Arthur Hayes Buys Nearly $1M in Ethena Ahead of Hyperliquid Vote

Arthur Hayes, co-founder of Crypto Investment Fund Maelstrom, bought Ethena-Token this week and bond his last move to a project that are fighting for control over the USDH Stablecoin Ticker while Hyperliquid-Validators have a decisive mood on Sunday.

Hayes has collected several tranches from Ethena’s Ena token over the past two days, including 578,956 tokens worth around $ 473,000 on Wednesday and two previous purchases of a total of approximately 672,800 ENA, or $ 521,000, according to facts Followed by Arkham Intelligence.

The total, including Monday, amounts to around $ 995,000 in Ethena-Tokens within a 48-hour window.

Hayes’ purchases come when Ethena remains a competition in the USDH Stablecoin Raceset with hyperliquid -validators to decide the ticker on Sunday.

Ethena’s proposal, Supported by BlackRockwould use USDTB Stablecoin to collapse USDH via BlackRock’s Buidl Fund, with 95% of the income promised to Hyperliquid and costs that are covered for the shifting of traders from USDC.

Ethena’s proposal is a “strong offer of one of Cryptto’s fastest growing and most impressive ecosystems,” wrote David Lawant, head of research on Falconx, in one Blog post Published on Wednesday.

Lawant pointed to the market capitalization of Usde of more than $ 13 billion and Ethena had processed $ 23 billion in cumulative peppermints and repayments without security incidents or downtime.

Nevertheless, the purchase of Hayes “reads as a personal positioning, instead of a support behind Ethena specifically for the USDH votes,” Kirby Occal, founder of Hypurrocollective, a Grassroots collective for founders, builders, traders and power users on the hyperliquid ecosystem, told, told, told, told Decrypt.

“With the $ USDH proposal, the decisive factors will probably amount to validator adjustments with their current strikers, or the sentiment of the prediction market translates into actual voices on the chain,” said ong.

Other contenders

Paxos, supported by PayPal, is also a top candidate, according to Lawant. It revise his proposal On Wednesday, expansion of an emphasis on the regulatory pedigree to promising a larger share of reserve breeze to the Hyperliquid help fund and postponing an issuer who postpones until the product scales after $ 1 billion.

On Wednesday evening, Paxos announced It had received an offer from Kraken to mention USDH and Hype from the first day, with free USD on and off-disasters, awaiting the standard review of the Exchange.

In the meantime, the indigenous markets remain at the front and in the middle.

Despite the fact that it is a newly formed company, Native Markets remains the best contender, with 90% chances to his advantage, according to Live facts On countless markets.

Publication: Myriad is a prediction market developed by Decrypt’s parent company Dastan.

Indigenous markets be about to A Genie-Conforme USDH succeeded in Bridge, Stripe’s Stablecoin emittent, with reserves in cash and treasuries under the supervision of BlackRock Off-Chain and Superstate on-Chain.

The plan splits evenly between Hyperliquid’s Assistance Fund and Ecosystem Growth, and promises a HyperevM launch with seamless interoperability.

Onb explained that although prediction markets ‘help set the expectations’, validator support ‘determines the valid candidates’ and that ‘ultimately helps everyone to determine and set the direction for USDH by laying their weight and making their voices known by delegating the validator that best matches their voice.’

Ongm added: “The final result on Sunday can depend on which team wins the most trust and observed long -term value for the ecosystem.”

Decrypt has contacted Hayes, Paxos and Ethena for comment. A separate request was sent to native markets via an ecosystem operator (Max Feige).

Other contenders are Sky, the issuer of USDS (formerly Makerdao’s Dai), Frax Finance with a banking partner Bid and Agora, who has warned against dependence on indigenous markets on stripe ownership, while promising to be able to be able to channel all net income in hyperli.