In a recent blog post, Arthur Hayes, a prominent figure in the cryptocurrency markets, shared intriguing predictions about the future of specific altcoins. He suggested that Ethena (ENA), Ether.fi (ETHFI), and Hyperliquid (HYPE) could gain 51-fold, 34-fold, and 126-fold in value, respectively, by 2028. The former CEO of BitMEX further highlighted a new stablecoin infrastructure project called Codex, arguing that it may become the first true cryptocurrency bank. Notably, Hayes acknowledged that only 25% of his previous forecasts have been accurate.
Stablecoins and Significant Developments in DeFi Applications
According to Hayes’s blog, U.S. Treasury policies continue to encourage the use of stablecoins to maintain the dollar’s dominance in the global financial system. He posits that trillions of dollars in the Eurodollar market and deposits from the global south moving towards stablecoins will boost the U.S. short-term bond market. This trend might increase the use of decentralized finance projects like Ethena, Ether.fi, and Hyperliquid.
Hayes predicts Ethena offers significant yield opportunities, Ether.fi facilitates global stablecoin spending, and Hyperliquid aims for leadership among decentralized derivative exchanges. He expects their values to increase 51, 34, and 126 times, respectively, by 2028.
His blog elaborates on users staking their stablecoins to earn interest, then using these assets as collateral within the DeFi ecosystem. Hayes believes this activity could raise the total value locked (TVL) in protocols to trillions of dollars, potentially triggering an unprecedented bull market in the cryptocurrency space.
Codex as a Potential First True Crypto Bank
Codex emerged as the standout project in Hayes’s observations. This relatively new venture enables businesses to accept payments in stablecoins, convert them to local currencies, and manage cash flows within the Blockchain.
Hayes emphasized that Codex not only facilitates payments but also provides small and medium enterprises (SMEs) access to reliable Blockchain data for credit options. Codex could become the first genuine cryptocurrency bank by offering finance access in developing countries, where traditional banks fall short.
