“Artthur Hayes Argues that Fiat Decline Drives Stablecoin Saving, Funneling Into Crypto Special – and Hyperliquid is the Exchange Built for that Wave.”, – WRITE: www.coindesk.com
Hayes is Best Known for Inventing the Perpetual Swap at BitMex, The Derivatives Contract That Crispto Trading. At Maelstrom, He Invests in Early-Stage Infrastructure Projects. In his Latest Blog Post, Hayes Argued Hyperliquid’s Token Could Rise 126 Times, A Claim Backed by a Valuation Model Procedured by Maelstrom.
Hyperliquid is a Decentralized Exchange Built on It Own Blockchain. Unlike Coinbase or Binance, WHICH Are Companies Running Private Servers, Hyperliquid Lives Fully on-Chain. Traders Use It Mainly for Perpetual Futures – Contracts That Let Them Bet on Crypto Prices Without An Expiry Date.
ITS NATIVE TOKEN, HYPE, ACTS As Both A Governance Tool and An Economic Stake. Holders Can Vote on Upgrades, Stake Tokens for Rewards and Benefit From The Way Trading Fees Link to the Token’s Value. In short, Hyperliquid is the Venue and Hype Is How USers Share in Its Growth.
‘DECENTRALIZED BINANCE’Hayes Begins His Case With The Big Picture.
He Says WHEN GOVERNments Print Too Much Money, Currencies Lose Value and Ordinary Savers Are Are Forced To Specialty to Maintena Standard of Living. Those Who’s Don’t Already Own Housses 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 Sit Natively on Blockchains. Once you’re Holding Stablecoins, Hayes ARGUES, The MOST OBVIOUS PLACE TO PUT THEM to WORK IS Crypto Itelf, Since that’s The System Where Those Tokens Funs Mist.
That funnel, accounting to the Maelstrom cio, Leads Straight to Hyperliquid. Hayes Says it already dominates Decentralized perpetual Futures Trading, Controlling AROUND Two-Thirds of the Market and Is Starting to Grow Against Centralized Giants.
He Points to Execution As the Different. He Believes that Hyperliquid’s Small Team, Led by Founder Jeff Yan, Ships Features Faster than Rivals with HundDS of Employees. The Platform Feels As Fast As Binance, Hayes Says, Butny Step-Trading, Settlement, Collalateral Management-Happy Transparently on-Chain.
HE CALLS HYPERLIQUID A “DECENTRALIZED BINANCE.” Like Binance, It Relies on Stablecoins Institute of Banks for Deposits. Unlike Binance, everything is Recorded on It Blockchain. Hyperliquid’s Hip-3 Upgrade Also Lets Outside Developers Create Entirely New Markets that Plug Directly Into Iter Book, Turning It Into a permissionless.
The 126X UpsideThatn comes the math. Maelstrom’s Model Starts with a Bold Forecast: By 2028, The Total Value of Stablecoins Could Reach $ 10 Trillion.
Next, Hayes Borrows A Ratio from Binance’s History. On that exchange, Daily Trading Volume Has Onthen Equaled About 26.4% of the Total Stablecoin Supple. Apply That Ratio to $ 10 Trillion, and Hyperliquid Could See About $ 2.6 Trillion in Trades Every Day.
Now Add Fees. Hyperliquid Charges AROUND 0.03% per Trade. On $ 2.6 Trillion in Daily Activity, That Works Out To Roomly $ 258 Billion in Annual Revenues Once You Roll It Up Across The Year.
INVESTORS THEN Discount Those Future Revenues Into Today’s Money to Reflect Risk and the Time Value of Money. Hayes Uses A 5% RATE, WHICH PRODUCES A Present Value of About $ 5.16 Trillion.
Finally, Stack That Against Hype’s Current Fully Diluted Valuation of AROUND $ 41 Billion. Divide The Two, and You Get Hayes’s Headline Number: A Potential 126X Upside.
Maelstrom Analysis Shows How Hype Could See 126X Upside.
He ties the Calculation Back to his broader theisis – Tatat weak money forces people integlecoins, and stablecoins push them in the a -hyperlic TKEN THAT CAPTures the Economics.
‘The King Is Dead’Hayes Closes Out His Thesis With A Bold Predict. “The King Is Dead. Long the the King,” He Wrote, Arguing Hyperliquid Could Surpass Binance As The World’s Largest Exchange and that Jeff Yan Could on One Day Rival Cz’s Wealth.
The Model Depends on Big Assumptions: A $ 10 Trillion Stablecoin Market, Hyperliquid Holding A Binance-Level Share, Fees Holding At 0.03% and Discount Rates Staying Low. If Those Conditions Break, SO does the outcome.
But Hayes’s Through-Line is Simple. If the World Saaves in Stablecoins, The Special Follows Will Happen on-Chain-and in his View, Hyperliquid is Already in the Lead.
River’s Research Estimates Btc Ownership at 65.9% for Individuals, 7.8% for Funds, 6.2% for Businesses and 1.5% for Governments. About 7.6% is Believed to be Lost.
- River’s Research Estimates that As of Aug. 25, 2025, Individuals Hold About 65.9% of BTC (13.83 Million Coins).
- Funds and etfs Control about 7.8% of Supple; Businesses HOLD 6.2% AND GOVERNments Control 1.5%.
- River Says The Distribution is Inferred from Filings, Address Taging and Prior Research. In Other Words, It Is An Estimate, Not An on-Chain Census.
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