TL;DR
- Arthur Hayes introduced a model that would use the FLOP token as a unit of reference for payments for AI computing power.
- Flop Network aims to establish a market price for computing resources used by AI agents and develop financial derivatives tied to that value.
- Hayes sold his positions in several altcoins. According to Lookonchain, wallets linked to the entrepreneur sold approximately $22 million worth of tokens.
Arthur Hayes, co-founder of BitMEX and CEO of Flop Labs, presented a proposal to turn AI computing power into a tradable asset using the FLOP token and a dedicated payment network.
The project, called Flop Network, aims to establish a benchmark price for the computing resources used by AI agents. Hayes explained that there is currently no universal benchmark for valuing and comparing computing capacity.
His proposal involves measuring the number of computational operations required to perform each AI inference task and using transaction data to calculate its price in FLOP tokens.
Hayes Proposes Creating a Derivatives Market for Computing Power
In an essay published on Substack, Hayes explained that if Flop Network becomes a payment infrastructure used by AI agents, the exchange rate between FLOP and computing power could serve as a global pricing benchmark.
Based on that value, users could trade derivatives contracts tied to the cost of computing, similar to those available in other commodity markets.
For now, this remains a model proposed by Hayes, rather than an operational derivatives market.
Flop Labs is developing a network that allows AI agents to pay for computing and decentralized storage services. In August, Hayes announced that he would become the company’s CEO and outlined plans for a token airdrop scheduled for the fourth quarter of 2026.
The market targeted by the project is also expanding. According to Boston Consulting Group estimates, spending on AI computing power could rise from $360 billion in 2025 to approximately $2.3 trillion by 2030.
Arthur Sold Nearly $22 Million in Cryptocurrencies
The proposal emerged two days after Hayes announced that he had sold his positions in Ethereum (ETH), Ethena (ENA), and Uniswap (UNI) held in Maelstrom’s directional trading wallet.
The entrepreneur attributed his decision to macroeconomic and geopolitical conditions, which he considered unfavorable for maintaining those investments.
Blockchain analytics firm Lookonchain subsequently identified approximately $22 million in sales from wallets linked to Hayes.
The transactions included $15 million in ETH, $2.7 million in ENA, and $2.2 million in UNI. Sales of Ether.fi (ETHFI), Aerodrome Finance (AERO), Pendle (PENDLE), and Zama (ZAMA) were also recorded.
