
Point out the execution as the difference. He believes that the small Hyperliquid team, led by founder Jeff Yan, ships appear faster than rivals with hundreds of employees. The platform feels as fast as Binance, says Hayes, but every step (trade, liquidation, collateral management) occurs transparently in the chain.
He calls hyperlichid a “decentralized binance.” Like Binance, it is based on Stablecoins instead of deposits for deposits. Unlike Binance, everything is recorded in its blockchain. Hyperliquid’s hip-3 update also allows external developers to create completely new markets that connect directly to their order book, making it a shopping center without permission.
The 126x Upside
Then come the mathematics. The Maelstrom model begins with a bold prognosis: by 2028, the total value of the stables could reach $ 10 billion.
Next, Hayes borrows a relationship of the history of Binance. In that exchange, the daily negotiation volume has often matched around 26.4% of Stablecoin’s total supply. Apply that relationship to $ 10 billion, and hyperlichid could see about $ 2.6 billion in operations every day.
Now add rates. Hyperlichid charges around 0.03% per operation. With $ 2.6 billion in daily activity, that hastened at approximately $ 258 billion in annual revenues once it increases it throughout the year.
Then, investors discard that future income in today’s money to reflect the risk and time value of money. Hayes uses a 5%rate, which produces a present value of approximately $ 5.16 billion.
Finally, he stacked that against the current assessment of Hype totally diluted of around $ 41 billion. Divide the two, and you will get the number of holders of Hayes: a 126x potential rise.
He links the calculation to his broader thesis: that weak money forces people to establish, and stable them to cryptographic speculation, with hyperlichids as rails for this activity and exaggeration such as the token that captures the economy.
‘The king is dead’
Hayes closes his thesis with a bold prediction. “The king is dead. Long lives in the king,” he wrote, arguing that hyperlichid could overcome Binance as the greatest exchange in the world and that Jeff Yan could one day rival the wealth of CZ.
The model depends on large assumptions: a $ 10 billion stablecoin market, hyperlycides that has an action at the Binance level, rates that are maintained at 0.03% and discount rates remain low. If these conditions are broken, so does the result.
But Hayes’s passing line is simple. If the world saves in Stablecoins, the speculation that continues will occur in the chain, and in its opinion, the hyperlichid is already in the lead.
