Hayes and Polosukhin: HYPE, NEAR, and ZEC Lead as Crypto Markets Pivot to Fundamentals

In a recent discussion on the YouTube channel The Rollup, BitMEX co-founder Arthur Hayes and NEAR Protocol co-founder Illia Polosukhin outlined a significant shift in the cryptocurrency market. Both identified HYPE, NEAR, and ZEC as key assets likely to benefit as investor focus moves away from speculative narratives toward measurable fundamentals like revenue generation, utility, and privacy.

The End of Speculative Buying

Polosukhin argued that the era of buying tokens with the sole expectation of selling them to retail investors is fading. He described block space as a commodity where supply now greatly exceeds demand, making it harder for projects to differentiate on hype alone. Instead, he said, investment criteria are shifting toward whether an asset generates real revenue or if staking can unlock new features. He pointed to HYPE for its fee discounts and market access, ZEC for its privacy features, and NEAR for its cross-chain and computational capabilities as examples of assets meeting this new standard.

Chain Abstraction and Fungible Block Space

Polosukhin explained that NEAR Protocol is focusing on chain abstraction through its cross-chain transaction system, NEAR Intents. The goal is to connect all blockchains, assets, and users, making block space fungible and simplifying the user experience. This approach, he believes, positions NEAR to capture value in a market that increasingly rewards utility over marketing.

Privacy as a Core Investment Thesis

Hayes reinforced the importance of financial privacy, asserting that it will become essential in an era where AI, Big Tech, and governments can track nearly every transaction. He revealed that ZEC is his second-largest holding, underscoring his conviction that privacy-focused assets like Zcash will see growing demand as surveillance technologies advance.

Market Implications

The commentary from two influential figures in the crypto space signals a potential re-rating of assets that offer tangible utility, revenue streams, or privacy features. For investors, the discussion suggests that the market is maturing beyond speculative cycles, rewarding projects that solve real-world problems. The focus on fundamentals could also lead to increased institutional interest in assets like NEAR and ZEC, which have clear use cases in cross-chain interoperability and private transactions.

Conclusion

The insights from Hayes and Polosukhin reflect a broader industry trend: the cryptocurrency market is increasingly valuing projects that demonstrate real-world utility, sustainable revenue, and robust privacy features. As the market shifts toward fundamentals, assets like HYPE, NEAR, and ZEC may be well-positioned to capture long-term value.

FAQs

Q1: Why are HYPE, NEAR, and ZEC considered key assets now?
These assets are seen as benefiting from a market shift toward fundamentals. HYPE offers fee discounts and market access, NEAR focuses on cross-chain utility, and ZEC provides privacy features that are becoming more important as surveillance technologies advance.

Q2: What does ‘chain abstraction’ mean for NEAR Protocol?
Chain abstraction refers to NEAR’s goal of making different blockchains interoperable through its NEAR Intents system, allowing users and assets to move seamlessly across networks, effectively making block space fungible.

Q3: How does Arthur Hayes view the role of privacy in crypto?
Hayes believes cryptographic financial privacy will become essential as AI, Big Tech, and governments increase their tracking capabilities. He sees ZEC as a key asset for protecting financial privacy in this environment.