In this article, we take a look at the decentralized finance (DeFi) related cryptoassets that Arthur Hayes, Co-Founder and CEO of holding company 100x Group (which owns crypto derivatives exchange BitMEX), has been trading during the past few weeks.
In case you have not heard about 100x Group before, Hayes announced on BitMEX’s official blog on July 15 that he and the other two co-founders of BitMEX were “creating a new holding company structure, branded 100x, to pursue a broader vision to reshape the modern digital financial system into one which is inclusive and empowering.”
This blog post went on to say that 100x would become “the new holding structure for HDR Global Trading and all our other assets, including the BitMEX platform.”
This is the tweet Hayes sent to mark the occasion:
Anyway, now, let’s take a brief look at the altcoins Hayes has been personally trading recently.
The first time that we found out that Hayes was interested in DeFi—and more specifically, yield farming—was on August 12, when he mentioned the now infamous Yam Finance’s Yam protocol (YAM):
The next day, Hayes mentioned Base Protocol (BASED), which its creators call “a DeFi game of chicken designed to shake out weak hands and yield the highest gains for those who understand the rules”:
Then, later that day, after Hayes discovered that a serious bug has been found in the code for Yam protocol—which resulted in the price of the YAM token falling by over 90%—he sent out the following tweet:
Next, on August 17, unfazed by the YAM fiasco, Hayes showed that he was now interested in Yearn Finance and its YFI governance token:
The above tweet was sent out when YFI was trading around $6,500, and currently (as of 09:50 UTC on August 26, YFI is trading around $13,500).
Later that day, around the time that YFI was trading around $8,500, Hayes asked for tips on other interesting DeFi tokens he should look at:
On August 18, Hayes tweeted that he had decided to invest some money in a non-DeFi cryptoasset: Polkadot (DOT).
Finally, earlier today, Hayes provided this update on how his crypto portfolio has performed:
Looking at the above tweet, it appears that Hayes has finally decided to invest in Aave (LEND), the hottest DeFi project (with over $1.53 billion of value locked according to DeFi Pulse), the governance token of which (LEND) has probably been the best performing cryptoasset of 2020, up over 5,280% vs USD in the year-to-date period.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.