BitMEX co-founder Arthur Hayes released another article this morning, which is not a complex financial perspective, but a discussion on the power of storytelling in cryptocurrency investments, emphasizing that the importance of a good and widely spread story is greater than the complexity or innovation of the technology itself. Hayes refers to himself as the “Chief Storyteller,” emphasizing that his job is to tell stories that are attractive and easy to spread, rather than delving into technical details. He points out that even investment teams without deep technical backgrounds can succeed in investing by identifying and spreading powerful stories. This strategy relies on the acceptance and dissemination of project stories by the community and the market, rather than the technical innovation of the project itself. In addition, Hayes shares in the article the “stories” behind the altcoins invested by his venture capital firm Maelstrom Capital and what these investments are based on. The trading volume of retail derivative products will shift from centralized exchanges to decentralized exchanges. Related projects: dYdX, GMX, and possibly other challengers. The launch of ETH staking will stimulate the surge in interest rate swap trading volume in DeFi. Related project: Pendle. There is a way to drive the trading volume of Quanto derivative products on decentralized exchanges using low market cap cryptocurrencies worth billions of dollars. Related project: Krav. The on-chain liquidity of decentralized exchanges will be provided by middleware, replacing market makers currently in the market. Related project: Elixir. As decentralized exchanges become the main venue for price discovery, on-chain oracles providing prices for settlement and clearing will become increasingly important. Related project: Flare. Tether and any stablecoin using traditional financial banks as fiat custodians will face pressure, and we can create fiat-pegged stablecoins that do not rely on traditional finance. Related project: Ethena. How to solve the problem of cross-chain asset interoperability without using cross-chain bridges. Related project: Axelar. Finally, Arthur Hayes concludes that currently, public attention and energy are focused on the Bitcoin spot ETF listed in the United States, coupled with the global devaluation of fiat currencies, which will drive the Bitcoin’s value to unimaginable heights in USD terms. In addition, the upcoming US Ethereum ETF will also push up the price of Ether. However, Hayes states that he already has enough holdings of Bitcoin and Ether and will now shift his focus to altcoins.
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