Arthur Hayes, co-founder of BitMEX and one of crypto’s most outspoken investors, believes two DeFi tokens could deliver extraordinary gains in the coming years. In an August 27 blog post, he predicted Ether.fi (ETHFI) could rise 34× from current levels, while Ethena (ENA) could climb 51×.
Stablecoins as the Growth Engine
Central to Hayes’ thesis is the explosive rise of stablecoins. He projects that dollar-backed stablecoin supply could surge from today’s $273 billion to $10 trillion by 2028—one of the largest capital shifts in financial history. With more investors and institutions turning to on-chain dollars for payments, savings, and yield, Hayes argues that protocols tied to stablecoin activity are best positioned to benefit.
Why ETHFI and ENA?
ETHFI, integrated into Ethereum’s staking and DeFi ecosystem, is designed as a spending-focused token. It serves as a bridge between crypto assets and traditional commerce through tools like Visa-linked payment cards. If stablecoins gain mass adoption as a payment method, Hayes expects ETHFI to see strong transaction-driven revenue growth.
ENA, on the other hand, is tied to Ethena’s synthetic dollar, USDe. The protocol uses delta-neutral strategies in derivatives markets to generate yield, effectively offering a “yield-bearing stablecoin.” Hayes sees this as particularly attractive to both retail and institutional investors, since it combines dollar stability with consistent returns.
A Bold Bet on DeFi’s Future
Hayes acknowledges his predictions rely on ambitious assumptions—widespread stablecoin adoption, scalable DeFi infrastructure, and regulatory clarity. Still, he argues the risk-reward profile is compelling, framing the opportunity as “once in a century.”
To Hayes, ETHFI and ENA are more than speculative bets: they are proxies for DeFi’s future. If his $10 trillion stablecoin forecast plays out, the next major wave of crypto growth may come not from Bitcoin or Ethereum directly, but from the infrastructure powering digital dollars.
