# Maelstrom Fund Founder Arthur Hayes Shares Positive Outlook on Cryptocurrency Market
Arthur Hayes, the founder of Maelstrom Fund, has expressed an optimistic view on the future of the cryptocurrency market. In a recent interview with Block Media, Hayes discussed the mid- to long-term potential of Bitcoin (BTC) and the broader cryptocurrency market, as well as his investment philosophy.
Hayes noted that the upcoming U.S. presidential election could have a short-term impact on Bitcoin prices. However, he believes that in the long term, the U.S.’s accommodative fiscal policies will play a positive role in the cryptocurrency market. “If fiscal policy continues to increase liquidity, cryptocurrencies are likely to benefit,” Hayes emphasized.
*Trump Victory Could Push Bitcoin to $100,000, Ethereum to $4,000; Ripple is a Worthless Asset and a Ponzi Scheme* – Continuation from Arthur Hayes Interview 1
# Sustaining Altcoin Prices Post-Listing
Q. Recently, many altcoins have seen their prices drop after being listed. What can projects do to prevent this?
Founders should focus on users. Many founders are obsessed with getting listed on centralized exchanges, but prices often decline post-listing. Currently, many projects promise high returns to early investors, but projects based on genuine users and a strong community are more likely to succeed.
In fact, many founders I met at Maelstrom focus more on their token’s appeal to venture capital investors rather than providing real value to users. Founders need to prioritize users and grow together with their community.
# Promising Layer 1 Projects
Q. What Layer 1 projects is Maelstrom currently focusing on?
Personally, I have invested heavily in Aptos (APT). Aptos is a blockchain project created by the development team from Facebook’s Diem. It boasts high technical proficiency and has a strong possibility of securing substantial transaction volume through partnerships with major financial institutions.
Aptos is likely to be the preferred choice when large financial institutions enter the Web3 space. Several partnerships that are expected to be announced in the coming months will likely increase its transaction volume. Therefore, Aptos is viewed positively, not only from a technical standpoint but also in terms of partnerships with major financial institutions.
# The Rise of Decentralized Exchanges (DEX)
Q. What do you think about the recent rapid growth of decentralized exchanges (DEXs)?
Recently, DEXs have been surpassing centralized exchanges because they offer a more user-friendly environment for retail investors. Centralized exchanges tend to favor high-frequency trading firms, whereas DEXs provide retail investors access to a wider range of products and features.
Maelstrom currently invests in Drift Protocol on Solana (SOL), which operates an order book offering a fast trading experience and prediction markets. We are also aware of new projects like Hyperliquid but have not delved deeply into them. Currently, we have higher expectations for Drift Protocol.
# Potential for AI and Blockchain Integration
Q. What are your thoughts on the potential integration of AI and blockchain?
Maelstrom is very interested in the potential for AI to integrate with blockchain. I believe AI agents are likely to interact through cryptocurrencies. Existing financial systems are complex, but blockchain is managed through mathematical rules and computer code, making it easier for AI to understand.
I recently invested in a meme coin project called Goatseus Maximus (GOAT). While it is entirely worthless as a meme coin, I see it as a case where AI agents can interact using cryptocurrencies.
Additionally, Maelstrom has invested in projects like Aethir (ATH), which offers hardware rentals for NVIDIA H100 chips, and Auki Labs, which possess data and spatial awareness technology for AR use.
# Investment Philosophy and Project Evaluation Criteria
Q. Can you tell us about your investment philosophy? What criteria do you use to evaluate a project?
My investment philosophy focuses on ‘cash flow.’ For a project to be successful, it must deliver returns to me as an investor. For example, in the case of Ethereum, the more it is used, the more Ethereum gets burned, increasing the network’s value, which can lead to investment returns.
However, projects like Uniswap (UNI), while generating significant revenue, have structures that do not return profits to investors. When investing, it is essential to ensure that success translates into returns for me.
# Views on Uniswap’s Unichain Announcement
Q. You mentioned Uniswap. Recently, Uniswap announced plans to create its own chain, Unichain. What are your thoughts on this?
I see Uniswap moving toward a structure similar to DYDX. DYDX created its own chain, distributing transaction fees on that chain to validators.
Uniswap seems to be aiming to establish a model where its token holders can also earn income. If they do, I would also consider holding Uniswap tokens.
# Engaging with Korean Investors
Q. Why did you start a Naver blog to communicate with Korean investors?
Korea has a very active trading market in the cryptocurrency space, with trading volumes at a global level.
To strengthen communication with Korean investors, Maelstrom started providing translated content in Korean through a Naver blog. We plan to interact more deeply with the Korean market, providing localized information to connect more closely with Korean investors.
