What Makes a Crypto Project Legit vs. Just Another Scam

by

In a rather enlightening (and possibly uncomfortable) chat on The Rollup podcast, Hayes, in his infinite wisdom, shared the two things he actually cares about before dipping into any digital asset. Spoiler alert: it’s not about flashy promises or empty air. He’s too old for that, clearly.

First, he has a particular fondness for platforms where users actually pay to use the product—with their own money, no less. Shocking, right? Hayes scoffs at protocols that rely on shiny incentives or airdrops to generate any sort of activity. According to him, real value only arises when people fork over their own crypto or stablecoins, proving they see true utility. In other words, he’s not falling for the crypto equivalent of ‘free lunch.’ And if users are willingly parting with their coins? That’s what you call staying power. Bet on it.

Enter Hyperliquid (HYPE), a young and oh-so-promising Layer-1 blockchain. Hayes practically can’t stop talking about it. In less than two years, it’s grown its user base and trading volume in a way that’s suspiciously free from too many handouts. You know, the way growth should happen if you’re actually, you know, useful.

Now, for the second critical element: Hayes insists that a protocol must financially reward its token holders, or it’s just a glorified game of Monopoly. “What’s the reward model?” he asks. And if you’re not offering token buybacks, emissions, or staking yields—well, why even bother? In his opinion, tokens should be yield-bearing assets, not some half-baked gamble you throw into a hot market. It’s about making money, not just pretending to make it.

Oh, and Hayes didn’t forget to throw some shade at Uniswap. Sure, it’s an impressive DEX, but what does it give back to its token holders? Absolutely nothing, apparently. Despite being one of the most used platforms in the world, it’s all take and no give. The UNI token holders? Left holding the bag, as always. Classic.

For Hayes, it’s all about one thing: real utility and value return. If a protocol can show him both, he’ll bring his attention—and, more importantly, his capital. Otherwise, he’ll be too busy enjoying life to bother. And, trust us, that’s not a bad place to be.

Read More

2025-05-01 03:22