Veteran crypto entrepreneur Bill Barhydt, CEO and Founder of Abra, recently shared his keen interest in three altcoins: SUI, Ethena, and Hyperliquid. In a social media post, Barhydt, a long-time figure in the digital asset space, emphasized their innovative approaches within the decentralized finance (DeFi) ecosystem, stating, "3 altcoins I'm closely watching right now. Not investment advice." His commentary underscores ongoing developments in the Layer 1 blockchain, synthetic dollar, and decentralized derivatives sectors.
SUI, identified by Barhydt as "A killer L1 platform, that uses PoS," has garnered significant attention for its scalability and efficiency. The Layer 1 blockchain, built on the Move programming language, focuses on high throughput and low latency, making it suitable for mass-market applications. SUI has demonstrated robust growth, reaching a $500 million stablecoin market capitalization by February 2025, a key indicator of its increasing utility and liquidity in the DeFi landscape.
Ethena, which Barhydt noted "Build on synthetic dollar ideas to earn yield through DeFi," offers USDe, a synthetic dollar designed to be censorship-resistant and scalable. The protocol generates yield by delta-hedging staked Ethereum (ETH) collateral with corresponding short futures positions. Ethena has seen rapid adoption, with its USDe supply surpassing $1 billion and offering attractive yields, reportedly over 33.5% as of June 2024, attracting users seeking high returns in the DeFi space.
Hyperliquid, described by Barhydt as "Perp futures contracts X DeFi," stands out as a high-performance decentralized perpetual futures exchange. Operating on its own custom Layer 1 blockchain, Hyperliquid offers zero gas fees for trading and maintains a fully on-chain order book, rivaling the speed of centralized exchanges. The platform has captured a dominant market share in on-chain perpetual futures, processing over $1.5 trillion in trading volume by May 2025.
Barhydt, a crypto pioneer known for his early work on Bitcoin and synthetic dollars, continues to be an influential voice in the industry. His firm, Abra, has been a significant player in the crypto investing space. However, it is noteworthy that in August 2024, the Georgia Department of Banking and Finance issued a consent order requiring Abra to convert virtual currency to fiat for Georgia consumers and restricting Barhydt's participation in Georgia-licensed money transmission for five years.
The projects highlighted by Barhydt reflect a broader trend of innovation in DeFi, pushing the boundaries of what is possible with decentralized technology. As the digital asset market matures, the focus remains on scalable infrastructure, novel financial instruments, and robust trading platforms that offer both yield opportunities and enhanced user control.