Arthur Hayes, the co-founder of Bitmex, now co-founder and investment director of the Capital-Rélé-Cry-cenque company, Maelstrom, said that the hyperliquid media token could sink more than 100 times.
Hayes is best known for having invented the perpetual exchange in Bitmex, the derivative contract which changed cryptographic trading. At Maelstrom, he invests in infrastructure projects at an early stage. In his latest blog article, Hayes argued that the hyperliquid token could increase 126 times, an assertion supported by an evaluation model produced by Maelstrom.
The hyperliquid is a decentralized exchange built on its own blockchain. Unlike Coinbase or Binance, which are companies that manage private servers, hyperliquid lives fully in chain. Traders mainly use it for perpetual term contracts – contracts that allow them to bet on the prices of cryptography without expiration date.
Its native token, the media threshing, acts both as a governance tool and an economic stake. Holders can vote on upgrades, stakes for rewards and benefit from how negotiation costs are linked to the value of the token. In short, hyperliquid is the place and the threshing media is how users share its growth.
‘Decentralized binance’
Hayes begins his case with the overview.
He says that when governments print too much money, currencies lose value and ordinary savers are forced to speculate only to maintain their standard of living. Those who do not already have houses or stocks see their savings eroded.
For many, especially in emerging markets, the easiest way to save today is with stablecoins such as USDT and USDC – digital dollars that are native on blockchains. Once you have stablecoins, Hayes supports, the most obvious place to put them to work is the crypto itself, because it is the system where these tokens work more easily.
This funnel, according to the Maelstrom IOC, leads directly to the hyperliquid. Hayes says that he already dominates decentralized perpetual term trading, controlling about two -thirds of the market and begins to develop against centralized giants like Binance.
It indicates execution as the difference. He believes that the small hyperliquid team, led by the founder Jeff Yan, is faster than its competitors with hundreds of employees. The platform feels as fast as Binance, says Hayes, but each step – exchange, regulation, collateral management – occurs transparently on the chain.
He calls hyperliquid a “decentralized binance”. Like Binance, it relies on stablecoins instead of banks for deposits. Unlike Binance, everything is recorded on his blockchain. The Hip-3 Hip-3 upgrade also allows external developers to create entirely new markets which connect directly to its order book, by transforming it into a shopping center without authorization.
The 126x upwards
Next comes mathematics. The Maelstrom model begins with a daring forecast: by 2028, the total value of the stablecoins could reach 10 billions of dollars.
Then Hayes borrows a report in the history of Binance. On this scholarship, the daily trading volume has often equaled approximately 26.4% of the total supply of Stablescoin. Applying this ratio to 10 billions of dollars and the hyperliquid could see around 2.6 billions of dollars in trades every day.
Now add costs. Hyperliquidal invoices approximately 0.03% per trade. Out of 2.6 billions of dollars of daily activity, this is equivalent to around $ 258 billion in annual income once you have finished it throughout the year.
Investors then reduce these future income in today’s money to reflect the risk and time value of money. Hayes uses a rate of 5%, which produces a current value of around 5.16 billions of dollars.
Finally, stack this against the current assessment of fully diluted hype of approximately $ 41 billion. Divide both and you get the title number of Hayes: a 126x potential advantage.
He connects the calculation to his broader thesis – than the low money for people to stablecoins, and the stablecoins push them in cryptographic speculation, with a hyperliquid like rails for this activity and the beatenment like the token which captures the economy.
‘The king is dead’
Hayes closes his thesis with a daring prediction. “The king is dead. Long live the king,” he wrote, arguing that hyperliquid could overcome the binance as the greatest exchange in the world and that Jeff Yan could one day compete with the richness of CZ.
The model depends on the major hypotheses: a market of 10 billions of dollars for the stablescoin, the hyperliquid holding a share of binance level, the costs of 0.03% and the remaining rate remaining low. If these conditions break, the result too.
But the Hayes line is simple. If the world saves in the stablecoins, the speculation that follows will occur on the chain – and in its opinion, the hyperliquid is already in the lead.
