Develop a perpetual contract, creating history for the first time;

3·12 Unravel the network cable, saving the universe for the first time;

YBS based on CEX, creating history again;

This time, can we save the centralized universe?

In 2025, Arthur Hayes, 40, was pardoned. Trump did do whatever he wanted. Think about the $4.2 billion fined by CZ, how much meme would have to be paid to earn back.

This is different from Trump's idol Reagan. As a firm capitalist fighter and neoliberal flag bearer, Reagan's dream is even more grand. He laid the ideological foundation for defeating the Soviet Union, but at the cost of deindustrialization of the United States and the West.

We are familiar with Chinese, Soviet (Russia), and South African Runners, such as SpaceX founder Musk, Google founder Page, Binance founder CZ, and Ethereum founder Vitalik, their parents all went to the West at this time.

Arthur Hayes, who became famous all over the world, happened to be born in Detroit, the American car city, in 1985. His glorious moments in his life were after he entered Asia such as Hong Kong and Singapore.

Picture description: encryption cycle, image source: @zuoyeweb3

2009-2013 Early adoption

2013-2017 Infrastructure R&D

2017-2021 Application attempt

2021-2025 The last four-year cycle before the influx of large-scale users (if there is still a concept of cycles)

While coming and going, everyone has their own clock, which constitutes CrypThe rhythm of to is composed of Bitcoin-Ethereum-exchange-stable coins.

BitMEX and Arthur's entrepreneurship are concentrated in the second cycle of Bitcoin in 2013-17. In addition to the mining industry, exchanges have become the most wealth-effect track. Before 2020, BitMEX was the well-deserved king of crypto trading, followed by CZ and SBF.

Although Bitcoin is no longer the center of the crypto universe, the increasingly scattered industry consensus makes Arthur Hayes far less famous than Justin Sun and others, the two are actually opponents now, as the stablecoin super cycle arrives.

Arthur is also a minority that can start a second business after success. Unlike simple business expansion, the emergence of Ethena has made the stablecoin track resurgence. This is also the first time that it can reverse the DeFi products on the CEX/USDC nurturing chain. We cannot assert that it has succeeded, but at least it is interesting enough.

Arthur Hayes happens to be a fun enough person.

There is no way to go in vain in life, every step counts.

Arthur Hayes was born in Detroit, but for the sake of education, his parents resolutely moved to Buffalo, went to a famous private school, and got on the track of elite training, and had a very good starting point. A good starting point + the right track = Enjoy a silky life.

But I have to say that Hayes is very rebellious at heart. Let's make a judgment first. He is "a negative resistance to Pax Americana and a modern heir to classical liberalism."

This was because he chose to abandon the United States and go to Hong Kong. After that, Ethena opposed fiat currency but not CEX. Moderate compromise was acceptable, and extreme obedience was unbearable.

In 2004, Hayes ended his private school career and successfully entered the Wharton School of Business in Pennsylvania.

Arthur I have never seen Los Angeles at 4 a.m., but I often go to the gym at 5 a.m., and got "Mr. Penn" and walked outA different life path than alumni such as Trump, Justin Sun, Musk, Buffett, etc. First, dream that you will become a billionaire, and then you will have a net worth of 100x.

In subsequent reports, Hayes said that he often imagined the future at dawn and was confident that he would give great responsibilities to him. In the future, Hayes did not follow the ordinary path and chose or between Manhattan or Wall Street.

or hit three thousand miles in the water, or in Victoria Harbour.

In 2007, Hayes embarked on the established elite career path of finance and business students. He was a junior investment banker/consulting Big Name Summer Intern. He graduated from a senior year and directly joined the company. Especially this top school is the target school that investment bankers most like, and he went smoothly in both directions. The only unusual thing is that Hayes chose to go to Asia and Hong Kong.

In 2008, a young man came to Deutsche Bank's trading department. Pay attention to the time point, Lehman will be gone soon. There is obviously no Hayes' name on Too Big To Fall (TBTF) list, but fortunately there is no one on the list of layoffs, so the career of derivatives traders began.

Three years later, Hayes jumped to Citi and is still a familiar derivatives trader, Delta One trader. Derivatives, trading, and market makers, BitMEX elements are missing at this time. Bitcoin has not yet entered life, but the seeds of Delta Neutral have been quietly planted.

I feel that many celebrities who are active at the top of the currency circle are now entered the circle in 2013, such as CZ Rushi, Sun Cu Rushi, and Hayes. It is not surprising that at the end of the first cycle of Bitcoin, the beginning of the second cycle, the wealth effect has begun.

In 2013, the European debt crisis became more and more serious. Hayes was unemployed. The fiat currency crisis was an opportunity for Bitcoin. Hayes discovered the contract arbitrage model from Mentougou spot to ICBIT, which hedged, arbitrage and speculation. The contract soul of futures people soared instantly. The crypto derivatives market at that time was very small, far less than the scale of spot transactions.

Just, between the mainland and Hong Kong, between the East and the West, between the world and South Korea,Vegetable premium is not a fresh product, and it has been strong since the birth of Bitcoin. Hayes said that he was selling spot arbitrage between the mainland and Hong Kong, transporting the cash earned on the mainland exchange to Hong Kong with backpacked human flesh.

I have doubts about this matter, and it is more likely that it is a "group" to fight, but when I started my business, there is no big problem.

Of course, such capital efficiency is too low, so it is better to become a market by yourself. The story of BitMEX and the perpetual contract is about to appear.

The king of US exchanges in the pre-Binance era.

How to defeat the market is the common dream of every leek, every fund and the sleepless Trader. The two-way fluctuations in the market make it unpredictable, so you can only choose one of two: either invest in the entire market or provide a trading market.

Hayes chose the exchange this time, but entered the market as a perpetual contract. After the disappearance of Mt.Gox, between 2013 and 2017, the world-wide crypto market was strictly divided into mining industry, spot trading market and other trading markets, and derivatives markets. Whether on-chain or off-chain, they can only sit at the children's table.

The Chinese background on the exchange dominated, that is, from this point on, Li Lin's Huobi and Xu Mingxing's OKCoin were all ready, and Bitfinex began to cooperate with USDT, ICBIT developed a reverse contract, Coinbase gradually began to be retail-friendly, and Kraken focused on security issues.

In 2014, 28-year-old Hayes and Ben Delo and Samuel Reed created BitMEX, a derivatives-based exchange that is dominated by spot trading.

According to self-report, BitMEX earned more than $1 billion in revenue in the first year, similar to Binance and Hyperliquid, the amount of money itself has the strongest aggregation effect and will always rush toward the place where self-value is added.

The free spirit is a spirit that is not so sure about what is correct.

Future contracts have the characteristics of unlimited leverage and due delivery. At first, users often complained to the platform because they could not understand the meaning of due. Hayes and Ben Delo were wondering if there is a possibility to directly eliminate the feature of expiration, allowing users to manually close their positions.

This is not a fantasy. The spot trading of cryptocurrencies is 7X24 hours, which is very different from the traditional financial market. In 2011, ICBIT has developed the reverse contract product, which is also where Hayes has gained its first pot of gold.

Hayes Combined with the characteristics of spot cryptocurrency, the leverage of futures contracts, and the improvement of maturity dates, the perpetual cryptocurrency futures contract was born, which is the most familiar perpetual contract today.

As long as wisdom is grafted with certain experimental devices, almost everything can be achieved.

The next is the leverage war. Our group of crypto betting dogs are indeed worthy of their name. BitMEX started to turn losses into profits by adjusting leverage to 50 times, and then adjusted to 100 times, which means that a BTC as the largest position of margin can be opened to 100 BTC. In the end, high leverage became the exchange's signature, and 100x Group also became The name of BitMEX's parent company.

Since May 2016, BitMEX has become the well-deserved king of CEX. Even Binance in 2017 was only the king of spot industry. Derivatives did not start to compete head-on with BitMEX until 2019.

In other words, BitMEX has taken three steps right, one is to make derivatives in many spot industries, the second is to increase leverage, and the third is to invent today's perpetual contract products.

But it has to be said that Binance has some good luck, and in 2020 During the 3.12 incident, Hayes became a controversial hero who angrily pulled the network cable, which was exactly the same as the recent Hyperliquid. I won’t go into details. Just know that if you don’t pull the network cable, Bitcoin may suffer from the sluggishness after Mentougou for many years.

That’s it, until 2019,Arrogance and unruly have become Hayes' biggest label. BitMEX's products can retain most of their market share and money-making ability even during bear markets.

Fear is the instinct of living things, and courage is the praise of human beings.

Hayes' high profile is not only facing the market, but also facing regulation. When asked what the difference is between the United States and Seychelles, Hayes' response is that bribery is more expensive in the United States, and Seychelles only needs a coconut.

After a week of rampant speech, the CFTC began investigating BitMEX, with the charges of non-US registered exchanges and familiar money laundering charges. After all, it cannot be provoked by regulators, otherwise everyone will follow suit and will be completely out of order, but Jack Ma doesn't seem to have learned Hayes's lesson.

After living like this for a year, Hayes resigned as CEO of BitMEX in 2020. In 2021, after negotiating a plea agreement, BitMEX paid a fine of $100 million, and in 2022, Hayes personally paid a fine of $10 million, plus a half-year family jail.

However, CZ and SBF also entered prison, and the derivatives of the Three Illusion Gods ended in prison. From 2014 to 2020, BitMEX was the whole of Hayes. His previous experience seamlessly switched to the entrepreneurial field, with almost no twists and turns or pain.

Hayes is a demigod in the 13-17 cycle, a master of the former Binance and USDT era, a believer of Bitcoin, but not a blind follower. He is different from the early mining practitioners. Li Lin, CZ, and SBF, who are engaged in exchanges, are almost more flexible, and have more flexible concepts of Bitcoin and decentralization. This is also very normal. They make money by trading rather than hoarding coins.

But Hayes did not stop. The gift of the 21-25-year cycle is Ethena, a differentiator of the era of Binance and USDT. The core concept is to embrace CEXs such as Binance and seize the USDT market.

Big things have small beginnings.

A scientist's most "important" discovery is often his first discovery; on the contrary, an artist's most profound creation is mostly made by him.

Obviously, Hayes, who is proficient in mathematics and writing, is a mixture of scientists and artists. The accumulated experience in the past will not necessarily make Hayes more powerful in the stablecoin track, but it is certain that having mediocre abilities is definitely of no value.

In 2023, Hayes issued a document to envision a stablecoin system based on BTC contract rates, that is, the fluctuation of BTC's spot value on the short hedge chain of BTC in Perp CEX, the so-called Delta neutrality.

In this way, in the most ideal situation, the BTC deposited by users on the chain can be minted 1:1 as equal stablecoins, which can not only get rid of the low capital utilization rate of over-collateralized products such as DAI, but also get rid of the opaque mechanisms such as USDT, that is, the risk of holding USDT belongs to retail investors, while the income from issuing USDT belongs to Tether.

In Hayes's vision, the most important thing is cooperation with Perp CEX. Given that BitMEX has become a thing of the past, support such as Binance, OKX and Bybit are the most important. Once again, it is not anti-fiat currency and anti-bank, and there is rebellion in the compromise.

Essentially, introducing CEX is to give them the right to issue money (coin rights) and seignior tax. Think about the sharing of money Circle gives Binance and Coinbase, which is not difficult to understand. The exchange supports this stablecoin itself is also dangerous. Even BUSD and FDUSD will face a crisis of dean and run.

Image description: Stablecoin classification, image source: @zuoyeweb3

Arthur Hayes' home office MaelStorm became Ethena's founding consultant in 2023. At this time, the difference between Ethena is to use ETH as the underlying asset rather than BTC, because stETH and other products come with their own income, which is in the help of HayesNext, mainstream CEXs have also entered the market one after another. It can be said that without Hayes, there would definitely be no Ethena's market position today.

Compared with products such as DAI and crvUSD, USDe is indeed not decentralized enough. After all, its foundation is the cooperation of exchanges, but the advantage is that it will distribute part of the profits of USDT/USDC to users;

Compared with its peers such as Level and Usual, USDe's meaning is like Uniswap. The first product that verifies the possibility comes with "orthodoxity", and compared with the new types of compliant stablecoins, Ethena is a relatively-chain YBS (Yield Bearing Stablecoin) product.

Will stablecoins be a super hit in 2025?

About this, I am sure I have an incomplete solution, but unfortunately the blank space here is too small to be written down. Let me leave it to the full discussion of the future of YBS/ stablecoins in the following text.

28-year-old Einstein completed general relativity, and after that, he fell into negation and attack on quantum mechanics throughout his life, and failed to complete the unified theory of theories throughout his life.

In February 2024, BitMEX was revealed to be seeking buyers, and in September, Ethena announced a cooperation with BlackRock's BUIDL, and in the turbulent 2025, more Ethena's reserves have become fiat currency stablecoins such as USDC, just as DAI's later operations.

Arthur Hayes After successfully starting a business in BitMEX-Perp, he is still addicted to in-depth writing and exploration of new mechanisms. Ethena is just a stop on the new journey to obtain the scriptures, or an eternal end.

However, a person's greatest luck is to discover his life mission in his journey of life and in his most creative prime. May you and I walk together like this.