Arthur Hayes: Most Altcoins Lack Product-Market Fit, Revenue Sharing

BitMEX co-founder Arthur Hayes at Inside the Blockchain 100 said most altcoins lack product-market fit and fail to return revenue to token holders through staked emissions or buybacks. The sole exception Hayes highlighted was Hyperliquid, which he said has real clients generating real revenue that flows directly to token holders — a model no other project matches at comparable scale. He attributed Hyperliquid's relative resilience during Bitcoin's 50-60% decline and the volatile US-Iran war period to this fundamental differentiation.