Hyperliquid’s HYPE token is up 25% as traders on the perpetual futures exchange pile into silver, gold, and other commodities. The exchange’s Silver to USDC market registered a whopping $1.2 billion in trading volume over the past 24 hours, making it the second most-traded asset after Bitcoin. Hyperliquid investors view the surge in commodities trading as bullish because it gives the exchange more money to conduct token buybacks through the additional fees collected. In October, the exchange started le ...

Core Insights - Former BitMEX CEO Arthur Hayes has accumulated $995,000 worth of Ethena (ENA) tokens ahead of a significant validator vote for Hyperliquid's USDH stablecoin [1] - Ethena is positioning itself competitively in the stablecoin market, proposing a revenue-sharing model and cost coverage for trading pair migrations [2] - Hayes predicts substantial growth for Ethena and the stablecoin market, projecting a $10 trillion adoption and a potential 25% market share for Ethena [4][6] Company Developments - Hayes' recent purchases included 578,956 ENA tokens worth $473,000, increasing his total holdings to 5.02 million tokens valued at $3.91 million [1] - Ethena currently operates the third-largest stablecoin with $13.5 billion in USDe deposits, following Tether and Circle [4] - Hayes previously deposited 7.764 million ENA tokens worth $4.62 million to Binance, indicating a strategic accumulation approach [3] Market Positioning - Ethena's proposal for Hyperliquid's stablecoin includes a 95% revenue sharing model, which could enhance its competitive edge [2] - The validator vote features six major contenders, with Ethena being one of them, indicating a competitive landscape in the stablecoin sector [4] - Hayes' analysis suggests that Ethena could achieve $2.5 trillion in USDe supply as stablecoin adoption grows [6] Future Projections - Hayes predicts that Hyperliquid's HYPE token could surge 126x by 2028, driven by favorable policies and market conditions [5] - The analysis anticipates that stablecoin adoption will lead to a significant migration of deposits into U.S. Treasury-backed digital assets [6] - Hayes' "Buffalo Bill" Bessent thesis suggests capturing $34 trillion in global deposits through stablecoin policies [6]