Arthur Hayes, one of the well-known names in the cryptocurrency space, drew attention to certain projects in a new interview. Hayes talked about layer-1 Ethereum (ETH) competitors. He stated that altcoin projects of networks operating in this area saw their first big test, the last bull run. He also said that they faced another test during the crypto market crash. Here are the details…
Arthur Hayes draws attention to layer-1 blockchains and altcoin projects
Real Vision’s Raoul Pal did a new interview with Arthur Hayes. According to the interview, Hayes thinks Ethereum competitors have been able to demonstrate their technical prowess. However, these projects now need to demonstrate that they can attract and retain users. Hayes noted that they advertise a lot that these networks provide very fast transactions. But “at least show apps used by some people that do something,” he said. Hayes uses the following expressions:
The question now is, should it be to users willing to spend real money, not just get inflated tokens. I think that’s what’s behind all investors, myself included, looking at new projects and saying ‘OK, show me the users’. ‘Show me someone willing to pay real money to use your service.’ I think that’s where we’re at right now.
You can see the layer-1 projects Hayes mentioned, in the following list, the largest by market cap:
Assets “either go to zero, or make 10x, 20x”
cryptocoin.com As we have reported, the co-founder of BitMEX, which has now been rebranded as AscendEX, continues to convey his comments. In his next bull run, he’s focusing on projects that will at least survive, rather than get lost in the dark. He says he will look at crypto assets that he thinks have a good chance of maintaining a presence in the markets.
Hayes considers various possibilities for how a top 20 asset by market cap will move in the next cycle if it drops by 95 percent. Hayes says that after factors to consider in this regard, coins will “go to zero at worst”, “increase 10x, 20x at best.” Hayes uses the following expressions:
If I’m looking at an asset with a top 20 market cap and it’s down 95 percent, will it survive until the next cycle? Will it survive the next two years? How much money did they raise? If your answer is yes, buy it. At worst it goes to zero. In the best case, it increases 10x, 20x. If he goes from 100 to 1 and from 1 to 10, he’s done 10x. So you know that in the bounce when the next cycle begins, those who fall the most will rise the most. So yeah, I guess that doesn’t change for most. It’s really just a numbers game.
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