BitMEX founder Arthur Hayes is turning bullish on three crypto projects during the current bull market cycle.
In a new interview with Pomp Investments founder Anthony Pompliano, Hayes says the decentralized finance (DeFi) project Pendle (PENDLE), which allows users to tokenize and sell future yields, has a lot of upside potential as it innovates in the interest rate space.
“If we want to have a farm-to-table use of Bitcoin, Ethereum or whatever cryptos we need interest rates to borrow and lend amongst the ecosystem. So we’re starting to see that. Pendle is pioneering that. They’ve created some fun things with the ability to separate out a fixed yield and trading yields on points allocations for certain protocols…
They’re going to be coming out with their version of a leverage interest rate swap… I think Pendle could become the largest exchange for derivatives in the entire space, whether centralized or decentralized, if they’re really able to take down this interest rate narrative and build the native yield curves across the ecosystem for Bitcoin, Ethereum and the other shitcoins.”
Pendle is trading for $2.52 at time of writing, down 2.5% in the last 24 hours.
Next up, the trader says he is also bullish on peer-to-peer file storage network Filecoin (FIL) for its potential use by artificial intelligence (AI) companies as a means to store data.
“Filecoin: obviously the AI narrative, it’s still going. And you’re seeing all this energy in the traditional stock markets of all these AI companies… I think we’re just getting started in this AI bubble… Obviously, AI-training models are very data-intensive.”
Filecoin is trading for $8.24 at time of writing, down more than 7% in the last 24 hours.
Lastly, the trader is bullish on Bitcoin (BTC) ordinals. Bitcoin ordinals allow users to inscribe digital data such as images and videos to a single satoshi, or an individual unit of BTC, to create the equivalent of non-fungible tokens (NFTs) on the crypto king’s network.
“I think that ordinals are going to be massive this cycle and we’re going to see some new ways of launching artistic creations directly on the Bitcoin blockchain that’s going to be different than what you’ve seen.”
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