Arthur Hayes argues that the next bull cycle will favor established DeFi protocols with real cash flows over newly launched projects, especially those adopted by AI agents.
DeFi & Yields ·
Arthur Hayes, Maelstrom co-founder, argued in an October 13, 2026 interview that the coming market cycle should prioritize established DeFi protocols over newly launched projects. Hayes emphasized that sustainable value derives from real cash flows and projects with paying customers that distribute earnings to token holders, particularly those likely to be adopted by AI agents. He highlighted protocols that have operated profitably since DeFi Summer in 2020, noting they retain widespread usage and reasonable valuation multiples despite significant price declines.
Hayes predicted that the tokens expected to appreciate tenfold are already in circulation rather than in development pipelines. His thesis rests on the durability and composability of battle-tested infrastructure over nascent alternatives, suggesting AI systems will gravitate toward established platforms with proven operational history. According to WuBlockchain, Hayes' historical forecasting accuracy has been low and his positions shift frequently, prompting observers to evaluate his reasoning framework independently of specific price or timing claims.