Overview

• Presenting a Maelstrom slide in Tokyo on August 25, Hayes outlined assumptions including a $10 trillion stablecoin supply by 2028, 26.4% share of volume for Hyperliquid, a 0.03% net fee, and a 5% discount rate, implying $258 billion in annualized fees and a 126x upside.
• HYPE jumped about 9% from roughly $43 to $47.4 after the remarks before settling back into the mid‑$40s during subsequent reporting.
• Recent platform metrics show rapid expansion, with open interest above $15 billion, weekend volume highs near $19.46 billion, and research citing roughly 75–80% share of decentralized perpetuals.
• Operational performance in August included a record $3 billion day in spot turnover and roughly $93.5 million in fees with nearly $87 million in revenue, while the token trades near July’s $49.8 peak after a 21.7% monthly gain.
• On‑chain monitoring reported Hayes bought additional HYPE on August 15, but coverage emphasizes that the 126x outcome remains speculative and subject to execution, competition, market volatility, and centralization concerns such as a 16‑validator set.