Why Altcoins Like ENA, ETHFI, and HYPE Are Poised for Explosive Growth in 2026–2028

The cryptocurrency market is entering a new phase of maturation, where speculative narratives are giving way to projects with real-world utility and institutional-grade fundamentals. As global liquidity expands and stablecoin adoption accelerates, altcoins like Ethena (ENA), Ether.fi (ETHFI), and Hyperliquid (HYPE) are emerging as prime candidates for explosive growth between 2026 and 2028. These tokens align with the strategic focus of Arthur Hayes, co-founder of BitMEX, who has outlined a framework for identifying altcoins that thrive in a liquidity-driven bull cycle.

The Shift to Institutional-Grade Altcoins

Arthur Hayes has long emphasized that the next bull market will reward projects with sustainable revenue models, active user engagement, and transparent governance. His family investment office, Maelstrom, prioritizes altcoins that generate cash flow through real-world adoption rather than relying on speculative hype. This approach is critical in a market where institutional investors are increasingly demanding proof of utility. For instance, Hayes has highlighted the importance of protocols where users pay for services, and token value is directly tied to platform success.

This shift is evident in the rise of DeFi infrastructure projects. Ethena (ENA), for example, has become a cornerstone of stablecoin innovation by synthesizing stable value from volatile assets like ETH and BTC. By shorting perpetual futures against its crypto holdings, Ethena generates yield while maintaining a stable value, making it a key asset in crypto credit markets. By 2025, Ethena's synthetic stablecoins were already being used as collateral on platforms like Aave, with up to $8.5 billion in Ethena assets locked. Hayes predicts ENA could see a 51x return by 2028, driven by its role in a potential $10 trillion stablecoin ecosystem.

Ether.fi (ETHFI): Liquid Staking and Ethereum's Dominance

Ether.fi (ETHFI) is another project that exemplifies Hayes' institutional-grade criteria. As a liquid staking solution, ETHFI enhances the utility of Ethereum (ETH) by allowing users to stake their tokens while retaining liquidity. This aligns with Hayes' bullish outlook on Ethereum as the dominant public blockchain for institutional adoption, particularly in tokenization and settlement. With Ethereum's price target of $20,000 by 2028, ETHFI's role in expanding Ethereum's utility positions it for a 34x gain.

Hyperliquid (HYPE): Decentralized Trading and Deflationary Mechanics

Hyperliquid (HYPE) represents a paradigm shift in on-chain derivatives trading. As the top decentralized perpetuals platform by volume, Hyperliquid offers fast execution and high leverage, competing directly with centralized exchanges. By July 2025, the platform had already recorded $320 billion in monthly trading volume and $86.6 million in protocol revenue. Hayes forecasts a 126x return for HYPE by 2028, citing its innovative HyperEVM layer and permissionless market creation. A key driver of HYPE's growth is its deflationary mechanism: 97% of trading fees are used to repurchase HYPE tokens, creating upward pressure on the token's price.

The Role of Codex and Hyperliquid in Enabling Growth

Beyond individual tokens, infrastructure projects like Codex and Hyperliquid are accelerating the adoption of stablecoins and DeFi. Codex, positioned as the first "crypto bank", is targeting SMEs in developing markets by offering blockchain-based financial services and credit options. This aligns with Hayes' vision of stablecoins replacing the Eurodollar system, fueling DeFi growth and token valuations. Meanwhile, Hyperliquid's governance token (HYPE) ensures user incentives are aligned with the platform's success, a hallmark of institutional-grade projects.

Liquidity Cycles and Macroeconomic Tailwinds

The explosive growth of these altcoins is underpinned by broader liquidity dynamics. Hayes predicts that global monetary expansion-driven by U.S. stablecoin policies and trillions in deposits migrating to stablecoin infrastructure-will extend the bull market until 2027–2028. This liquidity surge, combined with institutional adoption, creates a flywheel effect: as stablecoins gain traction, DeFi protocols like ENA, ETHFI, and HYPE benefit from increased user activity and revenue.

Conclusion: A New Era for Altcoin Investing

The 2026–2028 cycle is shaping up to be a defining period for altcoins that deliver tangible value. Projects like ENA, ETHFI, and HYPE are not just riding the wave of liquidity-they are building the infrastructure that will sustain the next bull market. For investors, the key takeaway is clear: allocating to institutional-grade altcoins with real-world utility and deflationary mechanics is no longer speculative-it's a strategic imperative.