Crypto Billionaire Arthur Hayes Unveils 8 Altcoins for a “Bull Rally”

Last Updated: February 22, 2024, 2:10 PM EST | 2 minutes of reading

Image by Jimmy Aki, Midjourney

On February 21, Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, revealed eight altcoins that he believes will see significant growth as crypto bull season approaches. Its lineup includes dYdX, GMX, Flare, Pendle, Krav, Elixir, Ethena and Axelar.

Low-cap gems with a strong storyline

In his last post on substackHayes said Maelstrom has strategically invested in and has confidence in these altcoins as key parts of its cryptocurrency portfolio.

Hayes emphasized that he and the Maelstrom team support these new small-cap gems because their stories resonate strongly in the market.

dYdX, for example, allows crypto investors to trade perpetual contracts of digital assets on its decentralized platform. With increasing scrutiny of centralized crypto operations, Hayes sees the dYdX platform as a viable alternative that allows for perpetual trading without censorship.

Flare is also attracting Hayes’ attention, given its key role in accessing high-integrity data from other blockchain networks.

The Pendle blockchain protocol, on the other hand, is a premium DeFi platform that provides access to fixed and flexible returns on locked tokens and several others.

At the same time, Hayes also announced that he plans to reappoint himself as Chief Story Officer (CSO), moving away from the CIO role he holds at Maelstrom.

In his ruling, Hayes said the history surrounding blockchain projects is much more important than the technological tools used to build them.

For Hayes, technology is just a tool, while a compelling story can propel a blockchain protocol into the spotlight.

Explaining his story analogy, he said a project requires a mix of both macro and micro story roadmaps to create something that becomes significant.

Therefore, a compelling narrative surrounding a project can quickly change its growth trajectory from “never” to “maybe.”

As an investor, this type of change in narrative can create a significant profit windfall as a neglected project becomes an established one.

Altcoins offering strong decentralized options

Although the highlighted altcoins have a growing narrative, Hayes also identified the unique value proposition they bring to the market. Web3 ecosystem.

He mentioned that over the next few months, one of the macro and micro stories he will explore is the shift in retail derivatives trading volume from centralized exchanges (CEXs) like Binance to decentralized exchanges (DEX).

Projects he will cover include perpetual DEX platforms dYdX, GMX, and an unknown challenger.

In the ETH staking domain, Hayes said he would cover Pendle as interest swap rates rise further in the staking ecosystem. Additionally, he will discuss Elixir’s DEX on-chain liquidity services that eliminate the need for market-making firms.

Another altcoin, called Krav, which operates a quanto DEX service that mines the the power of shitcoinswill also make its place in the storyboard of the future Maelström CSO.

Additionally, a stable platform called Ethena that operates independently of the traditional financial framework (TradFi) will be covered.

Hayes concluded by emphasizing that he has focused on leveraging his storytelling skills to address bridging digital asset chains without the need for a blockchain bridge.

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