djphuczer

[djphuczer @herewetrade]

TradingView > Bloomberg

[TraderSZ @trader1sz]

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[Unipcs (aka 'Bonk Guy') 🎒 @theunipcs]

'the LORD gave, and the LORD hath taken away; blessed be the name of the LORD' — Job 1:21

yesterday's liquidation event is the most brutal i've witnessed in my time in crypto

i got wiped out on ALL my perps positions

literally everything

eight figures: $30 million+ at peak uPnL if realized, or well above $15 million just before the liquidation started

100% of the following perps position got wiped:

- $BONK
- $FARTCOIN
- $POPCAT
- $PNUT
- $CAT
- $APEX
- etc

i lost maybe 80% of my $ASTER position that i used as a collateral on a DeFi lending protocol

i took out the remaining (~$1 million), fully liquidated it and rotated it into $BONK and $4 because i think i get better R/R from both from here on out:

- BONK because i refuse to be a 'bonk guy' without BONK exposure, and i remain convinced in my deca-billion-dollar target for it. i will continue to add more over time, God willing
- $4 because i remain strongly convinced that BNB season continues until the end of this quarter and i think $4 is the most asymmetrical bet to capitalize on that

thankfully the overwhelming majority of my $USELESS coin position is held in spot, so i didn't record significant loss on that — maybe with the exception of mid six figures worth of uPnL i had in perps accounts

i am still resolutely convinced that $USELESS is THE memecoin to watch for outperformance from here on out, that it is a multi-billion-dollar narrative currently trading for pennies on the dollar, and that it will end the cycle being a top 5 memecoin at the barest minimum i.e. certainly has a lot more than 10x upside from here. so i’m glad contagion there was contained for me!

what happened yesterday?

everyone blames the recent Trump-China tariffs, but this isn't the first time we've had that this year

and the Trump tariff comments certainly shouldn't have been responsible for such a massive nukage across almost the entirety of altcoins and memecoins in the space

a lot of altcoins crashed 70 to 99% in minutes, when $BTC and $ETH barely crashed 13%

$ATOM, for example, crashed from $4 to $0.001 on top exchanges like Binance — a 99.9% crash in minutes. no one could have humanly responded to that!

it is also worth noting that this massive altcoin/memecoin crash was EXCLUSIVELY on CEXs. these altcoins did not come close to hitting these levels on spot DEXs, so yesterday's liquidation was almost certainly due to MM/CEX liquidity issues

why it was unprecedented (market mechanics)

many people reported being massively affected, especially since exchange systems broke across the board: stop losses failed, orders didn’t fill, margin couldn’t be added, and platforms became unusable within minutes. the entire liquidation cascade happened so fast that almost no one had time to react, something i don’t think we’ve ever seen at this scale before

i was in front of my screen, took a short break, came back to the screen to see the nasty wick about 10 minutes later, then realized i've been liquidated on EVERYTHING i had in perps

it is the craziest crypto event i have witnessed, ever!

it was worse than COVID, which was a black swan event

you could say whatever you want about this event: you can call it manipulation, unnatural, or whatever else

you would be right tbh

however, whether or not manipulation played a role doesn’t change what i have to do next: as a trader, i am only ultimately concerned about things i can actually control

of course it's easier to point out how it all wasn't my fault and how someone else was responsible, but how does that help me grow as a trader? i win if i make money trading, i lose if i lose money trading. end of!

i'm sure we will be hearing more about exactly what happened yesterday night, which will hopefully help give some people closure

i wish i didn't have to write about this:

this will likely be one of the most viral tweets coming out of this event

many have waited for this moment: 'he is so greedy!'

and there will be an army of people mocking me with 'I TOLD YOU SOs'

but write i must, for a few reasons:

1. a key part of the 'bonk guy' persona and identity i have built is one of utmost transparency around my trades, so others can learn

2. while i lost a fortune in the liquidity wipe event, i have a very diversified basket of alts across perps and spot. i'll be fine; my spot assets are safe. but i think there are people who lost literally everything they have right now that might be having very bad and nasty thoughts, and them seeing a voice like mine at this time just might give them hope

i want to be very clear:

1. i do not need your empathy. i appreciate that some would have the thought, but i do not need people messaging me to empathize with me over this

2. i do not need donations or financial support. it was a massive loss, but i'm okay

i also want to emphasize that i'm in a very good mental state right now, as difficult as that might be for many to believe

i've always been very detached from money and material things, and that makes it easy to cope with situations like this

at the end of the day, my $BONK trade was a trade in which i went from $16k to a peak 8-figure PNL

contrary to what seems to be the most common belief here, it isn't my most impressive trade. if i made it before, i can make it once again!

could i have foreseen exchange systems crashing and nuking the most liquid altcoins and memecoins in the market 70 - 90% in mere minutes before anyone could react? no!

could i have maybe done a few things differently leading up to this event? maybe

however, i am a big believer in focusing on what *could* happen and taking action to get there instead of focusing on what *has* happened

the past is the past, and what has happened has happened

there are a lot of changes i’ll be making to my systems as a result of this: less dependence on leverage, sharper risk management, and a stronger focus on protecting my positions from exchange-side risks going forward

all that matters is what happens from here on out...

i remain very optimistic about the market

i do not believe the bull run is over, nor do i think the Q4 rally is out of the picture

so what do i do from here?

lock in more than ever before, be buried deeper in the trenches, and most importantly have fun while i do it!

if there is one thing i have learned after being in this industry for multiple cycles, it is that there is always new opportunities: every day, every week, every month

i have always been one to love a challenge, and i guess this is another one for me and an opportunity to once again prove myself — not to internet strangers, but to myself

this event has not dampened my spirit, not in the slightest. if anything, it has strengthened my resolve to get back in the ring, fight, and win bigger

i will make it all back, and more!

for those who are in a similar situation, who either lost a fortune or lost it all, i have some words for you:

PERSIST

SURVIVE

DON'T GIVE UP

if you need to take a break, please do

if you're struggling to hold it in, please seek help

above all, pay special attention to yourself and focus on your health

i know it will take a while for the gravity of what happened to hit many, but a philosophy that has always helped me to survive massive drawdowns is internalizing all of these crypto gains as just numbers on the screen — until it is realized at least!

i know they can have very real consequences in the real world if/when cashed out, but right now i think internalizing it as just numbers on the screen would make dealing with the loss more bearable

you made it before, so yes YOU can make it again

the most profitable period of the cycle is still well ahead of us

we are all going to make it

and you are going to have me along on this journey with you, if that matters to you!

if there’s one thing this taught me, it’s that no matter how prepared you think you are, you’re never fully protected from systemic shocks — but you can always control your response. i’ll be rebuilding my framework with that truth in mind!

i am once again an underdog, and this is not the end of my story

GOD WILLING

[Shayne Coplan 🦅 @shayne_coplan]

Markets on everything.

We’re proud to announce that $ICE, the owner of @NYSE and the largest exchange company in the world, is making a strategic investment of $2 billion into Polymarket, valuing us at $9 billion post-money.

Our partnership with ICE marks a major step in bringing prediction markets into the financial mainstream. But in addition to that, it’s a monumental step forward for DeFi. ICE is the one remaining founder-led exchange company, and Jeff is all-in on utilizing his assets, including NYSE, to usher in a new financial era of tokenization. We’re humbled to be working together on this endeavor. ICE will also begin distributing Polymarket data to thousands of financial institutions around the world. There is so much to build when you combine the force of ICE’s institutional scale and credibility with Polymarket’s consumer + cultural savvy and distribution.

The past two years have been surreal. Going from a write off to creating a category, watching our vision become a reality. The Polymarket origin story is funny because it's a rare case of the dream being identical to how things played out. If I learned one thing, it’s that bold ideas are everywhere, hidden in plain sight. It just takes someone crazy enough to spend their life willing it into existence. That’s entrepreneurship: willing things into existence.

I remember reading Robin Hanson’s literature on prediction markets and thinking - man, this is too good of an idea to just exist in whitepapers. There were a million reasons why it shouldn’t work, countless arguments of why not to do it, and the odds were against us, but we had to try.

At the onset of the pandemic, I quite literally had nothing to lose: 21, running out of money, 2.5 years since I dropped out and nothing to show for it. But I knew we were entering an era where ways to find truth would matter more than ever, and Polymarket could play a critical role in that. After all, nothing is more valuable than the truth. It’s still a work in progress, but we’re honored to have made the impact we have thus far.

I’d also like to give a special thank you to all of our users, builders, and community members who have been with us since 2020. Your support will not be forgotten 🔮

Last but not least, I am deeply grateful for all of the support and hard work of my brilliant team. I’m getting to live my wildest dreams, seemingly against all odds, and I don’t take it for granted.

The best is yet to come… 🇺🇸

Que Sera Sera

[Aladeen | That Watch Guy @cryptoaladeen]

Lets give this away shall we

Omega Speedmaster Professional

All you need to do is FOLLOW ME & @AtelierAmir & RT this tweet (if you mention a friend you have better chances)

Good Luck my friends!

[Mayne @Tradermayne]

$ETHBTC

oh boy

[djphuczer @herewetrade]

@ThinkingUSD eth staker

[djphuczer @herewetrade]

@CryptoPicsou @gringodelcielo comment tu gères ta répartition du staking ? 100% ? ou bien t'en laisses hors staking pour gérer l'éventuel risque ? je me pose des questions là dessus..

[jeff.hl @chameleon_jeff]

Execution

Extremely proud of the community and team for the smooth launch of the HyperEVM. The upgrade happened amidst billions of dollars of daily volume, where the majority of defi derivatives trade. There was no downtime, and no performance degradation after the launch.

The UX of trading is still so seamless that many users assume the HyperEVM is a separate chain! To be clear: the HyperEVM and the existing native Hyperliquid financial system are one composable state.

The safest way to upgrade this uniquely complex system is a gradual rollout. Precompiles and other L1 interactions will build upon the sturdy foundation of the initial HyperEVM release. This will unlock an entirely new class of performant defi applications, but more on that later.

Right now I want to focus on the execution of the launch. A bug in HyperEVM logic or an unoptimized code path would've crippled the entire blockchain, affecting hundreds of thousands of users and billions in open interest.

This was a massively challenging launch: a jet's engine was flawlessly changed mid-flight.

--

Philosophy

The HyperEVM launch stayed true to Hyperliquid’s “no insiders” principle. Hyperliquid has always embodied the original ethos of crypto: no investors, no paid market makers, no fees going to any company. The HyperEVM launch is yet another example that integrity and fairness are the pillars of Hyperliquid.

The tradeoff of a fair launch is that things are a bit messy to start. Tooling might not be there from day one. Builders need to familiarize themselves with the tech. But these short term obstacles are nothing compared to the long term value of fairness. No one had a head start or unfair advantages. I’m impressed that some teams deployed dapps, tooling, and analytics within hours of the HyperEVM release, a testament to the strength of the builders and community.

Hyperliquid will eventually be the credibly neutral infrastructure that houses all of finance. Looking back, the L1 launch, HYPE genesis, and HyperEVM launch will all be important milestones. Success is path dependent, and there can be no blemishes on the fair trajectory towards the final state.

The HyperEVM is a clean slate. The community is hungry for quality applications. Where else in the world is there such an imbalance between supply and demand for applications built? Fast, general purpose chains are nothing new. But on Hyperliquid, builders can plug into a mature, liquid, and performant onchain economy with real users.

I've noticed a pattern that builders, traders, and communities who "make it" on Hyperliquid are those who call Hyperliquid home. Legacy players don't win just because of their credentials. Newcomers have equal opportunity to win by challenging the status quo and seizing the opportunities. There are empires to be built on the HyperEVM, and the community welcomes builders with open arms.

Hyperliquid

[Unit @unitxyz]

Introducing Unit: the decentralized asset tokenization layer for all of finance, built exclusively on Hyperliquid.

Unit will enable seamless deposits, withdrawals, and trading for a wide variety of assets. Our first integration allows major spot crypto tokens to flow between Hyperliquid and their native blockchains, launching today with native BTC.

This is a significant unlock for users, enabling:

1-Click Native Deposits & Withdrawals: Deposit or withdraw BTC via their self-custodial wallet or centralized exchange account. (ETH and SOL coming soon).

Unified Trading Experience: Trade both spot and derivatives within a single, integrated platform.

New Capital Onramps: Send spot from any supported native source chain and sell in the spot order book to access USDC.

Deposit BTC now directly on https://t.co/uJWeiSIeWH or at https://t.co/Rg4Ub2tADZ.

For more details on the protocol design, see our documentation at https://t.co/RlRzCxvQET and to stay up to date on what we're building, you can join our telegram channel: https://t.co/TcIyGSRKE0

[Tree News @TreeNewsFeed]

*COINBASE 4Q TOTAL REV. $2.3B, EST. $1.87B: BBG

[jeff.hl @chameleon_jeff]

Noticing a trend that important projects have perps on Hyperliquid before anywhere else

Informed traders can no longer afford to stay on CEXs

[Will @WClemente]

Imagine if Lummis was to just drop a memecoin at 10am lmaooo

[jeff.hl @chameleon_jeff]

Even after a full day of CEX listings, TRUMP perps on Hyperliquid are doing 44% of the volume of Bybit: $3.25B vs $7.31B over 24h

Users are waking up to the crypto-native way to trade

[djphuczer @herewetrade]

@CryptoPoulpe marché de fou

[mert @mert]

nuance is mathematically impossible on this app, but I'll attempt anyway:

- ad-hominem attacking a seasoned security expert with an insane track record because you don't like their tone, is bad

- blowing the situation out of proportion publicly such that all important details are lost — such as HL not actually being exploited by NK — is, also bad

- this situation is not unique to Hyperliquid, *any app or protocol* with sufficiently centralized control — such as L2s, or non-frozen multisig contracts on an L1 like Solana — also faces the same situation

- FWIW I am impressed by Hyperliquid's GTM of going app first and then eventually decentralizing into an L1 in the future — this is a cool concept, and I like it

and no, it's not as simple as saying they only succeed because they are currently centralized, that obviously can not be the case because, in the past 2 years, a ton of similar ideas started out centralized and didn't get the same traction

- but, this *is the main trade-off* with that approach — of progressive decentralization over time

this is important to understand because it's not a Hyperliquid specific thing, it applies to everything that starts out sufficiently centralized

there is no free lunch, less decentralization might get you better UX from the start, but it also exposes you to the risks of centralization such as safety, regulation/legal responsibility, and perhaps the most insidious, just the speculative idea of being funds being compromised — exactly like how decentralized systems expose you to the risk of awful UX or no recourse if you sent funds to the wrong address

- this is not to say that one approach is better than the other, it is to emphasize that different architectures have different risk tradeoffs and to educate yourself at least somewhat on how they work

[djphuczer @herewetrade]

@ColdBloodShill chadddd, congrats

[djphuczer @herewetrade]

@Tradermayne hope your survived your long brother!

[djphuczer @herewetrade]

@intern best

[intern @intern]

2024 Crypto Year in Review

[DB News @DBNewswire]

*US NOV. PCE PRICE INDEX RISES 0.1% M/M; EST. +0.2%
*US NOV. PCE PRICE INDEX RISES 2.4% Y/Y; EST. +2.5%
*US NOV. CORE PCE RISES 0.1% M/M; EST. +0.2%
*US NOV. CORE PCE RISES 2.8% Y/Y; EST. +2.9%