BitMEX co-founder and crypto-legend Arthur Hayes used the main stage at Tokyo’s WebX 2025 to unveil a blunt, numbers-first valuation case for Hyperliquid’s HYPE token. On a slide headed “Hyperliquid: 126x Upside,” Hayes’ family office Maelstrom modeled how an accelerating stablecoin economy could reprice the decentralized perps exchange dramatically higher. Why HYPE Could Be The Best Crypto Bet The slide’s premise was explicit: “Stablecoin Expansion To Boost Annualized Fees To $258B,” with a 0. 03% net trading-fee assumption, a 5% discount rate, and a “Terminal Value of HYPE Rev” of $5
source: https://www.newsbtc.com/news/this-altcoin-12500-crypto-bet-2028-arthur-hayes/