The 2028 Bull Market: Why HYPE, ENA, and ETHFI Are the Top 100X Altcoin Plays in a Stablecoin-Driven Cycle

The 2028 bull market is shaping up to be a watershed moment for decentralized finance (DeFi), driven by a confluence of macroeconomic tailwinds and the explosive growth of stablecoin infrastructure. As the stablecoin market surges toward a $10 trillion valuation by 2028 [1], three altcoins—Hyperliquid (HYPE), Ethena (ENA), and Ether.fi (ETHFI)—are emerging as prime candidates for 100X returns. Their strategic positioning in liquidity-driven DeFi, institutional-grade partnerships, and yield-generating innovation positions them to dominate a financial ecosystem increasingly defined by tokenized cash systems and cross-border capital flows.

HYPE: The Infrastructure Play for a $10 Trillion Stablecoin Market

Hyperliquid (HYPE) is poised to capture a significant share of the stablecoin-driven DeFi boom, with projections suggesting it could generate $258 billion in annualized fees by 2028 [2]. The platform’s dominance in decentralized perpetual futures trading—currently holding 74–75% of the market [3]—is underpinned by its high-performance HyperCore blockchain and EVM-compatible HyperEVM layer. These innovations enable seamless integration with DeFi protocols while offering zero-gas fees and a deflationary model that burns 97% of trading fees to reduce HYPE’s circulating supply [4].

Institutional adoption is accelerating, with custody partnerships like BitGo and Anchorage Digital providing secure, self-custody solutions for institutional capital [5]. Hyperliquid’s collaboration with Ethena to integrate USDe—a stablecoin backed by real-world assets—further solidifies its role as a liquidity hub. By 2028, the platform could capture 26.4% of the stablecoin-driven derivatives market, translating to $2.63 trillion in daily volume [6]. This trajectory is supported by strategic upgrades like the HIP-3 protocol, which enables permissionless perpetual market creation, and the Lion Group’s $600 million credit facility, which enhances its capital efficiency [7].

ENA: The Yield Flywheel Powering DeFi’s Next Phase

Ethena (ENA) has emerged as a cornerstone of the stablecoin-driven DeFi ecosystem, with its synthetic stablecoin, USDe, achieving a $10 billion TVL in just 500 days [8]. The protocol’s reflexive flywheel—where rising asset prices drive higher funding rates, which in turn attract more liquidity—has created a self-reinforcing cycle of growth. This model is amplified by the GENIUS Act, which restricts traditional stablecoins from offering yield, channeling capital into protocols like Ethena [9].

ENA’s governance and reward token structure incentivizes staking ETH while generating yields on stablecoins, a dual utility that aligns with Ethereum’s robust DeFi infrastructure. Institutional partnerships, including Coinbase’s Copper ClearLoop integration and collaborations with Pendle and Symbiotic, further expand its composability across 24 chains [10]. Whale activity, with 78.13% of the circulating supply controlled by large holders, underscores confidence in ENA’s long-term vision [11]. As the stablecoin market grows, Ethena’s USDtb—a compliant stablecoin designed for regulatory alignment—positions it to capture a significant portion of the $10 trillion opportunity [12].

ETHFI: Bridging Ethereum Staking and Real-World Utility

Ether.fi (ETHFI) is redefining the value proposition of Ethereum staking by integrating it with stablecoin yields and real-world financial utility. The protocol allows users to stake ETH while earning yields on stablecoins, a feature that taps into Ethereum’s dominance in DeFi and the growing demand for digitized financial instruments [13]. Arthur Hayes, a prominent crypto figure, predicts a 34x return for ETHFI by 2028, citing its 75% market share in decentralized perpetual futures and its deflationary tokenomics [14].

ETHFI’s expansion into real-world use cases—such as Visa-linked payment cards, luxury travel benefits, and global transfers via IBAN/SWIFT—positions it to attract non-crypto-native users [15]. Institutional partnerships, including Hyperbeat and Paradigm, further validate its infrastructure potential. The platform’s recent upgrades, such as permissionless node staking via DVT technology and improved withdrawal systems, enhance security and flexibility [16]. With a 97% fee-burning mechanism and a focus on cross-chain interoperability, ETHFI is well-positioned to benefit from the broader adoption of on-chain trading and DeFi innovation [17].

Macro Tailwinds and the Path to 2028

The convergence of macroeconomic tailwinds and DeFi innovation creates a compelling case for these altcoins. Regulatory clarity under the U.S. GENIUS Act and EU MiCA Regulation has standardized stablecoin governance, favoring large, compliant issuers like USDe and USDC [18]. This environment has spurred institutional adoption, with platforms like Aave and Hyperliquid processing $1.57 trillion in 12-month trading volume [19]. Meanwhile, tokenization of real-world assets (RWAs) has surged by 260%, reaching $23 billion in H1 2025 [20], further blurring the lines between DeFi and traditional finance.

As the stablecoin market expands, HYPE, ENA, and ETHFI are uniquely positioned to capitalize on liquidity-driven growth. Their ability to generate yields, secure institutional partnerships, and adapt to regulatory frameworks ensures they will play pivotal roles in the 2028 bull market. For investors, these projects represent not just speculative plays but foundational infrastructure tokens in a financial system increasingly defined by decentralized liquidity and cross-border capital flows.

Source:
[1] Arthur Hayes Predicts $10 Trillion Stablecoin Market, Calls ... [https://www.ainvest.com/news/arthur-hayes-predicts-10-trillion-stablecoin-market-calls-30-50x-returns-ethfi-ena-2508/]
[2] Hyperliquid (HYPE): A 126x Play on the Future of DeFi and ... [https://www.ainvest.com/news/hyperliquid-hype-126x-play-future-defi-stablecoin-trading-2508/]
[3] Hyperliquid (HYPE): A 126x Opportunity as Institutional ... [https://www.bitget.com/news/detail/12560604934918]
[4] Latest Hyperliquid (HYPE) News Update [https://coinmarketcap.com/cmc-ai/hyperliquid/latest-updates/]
[5] Hyperliquid Jumps 8% After BitGo Opens Institutional Custody [https://cryptonews.net/news/altcoins/31510907/]
[6] Hyperliquid Exchange and Ethena Partnership Drive HYPE ... [https://www.bitrue.com/blog/hyperliquid-hype-token-ethena-partnership-integration-usde]
[7] Hyperliquid (HYPE) Price: Hayes Sees Path to ... [https://coincentral.com/hyperliquid-hype-price-hayes-sees-path-to-5000-by-2028-126x-upside/]
[8] Arthur Hayes Predicts $10 Trillion Stablecoin Market, Calls ... [https://www.ainvest.com/news/arthur-hayes-predicts-10-trillion-stablecoin-market-calls-30-50x-returns-ethfi-ena-2508/]
[9] Ethena's Bull Flag Formation and $1.00 Breakout Potential, [https://www.ainvest.com/news/ethena-bull-flag-formation-1-00-breakout-potential-technical-market-dynamics-deep-dive-2508/]
[10] Arthur Hayes Predicts 34× Surge for Ether.fi, 51× for Ethena [https://crypto.news/arthur-hayes-upside-ether-fi-ethena-stablecoin-2025/]
[11] Arthur Hayes Sees 126x HYPE Gains by 2028 as De... [https://cryptorank.io/news/feed/16c21-arthur-hayes-sees-126x-hype-gains-by-2028-as-de-dollarization-fuels-stablecoin-boom]
[12] Stablecoin Q1 2025: Insights on Trends & Regulation [https://blog.amberdata.io/stablecoin-q1-2025-insights-on-trends-regulation]
[13] Save, Grow, Spend. Do more with your crypto | ether.fi [https://www.ether.fi/]
[14] Hyperliquid (HYPE) Price: Hayes Sees Path to ... [https://coincentral.com/hyperliquid-hype-price-hayes-sees-path-to-5000-by-2028-126x-upside/]
[15] Hyperliquid's HYPE Token: A 126x Bet on the Future of ... [https://www.ainvest.com/news/hyperliquid-hype-token-126x-bet-future-defi-stablecoin-dominance-2508/]
[16] Latest ether.fi (ETHFI) News Update [https://coinmarketcap.com/cmc-ai/ether-fi-ethfi/latest-updates/]
[17] Hyperliquid: A Valuation Model and Bull Case [https://www.artemis.xyz/resources/hyperliquid-a-valuation-model-and-bull-case]
[18] The Trillion-Dollar Stablecoin Surge: Strategic Entry Points ... [https://www.ainvest.com/news/trillion-dollar-stablecoin-surge-strategic-entry-points-investors-2025-2028-2508/]
[19] DeFi's Evolving Liquidity Landscape and Aave's Strategic Positioning in Institutional Adoption and Capital Reallocation 2025 [https://www.ainvest.com/news/defi-evolving-liquidity-landscape-aave-strategic-positioning-institutional-adoption-capital-reallocation-2025-2508/]
[20] Opinion: What Institutional DeFi Really Looks Like in 2025 [https://cryptonews.com/exclusives/opinion-what-institutional-defi-really-looks-like-in-2025/]