Arthur Hayes: Next Cycle Will Focus More on Established DeFi with Cash Flow

Odaily reports that Arthur Hayes stated in an interview on The Rollup that market confidence should be built on cash flow, and he pays more attention to projects that have real paying customers and can return yield to token holders. AI Agents will use protocols that have stood the test of time. What is worth noting are projects that have been continuously operating and remain profitable since DeFi Summer in 2020 — projects whose prices have dropped significantly but are still widely used, with reasonable P/E ratios and composability between protocols. He does not believe the next round of opportunities will mainly come from new projects, and stated that the tokens of the projects he is bullish on that can appreciate 10x are already tradable.