Arthur Hayes on the Preconditions for Altcoin Season BitMEX co-founder Arthur Hayes discussed past altcoin seasons during an interview on the 'When Shift Happens' channel on October 10. He pointed out that decentralized applications are supposed to generate cash flow through disintermediated business models and return value to token holders. However, in past cycles, most projects failed to meet expectations: the vast majority had no customers, no product-market fit, and naturally, no cash flow. Even some successful altcoin projects didn’t return value to token holders. During the 2021 DeFi Summer, many projects attracted users through token incentives, only to collapse in the end. From 2023 to 2024, crypto VCs hyped prices with high TVL and low circulating supply, but users have gradually become more rational. He believes that a true altcoin season is beginning to emerge, with standout projects being those that have real paying customers and return profits to token holders. Hyperliquid is a prime example, marking the evolution of investor expectations as the new issuance market matures. Video source: https://youtu.be/RvK7YQpRFko?si=dqvXgGTOREobDmqy