The 2028 Crypto Bull Run: How Stablecoins and DeFi Will Power 100x Gains in ENA, ETHFI, and HYPE

The crypto market is on the cusp of a transformative bull run, driven by structural shifts in global finance and the explosive growth of decentralized infrastructure. By 2028, stablecoins and DeFi protocols are poised to redefine liquidity dynamics, enabling tokens like Ethena (ENA), Ether.fi (ETHFI), and Hyperliquid (HYPE) to achieve stratospheric gains. Arthur Hayes, a prominent figure in crypto, has highlighted these three projects as prime candidates for 51x, 34x, and 126x returns, respectively, by 2028 [1]. This analysis explores how liquidity-driven innovations and institutional adoption are fueling their trajectories.

Stablecoins: The New Pillars of Global Finance

Stablecoins have emerged as the backbone of DeFi, with total value locked (TVL) in the sector surging to $123.6 billion in 2025 [2]. Ethena’s USDe stablecoin, for instance, has become the third-largest stablecoin by market cap, with a TVL of $10 billion, driven by its decentralized yield strategies and institutional-grade hedging partnerships [4]. Regulatory tailwinds, such as the U.S. GENIUS Act, have further accelerated adoption by mandating 100% reserve backing for stablecoins, redirecting capital from traditional banking into DeFi [2].

The GENIUS Act’s impact is already evident: Ethena’s collaboration with Coinbase via Copper’s ClearLoop solution has attracted institutional investors seeking censorship-resistant yields [1]. Meanwhile, the launch of Converge, an EVM-compatible blockchain for tokenized TradFi assets, positions USDe and USDtb as native gas tokens, creating new utility and demand [5]. These developments underscore a broader trend: stablecoins are no longer just payment tools but foundational assets for decentralized finance.

ENA: The Yield-Driven Powerhouse

Ethena’s ENA token is uniquely positioned to capitalize on the convergence of stablecoin innovation and institutional demand. With 78.13% of its supply controlled by whales, ENA’s on-chain activity reflects long-term institutional confidence [3]. The launch of sUSDe, a staked version of USDe, and USDtb—a Treasuries-backed stablecoin—has expanded Ethena’s ecosystem, offering both retail and institutional users diversified yield opportunities [4].

Arthur Hayes’ 51x price prediction for ENA by 2028 is grounded in its ability to leverage the $10 trillion stablecoin market. As the Eurodollar system migrates into government-controlled stablecoin ecosystems, Ethena’s decentralized model could attract $34 trillion in global deposits by 2028 [4]. This projection is further supported by Ethena’s governance initiatives, including a 3.5% supply airdrop to users in May 2025, which has boosted community engagement and liquidity [5].

ETHFI: Liquid Restaking and Ethereum’s Scalability

Ether.fi’s ETHFI token is another key player in the 2028 bull run, driven by Ethereum’s ongoing upgrades and the rise of liquid restaking. ETHFI’s TVL reached $10 billion in July 2025, fueled by weETH, its liquid restaking token [3]. The protocol’s recent $5.2 million seed round in Hyperbeat—a yield infrastructure protocol on Hyperliquid—has integrated tokenized vaults with ether.fi’s ecosystem, enhancing capital efficiency [3].

Ethereum’s Pectra upgrade and EIP-4844 have also reduced gas fees and increased transaction throughput, making ETHFI’s restaking solutions more attractive [2]. Hayes’ 34x price target for ETHFI hinges on its ability to capture a significant share of Ethereum’s $10 billion TVL, particularly as institutional demand for staking yields outpaces traditional banking offerings [1].

HYPE: Derivatives and Institutional Momentum

Hyperliquid’s HYPE token is capturing 60% of the perpetual derivatives market share in Q3 2025, driven by listings on Bybit and Grayscale’s inclusion in its asset pipeline [2]. Institutional partnerships with Paradigm and Nasdaq have provided regulated access to crypto markets, bridging the gap between DeFi and traditional finance [2].

HYPE’s 126x price prediction by 2028 is rooted in its role as a speculative catalyst. As DeFi platforms outperform traditional instruments, HYPE’s derivatives infrastructure could attract $34 trillion in global liquidity [4]. The token’s 40.2% Q3 liquidity surge and non-custodial credit card offering—providing 3% cashback—further enhance its real-world utility [3].

Structural Shifts and the 2028 Bull Run

The 2028 bull run is not a speculative bubble but a structural shift driven by three forces:
1. Regulatory Clarity: The GENIUS Act has created a legal framework for stablecoins, encouraging institutions like BlackRock and JPMorgan to launch custody services [2].
2. Liquidity Reallocation: DeFi protocols are optimizing yields through modular infrastructure, with Aave capturing 63% of Ethereum liquidity [1].
3. Macro Tailwinds: Falling interest rates and the redirection of the $10-13 trillion Eurodollar market into stablecoin ecosystems are fueling DeFi adoption [4].

Conclusion

The 2028 bull run will be defined by the integration of stablecoins and DeFi into global finance. ENA, ETHFI, and HYPE are not just speculative assets but infrastructure projects poised to capture liquidity from traditional markets. As institutional adoption accelerates and regulatory frameworks solidify, these tokens are set to deliver exponential returns for early adopters.

**Source:[1] Arthur Hayes Reveals 3 Altcoins That Can Bring up to 126x Gains [https://cryptodnes.bg/en/arthur-hayes-reveals-3-altcoins-that-can-bring-up-to-126x-gains/][2] Regulatory Clarity and Institutional Adoption Fuel a New Era for Stablecoins [https://www.bitget.com/news/detail/12560604933845][3] Latest ether.fi (ETHFI) News Update [https://coinmarketcap.com/cmc-ai/ether-fi-ethfi/latest-updates/][4] Ethena Labs' USDe overtakes rivals as fastest-growing stablecoin [https://cryptorank.io/news/feed/f5b07-ethena-labs-usde-overtakes-rivals-as-fastest-growing-stablecoin-reaching-10b-in-tvl-in-just-500-days][5] Ethena’s April 2025 Governance Update [https://gov.ethenafoundation.com/t/ethena-s-april-2025-governance-update/567]