BitMEX founder Arthur Hayes is predicting one new decentralized finance (DeFi) altcoin project will take off on a massive rally once the broader crypto market resumes an uptrend.
Hayes is predicting that Ethena (ENA), a governance token launched by Ethena Labs for the project’s DeFi protocol, could soar more than 817% from the current value.
Hayes is one of the investors in the project along with investment giant Franklin Templeton, digital asset manager Galaxy Digital and Binance Labs.
“Congrats Ethena Labs on a successful TGE (Token Generation Event). If this is what ENA is worth [when] the market is puking, imagine how high it will go once we resume up only! ENA = $10. It’s just math yo.”
ENA is trading for $1.09 at time of writing, up more than 25% in the last 24 hours.
The Ethena Labs project also includes the yield-earning “synthetic dollar” token USDe. The project aims to create a stable and scalable form of money in the crypto space without relying on traditional banking systems.
A number of crypto exchanges have listed the token for trading, including the world’s top exchange Binance. Ahead of the listing, ENA became Binance’s 50th project added to its Launchpool platform, which lets users stake coins to farm new assets.
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