Arthur Hayes, the CEO of BitMEX, has recently shared his thoughts on the future of the crypto market and the potential rise of Aptos as the second leading Layer 1 blockchain. According to Hayes, Aptos is likely to overtake Solana within the next one to three years, a prediction he plans to elaborate on by September 2024.

Aptos: The New Challenger

Aptos, a Layer 1 Proof-of-Stake blockchain, is known for its smart contract programming language, Move. Hayes believes that Aptos will bring mainstream adoption of Web3 and empower a community of decentralized applications (dApps) to solve real-world problems.

Meme Coins: Here to Stay

Hayes also discussed meme coins, calling them the "luxury brand" of crypto. He believes that they are here to stay and that Dogecoin ETFs could be launched by the end of the current market cycle. Dogecoin, the oldest meme coin, is already available on top platforms like Robinhood.

Crypto Custodians: The Biggest Risk

However, Hayes warned that the biggest risk to the crypto market over the next two to three years is the potential hacking of a major crypto custodian. He believes that such an event could result in the loss of $50 billion to $100 billion in digital assets, marking the end of the current market cycle.

Conclusion

Hayes' predictions highlight the potential for Aptos to rise as a major player in the crypto market, while also emphasizing the importance of caution in the face of rising hacks. The future of the crypto market remains uncertain, but Hayes' insights provide valuable insights into the potential trends and risks that lie ahead.