Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX, is making waves again. This time, he’s betting big on Ethereum’s comeback, claiming it’s set to outperform Solana in the next phase of the crypto bull run.

But for Hayes, the real story isn’t just Ethereum vs. Solana—it’s about what’s being built on Ethereum. And if he’s right, a few specific ETH-based tokens could be the hidden gems of the upcoming rally.

Why Hayes Favors Ethereum Over Solana

In an interview with Fortune on May 18, 2025, Hayes outlined a strong case for Ethereum’s resurgence. While Solana has grabbed headlines for its speed and recent rally, Hayes argues that Ethereum remains the most secure, most liquid, and most developer-rich blockchain in the market.

“Ethereum doesn’t need to scream innovation—it just works,” Hayes said. “It has the highest total value locked (TVL), the deepest liquidity, and Layer-2s are finally taking off.”

Ethereum’s recent price movement supports his case. From early May to mid-May, ETH surged 40%, climbing from around $1,800 to over $2,500. This performance has fueled renewed interest, especially among investors looking for more than just the base layer.

And that’s where the ETH ecosystem comes in.

1. AAVE: The Titan of DeFi Lending

Few DeFi protocols have the staying power of Aave. Launched in 2017, it’s one of the earliest decentralized lending platforms on Ethereum—and it’s still growing strong.

Aave currently controls about 20% of all value locked in DeFi, and that’s no accident. Thanks to recent U.S. legislation (namely the GENIUS Act), regulatory clarity has made it easier for institutions to interact with DeFi, boosting Aave’s activity.

Borrowing on the platform is booming. RLUSD loans alone surged to $32.4 million, reflecting strong demand and investor confidence.

The token’s performance reflects this momentum: AAVE climbed from $160 in late April to over $247 in May—a 75% increase in just a few weeks. For Hayes and others, it’s a signal that DeFi isn’t just surviving—it’s staging a comeback.

2. Ethena (ETHENA): The Stablecoin with Real-World Impact

Ethena is changing how crypto and traditional finance interact. Built on Ethereum, this project is more than just another stablecoin.

Its core product is the “synthetic dollar,” which allows users to access dollar-denominated stability without holding actual USD. This is huge for people in regions with weak local currencies or high inflation.

But Ethena isn’t stopping there. It recently partnered with blockchain insurance firm Re and integrated with Telegram through the TON Foundation. This means its stablecoins—USDe and sUSDe—can now reach a broader user base via one of the world’s largest messaging platforms.

ETHENA’s price shows rising interest: It bounced from $0.26 to $0.45 in May before leveling around $0.39. With institutional partnerships and mainstream use cases, Ethena could become a core bridge between traditional and crypto finance.

3. Remittix (RTX): Ethereum’s Global Payments Powerhouse

Imagine sending money to anyone’s bank account—without them needing to know anything about crypto. That’s the goal of Remittix.

This Ethereum-based project lets users convert over 100 cryptocurrencies into 30+ fiat currencies, instantly. The receiver gets the money in their bank account—no wallet, no hassle.

With a clear focus on usability, Remittix has been called the “PayPal of crypto.” It’s already being used for international payroll, remittances, and even automated payments via smart contracts.

Its flat-fee model removes guesswork, and businesses can easily integrate with Remittix’s API to accept crypto and settle in fiat. As Ethereum adoption grows, tokens like RTX may become critical pieces of the puzzle.

Why Ethereum’s Ecosystem is the Real Winner

While Solana has speed and newer apps, Ethereum has depth. Hayes believes that in the next 18–24 months, ETH will not only hold its ground—it will surge past competitors, thanks to:

• Massive developer community

• Institutional-grade infrastructure

• Explosive Layer-2 scaling solutions like Arbitrum and Optimism

• A maturing ecosystem of real-world applications

Ethereum’s total value locked remains higher than all other chains combined. It has a 9-figure developer base, widespread adoption in DeFi and NFTs, and the attention of Wall Street.

As for the tokens riding its coattails? Hayes thinks investors should look beyond ETH to the projects building real utility.

“When Ethereum moves, it carries the whole ecosystem. And the biggest gains often come from the ones built on top, not the base itself,” Hayes explained.

Final Thoughts

The narrative of Ethereum vs. Solana is evolving. While Solana may offer fast and cheap transactions, Ethereum is still the chain where serious money flows. From stablecoins to DeFi and global payments, Ethereum’s ecosystem is producing tokens with long-term potential.

Arthur Hayes has placed his bet. Whether you’re holding ETH or exploring AAVE, ETHENA, or Remittix, the message is clear: The next leg of the crypto bull run may be led not just by ETH, but by what’s built on it.