Crypto's Holy Trinity: Are These Coins Still Worth Buying?

Former BitMEX CEO Arthur Hayes called Hyperliquid (HYPE), Zcash (ZEC), and NEAR Protocol (NEAR) 'crypto's holy trinity' in May. This trio of coins were seen as offering unique features that would bring enduring value to the crypto sector, according to Hayes. However, he sold his holdings of all three by June 5.

But by September, with prices far higher than when he sold, Hayes was joking about being sidelined from the rally. So are these coins still worth buying?

One coin that has seen significant growth is Zcash. In May, a researcher found a severe flaw in its protocol, which could have allowed for the counterfeiting of an infinite quantity of coins. However, an upgrade called Ironwood was implemented to address this issue.

The number of private transactions on the network has increased, with 29% of all Zcash now shielded, up from 23.3% a year prior. This growth is seen as a sign that the network is getting stronger, and when combined with the developer team's quick response to the flaw, it bolsters confidence in Zcash's ability to be a finite store of value.

NEAR Protocol could benefit from Zcash's privacy boom. Hayes argued that NEAR can translate Zcash's privacy features across blockchains. The 'intents' system on NEAR lets users articulate crypto-financial goals, while a pool of competing market makers works to fill the order cheaply and quickly.

NEAR brought in $2.1 million in net protocol revenue from fees during the 30 days ending September 24. This revenue has been used to buy back NEAR on the open market, offsetting some new token issuance.

Hyperliquid is another coin that Hayes sold. However, it has seen significant growth since its launch, with $429 million in revenue from January 1 to September 15 alone. About 99% of its protocol fees are spent on buying back its own token.