Tor00_1

Building volume before the announcement

[Tor00_1 @cryptoo_tor]

$100k in volume could potentially earn you several thousand dollars in $LIT https://t.co/lc4Uwgl3xS

[Tor00_1 @cryptoo_tor]

Everyone only pays attention to the Korean listings for $HYPE this week and completely slept on how fast Hyperliquid is actually building a real financial layer

Market is bleeding, Upbit and Bithumb didn’t give that instant retail FOMO pump everyone hoped for, and yeah $HYPE got smacked about 25%. Whatever. What’s happening is way more important than one weekly candle

Here’s what’s actually connecting right now:

Uniswap v2/v3/v4 just launched on Elysium (Kinetiq’s new Arbitrum Orbit L2). This is the fix for Hyperliquid’s longest running complaint, spot and DeFi were always slow as fuck. Finally something that doesn’t feel like trading in 2021

Elysium runs 100ms blocks and uses native $HYPE as the only gas. Builders finally get a proper fast environment for AMMs, launchpads and v4 hooks that can connect straight to HyperCore’s orderbook. This piece was missing before

Upbit and Bithumb open KRW pairs through HyperEVM, Korean retail can dump fiat directly without touching USDT or other intermediaries

Meanwhile RWA markets via HIP-3 consistently do $4-5B daily volume, almost half of everything the protocol processes. Stocks and commodities 24/7 on-chain. Not a side feature anymore

Critics are right: early activity on Elysium is mostly memecoin shit, and the Korean listing didn’t save the price. Ok. But look at the real stack: deep crypto perps + 24/7 stock and commodity trading + high speed Uniswap L2 + direct Korean fiat rails. Hyperliquid stopped being just a perp DEX a long time ago

It’s turning into a full on-chain financial layer whether people like the price or not

[Tor00_1 @cryptoo_tor]

Wall Street was straight up asleep when the Jensen scandal dropped Sunday. Degens piled into Hyperliquid and started pricing in the NVDA nuke before Nasdaq even woke up

Whole TradFi was dead until Monday while the 24/7 $NVDA perp on trade xyz HIP-3 became the only real price discovery. Shit was ruthless

How it played out while everyone else was sleeping:

→ Right after Huang admitted the affair and the board launched the probe, perps dumped from $187.5 to $180.15 in one hour. $39M volume. Normal weekend hours are usually just dust

→ On-chain sniped a whale instantly opening a $5.44M short at 10x around $181.33. Over $9M in fresh Sunday shorts stacked up. People were already betting on Monday bloodbath

→ Second scandal hit + WSJ saying the board wants him gone and the perp market absolutely exploded. Over $1.3B 24h volume and $500M+ open interest. For a minute it was trading like a top crypto pair. Insane

→ Anyone sitting in USDC just shorted the gap down to ~$156 way before regular brokers even let retail touch the shares

This ain’t some experiment anymore. It’s just how it works now. Yeah weekend oracles still cap you at +-5% and gaps happen at open. But when news drops overnight or on the weekend crypto order books are the default place everyone runs to first. TradFi just too slow

[Tor00_1 @cryptoo_tor]

Perp DEX tokens just crossed a line most people still refuse to believe

Sygnum, a legit FINMA-regulated Swiss bank running over $5B in AUM, just went full support on $LIT. This ain't some random CEX listing. This is actual bank plumbing

For funds and family offices the game just flipped hard

Regulated custody. Park $LIT in segregated bankruptcy-remote accounts under real Swiss banking law Actual credit lines. Pledge your $LIT bag and borrow CHF EUR or USD against it. No need to dump the spot just to unlock cash And Sygnum straight up called out Lighter's buyback and burn (15.6M already torched) as a core reason

Revenue-driven value accrual ain't just cope anymore, a real bank stamped it Dual track is straight wild. Lighter is about to file with the CFTC this month to become a regulated US derivatives shop while Swiss banks are already letting tradfi money borrow against the token today

Yeah team vesting unlocks are still coming and Hyperliquid isn't going anywhere. Bank support doesn't erase that

But when a real Swiss bank starts treating a ZK-rollup perp DEX token as legit collateral the "TradFi will never touch this" cope is dying fast

The merge is moving quicker than you think

[Tor00_1 @cryptoo_tor]

Extended just flipped the XTEN allocation checker and Terms live

TGE is basically breathing down our necks even without an official date

Backend looks cooked and ready. Airdrop module already switched on in the code, trading and staking still dark. Launch banner is locked in and that Coming November 2026 teaser is still sitting there pinned

Rate is roughly 4.29 XTEN per Xpoint. 30% of the 1B supply (300M tokens) fully unlocked day one. Farmed on Starknet? You gotta nominate a self-custodial EVM wallet with an active Extended account or you’re fucked

30% liquid straight out the gate is chef’s kiss for farmers but I’m personally sitting on my hands at open. Arc books are about to get absolutely clapped when everyone piles in to dump at once. First wave of sellers is gonna be nasty

Farmed Xpoints? Go sign the Terms before Dec 31. Stick to the official extended exchange app only. Fake checker drainers are already flooding the timeline hard

Don’t get rekt

[Extended @extendedapp]

The XTEN allocation checker and T&Cs are now live.

Eligible Xpoints holders can sign the Terms in the Extended app to see their XTEN allocation.

Signing window: 11 November 2026 to 31 December 2026, 23:59 UTC.

Starknet accounts must nominate a self-custodial EVM wallet with an active Extended account to receive XTEN. The TGE date will be announced separately.

Sign only in the Extended app: https://t.co/riPx2R5PKQ

[Tor00_1 @cryptoo_tor]

@louisdives Haha yeah

[Tor00_1 @cryptoo_tor]

I'm not a fanboy of Lighter or Hyperliquid

I always trade wherever it's more profitable for my pocket and I couldn't care less about the tribalism

Both platforms have clear edges, and pretending one is strictly better than the other is pure coping

Hyperliquid wins on pure liquidity and ecosystem utility:

-> It still holds over half of the decentralized perp market, so you can swing heavy size without getting wrecked by slippage

-> The HyperEVM ecosystem actually has real capital flowing through it, mostly around HYPE liquid staking and lending markets

-> Through HIP-3, builder apps like trade xyz bring deep 24/7 liquidity for stocks and oil, even if high entry barriers killed off most smaller deployers

-> The downside is obvious: base taker fees eat into retail profits, and a small set of validators (heavily controlled by the Foundation) can literally vote to rollback prices like we saw during the JELLY exploit

Lighter wins on execution cost and trustlessness:

-> Zero maker and taker fees on standard accounts save you a fortune over time

-> Because it's an Ethereum ZK-rollup, matching and liquidations are proven on-chain, meaning nobody can manually rewrite prices and you always have an Ethereum L1 escape hatch

-> You get higher leverage on majors and native RWA markets without paying extra markups to third-party deployers

-> The trade-off is much thinner order books, a slight latency bump on free accounts, and practically zero DeFi ecosystem around the chain

If you're trading small to mid-size clips on majors, Lighter is objectively cheaper because 0% fees beat everything

If you're swinging heavy size, trading illiquid alts, or want 24/7 stock perps and yield on your collateral, Hyperliquid is still unmatched

Stop marrying your trading venues

[Tor00_1 @cryptoo_tor]

Variational just moved to Public Mainnet

The exit from private beta is mostly a formality since invite codes were everywhere and getting in was easy, yet this is easily the strongest beta run in crypto history

What a lean team of 26 quants achieved over those 20 months:

-> Pulled over $450B in cumulative volume and $1.5B+ in open interest before even removing the beta tag

-> Built a vertically integrated RFQ model where one internal MM (OLP) quotes everything, making 0% fees permanent

-> Rolled out 550+ crypto and TradFi markets out of the box, with indices like Nasdaq (US100S) now driving over 30% of daily flow

-> Raised over $60M from Dragonfly, Bain Capital Crypto, and Coinbase Ventures to scale the protocol

-> Revamped the UI twice, shipped gasless UX on Arbitrum, and brought real TradFi liquidity on-chain with swaps

-> Launched full points and referral systems (dropping 150k points weekly) while passing security audits from Zellic and Spearbit

It’s a clean third path between Hyperliquid's raw order book depth and Lighter's ZK setup, though your PnL still relies on OLP staying solvent

With the $VAR TGE coming in Q4 and 32% of the supply set to drop fully unlocked to points holders, the real test of whether this volume sticks is just starting

[Variational @variational_io]

https://t.co/x8yHdKwczX

[Tor00_1 @cryptoo_tor]

Ref link: https://t.co/qctMXbNf6v
Thanks

[Tor00_1 @cryptoo_tor]

Everyone is fighting over Hyperliquid and Lighter while sleeping on QFEX, which honestly feels like Variational back in December 2025

Nobody is aggressively shilling it yet, there are zero crypto pairs, and the official points program hasn't even launched

Yet it's already sitting in the top 10 perp DEXs by RWA open interest with $500M+ in daily volume

Why I am ultra-bullish on QFEX right now:

-> This isn't some random vibe-coded fork. The team has the exact same quant pedigree that built the current market giants: Cambridge grads from Citadel, HRT, Jane Street, and Tower Research, backed by $9.5M from General Catalyst and YC

-> They are following the exact Variational playbook - loss refunds, heavy RWA focus, and rewarding early users. Variational dropped 32% of their supply to early farmers, so imagine the upside if QFEX pulls a similar move (plus they already hinted at points for X contributors)

-> Unlike Variational's RFQ model, which faces massive regulatory hurdles entering the US, QFEX runs a classic CLOB. That’s the exact reason Lighter is applying for a US license this month and Wall Street giants are backing trade xyz

-> Right now, nobody cares about pure crypto pairs, everyone is hunting RWA liquidity. QFEX has the largest selection of 24/7 RWA markets on-chain (230+ stocks, indices, oil, gold), and it's a dream setup for delta-neutral farming alongside Variational and trade xyz

I am 100% convinced that every single dollar of volume you print right now is being tracked retroactively for Season 0 points

If you're not completely broke and actually want to position yourself early before the points program goes live and the crowd rushes in, pushing a couple million in volume here is a no-brainer. Plus, you can farm their Daily Auction along the way

Dropped my ref link in the replies below for a discount on trading fees while you farm

[Tor00_1 @cryptoo_tor]

@0xC0RT Which ones specifically?

[Tor00_1 @cryptoo_tor]

Is ProprXYZ about to rug?

ProprXYZ reserves dropped from $1M to $284k, and their public hedge wallet is sitting at an -$800k unrealized loss

At first glance, it looks like a classic prop firm liquidity crunch waiting to happen. Cold and hot payout reserves are practically empty ($190 in the hot wallet), meaning almost all remaining on-chain liquidity is tied up as active margin on Hyperliquid

The bearish case is right on the surface:

-> Public on-chain reserves have shrunken by over 70% since October
-> The company intentionally cut funded AUM by ~24% last month to slow down toxic trader flow and future liabilities
-> If a wave of profitable traders requests payouts simultaneously right now, free on-chain cash simply isn't there to cover it without external injections

However, Propr runs an A-book style model where their public wallet mirrors top traders on Hyperliquid. A massive unrealized loss on the hedge wallet doesn't mean the risk engine broke, it means their traders are currently winning big, and the hedge wallet is just absorbing the exposure

Even with tight on-chain reserves, the data shows they are still paying out fast (over $3.9M verified on-chain, with $1.1M+ sent in the last 30 days alone) and operating with more transparency than 99% of traditional prop firms

Everything comes down to whether the founder's $4M personal credit line actually holds up if this trader winning streak keeps draining the public books

Personally I would hold off on trading there for now

[Tor00_1 @cryptoo_tor]

Arcus (built by dYdX Labs and Robinhood) just got drained for $2.23M over a basic subaccount code bug

A fresh wallet under 24 hours old deposited $185, bounced funds between its own subaccounts, and hit a flaw where internal transfers credited more than they debited

Just like that, the attacker printed a fake balance and queued up a $5.2M withdrawal

You can see the whole thing play out on-chain minute by minute:

-> 40 minutes before the main drain, they ran a live test turning 5 USDG into 7.08 while poking at dust amounts of tokenized SPY right after multi-asset collateral went live
-> The bridge rate limit kicked in and froze $3M of the request
-> While the team took 52 minutes after the alert to actually pause withdrawals, the rate limit partially refilled and the hacker slipped out another $234k
-> Within minutes, they swapped the $2.23M USDG into ETH, DAI, and BTC via Relay and THORChain before anyone could blacklist the stables

Arcus Labs covered the entire hole out of their own treasury, user funds weren't touched, and the exchange is running normally

It's funny that after all those audits, the protocol broke on a basic check making sure credits equal debits

Even weirder that a brand-new account with a $185 deposit was allowed to request a $5M withdrawal without getting auto-flagged for manual review

[Tor00_1 @cryptoo_tor]

Is Hyperliquid actually losing its lead or are critics just blowing structural growing pains out of proportion?

The current FUD mixes real architectural bottlenecks with pure exaggeration

Saying Hyperliquid is "vastly behind" is simply false - the protocol still holds ~56% of all decentralized perp open interest ($6.9B out of $12.3B), putting it more than 5x ahead of Aster and Variational

However, the monopoly is definitely eroding at the edges, and the critics have valid points on execution

First, the centralization risk is real. Hyper Foundation validators still control nearly 48-49% of all staked HYPE. Staking locked team allocations to collect emissions while user tokens circulate freely creates a clear governance imbalance

Second, the HIP-3 expansion is struggling with high entry barriers. Requiring a 500k HYPE bond ($40M+) plus auction costs killed competition - TradeXYZ still accounts for over 97% of HIP-3 volume, while challengers bleed out on multi-year paybacks

Because pure order books struggle to cold-start illiquid RWA assets, RFQ-native protocols like Variational are naturally capturing TradFi flow

Third, product-market fit outside core crypto perps is weak. HIP-4 prediction markets are clunky and generate pennies compared to Polymarket ($0.70 per $1,000)

and the lack of any confirmed Season 3 points program is leaving retail traders frustrated with paying 4.5 bps taker fees when competitors offer zero-fee execution

Still, writing the protocol off ignores the fundamentals. There are zero VCs dumping on retail, actual team unlocks have been a fraction of theoretical schedule

and 99% of fees automatically buy back and burn HYPE - already removing ~5% of the max supply

Hyperliquid isn't dying, it's just hitting the limits of a pure CLOB design. The core crypto perps engine remains untouchable, but if the team doesn't fix validator concentration and lower the barriers for external builders

they will keep leaking RWA market share to more agile RFQ competitors

[Tor00_1 @cryptoo_tor]

Jeff Yan is quietly destroying central exchanges

In 2026 his custom-built chain:
- Crossed $5.7T in cumulative trading volume with zero VC backing
- Flipped Bybit and OKX in open interest, peaking at $13B
- Launched the world's first officially licensed 24/7 S&P 500 perp on-chain
- Squeezed out $1B+ in cumulative fees, hardcoding 99% of it into HYPE buybacks
- Partnered with Coinbase to route 90% of USDC reserve yields directly into the token burn
- Became the official tech layer for NYSE owners (ICE) to deploy regulated US futures

He still owns no house , car and had to hire bodyguards

But he’s currently building the ultimate financial layer out of a boring Singapore office

Put together Jeff’s entire story in one place

[Tor00_1 @cryptoo_tor]

https://t.co/oPniXDgqOP

[Tor00_1 @cryptoo_tor]

jeff from hyperliquid didn't just build a perp dex, he built a loop that trades oil and s&p 500 around the clock while wall street sleeps

> 31 years old, completely blocked vcs from the $16b hype genesis
> 100% of protocol revenue is hardcoded to buy back and burn tokens from the open market
> no house, no car, just two bodyguards because crypto security in 2025 got too violent

my favorite detail: trade xyz deployed a silver market on his chain that grabbed 2% of cme's daily volume within weeks. and when us-israel hit iran on a weekend, his oil market printed $3.7b while traditional markets were closed

he doesn't call it an exchange, it's a financial rail that can't be shut down. the full story of how he did it is inside

name another founder who could buy a private jet tomorrow but chooses to rewrite api servers from scratch instead

gHyperliquid!

[Tor00_1 @cryptoo_tor]

https://t.co/oPniXDgqOP

[Tor00_1 @cryptoo_tor]

Satoshi Nakamoto disappeared the second big money noticed Bitcoin

Hyperliquid founder Jeff Yan did the exact opposite - when the protocol grew into billions, he traded his shorts for a suit and went to Washington to fight for his network

He went from a broke household to financial freedom at 27, walked away from a top tier quant fund like HRT after just 8 months because it felt "meaningless" and rejected a massive $100M VC check just to keep the platform completely neutral

Now his blockchain is printing billions in volume, trading oil and S&P 500 around the clock while Wall Street sleeps on weekends, and aggressively buying back HYPE using 100% of its revenue

Put together Jeff’s entire story in one place. Everything from his first failed startup to the JELLY attack, security threats, and the real math behind the HYPE tokenomics is inside

[Tor00_1 @cryptoo_tor]

https://t.co/oPniXDgqOP

[Tor00_1 @cryptoo_tor]

@chiikawaowata TRUE

[Tor00_1 @cryptoo_tor]

https://t.co/oPniXDgqOP

[Tor00_1 @cryptoo_tor]

The upcoming Anthropic IPO is exposing a massive structural trap in Variational’s pre-IPO perp mechanics

Their official announcement just confirmed how they plan to handle the $ANTHROPIC transition, and it's a major blow to anyone holding a directional position

Instead of rolling your pre-IPO position into the actual live stock perp, Variational is completely wiping the board clean. They are forcing a 1-hour close-only window on the day of the IPO, permanently delisting the pre-IPO market, and auto-settling all open positions before a new, separate stock market relists later

The core issue comes down to share count dilution. Say you went long on pre-market pricing at $100 per share, targeting an $800B valuation. On the actual IPO, the company floats half the expected number of shares, instantly doubling the stock price to $200 on the exchange while the overall market cap stays flat. But your long gets force-closed by the old internal oracle at around $95, and you completely miss the entire live listing surge

The main problem here is that while platforms like Lighter use transparent, prospectus-verified math tying final share price directly to outstanding shares from the S-1 filing, Variational relies on an opaque internal settlement price. Because the market settles independently via an internal calculation before the stock even prints on the NYSE, the pre-IPO price is mathematically decoupled from the real IPO price

Cross-venue arbitrage is completely broken because of this architecture, and early users are already reporting tracking losses from forced liquidations. When a pre-IPO asset doesn't actually guarantee execution into the real listed stock, it ceases to be a functional financial derivative and turns into a closed-loop casino game

Unless Variational clarifies their exact transition math or builds a real position carry-over mechanism, trading these pre-IPO perps is just a gamble on how favorable their internal settlement engine feels on IPO day

[Tor00_1 @cryptoo_tor]

$XTEN is setting up to be a prime example of what happens to a token with zero real buyers

Extended's own docs explicitly state that out of the hyped 30% airdrop, nearly 17.4M tokens are getting bagged by their own internal market-making desk

The actual community allocation at launch is way smaller than advertised, meaning the entire real free float is just hyper-incentivized drop farmers ready to market-dump their bags on day one

The staking utility is a blatant inflation trap. There is a fixed 150M emission reserve locked just to pay out staking rewards, which will be continuously mined and instantly sold into the bid

To make it worse, the token offers zero governance, zero revenue share, and the docs literally spell out that $XTEN grants no rights to protocol profits or equity

The highly marketed buyback and burn program is completely made up for the future. The official whitepaper uses the softest language possible, stating they "may" launch a buyback and "may" allow fees to be paid in XTEN

They literally added a disclaimer: "further details will be published if and when a buyback programme is launched" which means zero hard commitments and zero forced value accrual

The 12-month cliff for VCs only prevents an immediate insider nuke on day one, but it guarantees a massive supply overhang for year two. Exactly at month 12, investors unlock 25% of their allocation at once, followed by an aggressive monthly bleed of the remaining supply

With a pre-market valuation struggling around a thin $240M FDV on Hyperliquid and immediate EEA spot trading restrictions to dodge regulatory heat, there is zero natural buy-side liquidity at launch

Unless you are washing massive volume on Extended just to farm fee discounts, holding this token means volunteering to act as exit liquidity for a fixed emissions pool