Here Is What Separates Serious Crypto Projects From Empty Hype
In a candid conversation on The Rollup podcast, Hayes broke down the two key traits he watches for before committing to any digital asset.
First, hes drawn to platforms where users actually pay to use the productout of pocket. Hayes isnt impressed by protocols that rely on token incentives or airdrops to create activity. For him, real value comes when users spend their own crypto or stablecoins for the service because they see genuine utility. That kind of organic demand signals staying power.
He pointed to Hyperliquid (HYPE), a relatively young Layer-1 blockchain with its own decentralized exchange, as a standout example. In less than two years, the protocol has seen meaningful growth in users and trading volumewithout relying heavily on incentives.
The second factor Hayes focuses on is how well a protocol financially benefits its token holders. Whats the reward model? he asks. Whether its token buybacks, emissions, or staking yields, he wants to see a clear mechanism for generating returns. In his view, tokens should function like yield-bearing assets, not just speculative bets.
Hayes also took a swipe at Uniswap, calling it an impressively built platform that fails to share its success with its community. Despite being one of the most used DEXs in the world, UNI token holders, he argued, dont see much in the way of actual rewards.
For Hayes, it all boils down to utility and value return. If a protocol can show both, it stands a better chance of earning his attentionand his capital.
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