Arthur Hayes, co-founder of BitMEX, has recently expressed strong confidence in Ethereum’s (ETH) potential to outperform Solana (SOL) in the upcoming crypto bull market. In a May 18, 2025 interview with Fortune, Hayes stated, “I think Ethereum has a better performance outlook, mostly because it’s very hated” . He emphasized Ethereum’s robust infrastructure, high total value locked (TVL), and the burgeoning ecosystem of Layer-2 solutions as key factors in its favor.
Ethereum’s Resurgence: Key Indicators
Ethereum has shown significant growth recently. As of May 24, 2025, the total value locked in Ethereum-based decentralized finance (DeFi) protocols stands at approximately $63.17 billion . This resurgence is partly attributed to the successful implementation of the Pectra upgrade, which enhanced transaction speeds, reduced costs, and improved staking flexibility .
Prominent Ethereum-Based Projects to Watch
1. Aave (AAVE): Leading DeFi Lending Protocol
Aave continues to dominate the DeFi lending space, boasting a 45% market share . Its total value locked has surged to $30 billion, reflecting renewed strength in Ethereum DeFi . This growth is fueled by increased user activity and the rollout of new features and Layer-2 integrations.
2. Ethena (USDe): Synthetic Dollar Protocol
Ethena offers a synthetic dollar, USDe, designed to function independently of traditional banking systems. USDe maintains its peg through a delta-neutral strategy involving Ethereum liquid staking tokens and short futures positions . The protocol has partnered with the TON Foundation to introduce USDe and sUSDe into the Telegram ecosystem, expanding its reach .
3. Remittix (RTX): Simplifying Cross-Border Payments
Remittix aims to simplify cross-border payments by enabling users to pay fiat into any bank account worldwide using crypto. The platform has raised over $15 million in its RTX token presale, indicating strong investor interest . Analysts predict significant growth for Remittix, with forecasts suggesting a 10x multiplier in the presale phase and over 1,500% gains after launch .
Conclusion
Arthur Hayes’ bullish outlook on Ethereum underscores the platform’s resilience and the strength of its ecosystem. With significant developments in DeFi protocols like Aave, innovative stablecoin solutions from Ethena, and practical applications such as Remittix, Ethereum is well-positioned to lead in the next phase of the crypto market.
