Crypto veteran Arthur Hayes predicts a dramatic shift as new layer-1s face severe declines due to inflated valuations and limited circulating supply. Only Bitcoin, Ethereum, Solana, and Zcash are poised for long-term relevance according to Hayes, who believes liquidity expansion will drive market growth rather than halvings or hype. He argues governments are about to unleash a wave of capital injections ahead of political campaigns, which he sees as fueling the next phase in crypto’s evolution. In this environment, strong projects will thrive while speculative endeavors face rapid downfall. Hayes highlights his conviction that the crypto market is entering an era where liquidity expansion dictates growth rather than short-term hype cycles.