Sardius

[Mads @europemaxxed]

When everyone is expecting a comeback from me but this is literally me rn

[CL @CL207]

feel like the now widespread reality that the president facilitates insider trades is pretty bad and demoralizing / destabilizing for usa

[Star_OKX @star_okx]

No complexity. No accident.
10/10 was caused by irresponsible marketing campaigns by certain companies.

On October 10, tens of billions of dollars were liquidated. As CEO of OKX, we observed clearly that the crypto market’s microstructure fundamentally changed after that day.

Many industry participants believe the damage was more severe than the FTX collapse. Since then, there has been extensive discussion about why it happened and how to prevent a recurrence. The root causes are not difficult to identify.

⸻

What actually happened
1.Binance launched a temporary user-acquisition campaign offering 12% APY on USDe, while allowing USDe to be used as collateral with the same treatment as USDT and USDC, and without effective limits.
2.USDe is a tokenized hedge fund product.
Ethena raises capital via a so-called “stablecoin,” deploys it into index arbitrage and algorithmic trading strategies, and tokenizes the resulting fund. The token can then be deposited on exchanges to earn yield.
3.USDe is fundamentally different from products such as
BlackRock BUIDL and Franklin Templeton BENJI, which are tokenized money market funds with low-risk profiles.
USDe, by contrast, embeds hedge-fund-level risk. This difference is structural, not cosmetic.
4.Binance users were encouraged to convert USDT and USDC into USDe to earn attractive yields, without sufficient emphasis on the underlying risks. From a user’s perspective, trading with USDe appeared no different from trading with traditional stablecoins—while the actual risk profile was materially higher.
5.Risk escalated further as users:
•converted USDT/USDC into USDe,
•used USDe as collateral to borrow USDT,
•converted the borrowed USDT back into USDe,
•and repeated the cycle.
This leverage loop produced artificial APYs of 24%, 36%, and even 70%+, widely perceived as “low risk” simply because they were offered by a major platform. Systemic risk accumulated rapidly across the global crypto market.
https://t.co/IK2gW4xUOP that point, even a small market shock was sufficient to trigger a collapse.
When volatility hit, USDe depegged quickly. Cascading liquidations followed, and weaknesses in risk management around assets such as WETH and BNSOL further amplified the crash. Some tokens briefly traded near zero.
The damage to global users and companies—including OKX customers—was severe, and recovery will take time.

⸻

Why this matters

I am discussing the root cause, not assigning blame or launching an attack on Binance. Speaking openly about systemic risks is sometimes uncomfortable, but it is necessary if the industry is to mature responsibly.

I expect there may be significant misinformation and coordinated FUD directed at OKX in the near future. Even so, speaking honestly about systemic risk is the right thing to do—and we will continue to do so.

As the largest global platform, Binance has outsized influence—and corresponding responsibility—as an industry leader. Long-term trust in crypto cannot be built on short-term yield games, excessive leverage, or marketing practices that obscure risk.

The industry needs leaders who prioritize market stability, transparency, and responsible innovation—not a winner-take-all mentality where criticism is treated as hostility.

Crypto is still early.
What we choose to normalize today will determine whether this industry earns lasting trust—or repeats the same mistakes again.

[SpaceWeatherNews @SunWeatherMan]

Why the interest in Greenland?

Why the Chinese interest in Africa?

Why the mad dash for high caste Indians to exfill?

Why the exodus of the Latin 3rd world to the north?

Why is everyone interested in Antarctica?

There is one good answer.
There is one best answer.

[MASTR @MastrXYZ]

Fucking crazy.
The @binance main account is openly mocking crypto users. There is no other rational explanation.

After mass liquidations, impossible price deviations, and zero accountability, they post memes and act untouchable.

When an exchange wipes people out and then laughs, the message is clear. You are exit liquidity. You do not matter. They do whatever they want because they can.

If this does not enrage you, you are asleep.

And before the moral apologists show up saying this is funny.

Thousands of people lost money again because of #Binance . Real losses. Forced liquidations. Wiped positions. You do not joke about that.

Mocking users after systemic damage is arrogance. It is contempt.

And it proves exactly how broken this space has become.

[trade.xyz @tradexyz]

Trade[XYZ] now enables anyone to trade perps on any asset, anytime. Stocks, indices, crypto, and more.

No off-hours, no holidays, just deep liquidity 24/7, 365.

Available now to all users in eligible locations on https://t.co/0pSGkVZKZy.

[nest @NestExchange]

it’s time.
hyperliquid.

[NMTD.HL @NMTD8]

One bounce and funding instantly turns negative. Why?

Because nobody has spot to sell in size. All the dumps are forced via perps.

Keep accumulating spot, eventually they can't play this game anymore.

$HYPE is extremely undervalued at these levels and the repricing will be violent.

Hyperliquid.

[Skewga.hl @skewga_capital]

HYPE/OTHERS is on the verge of volatility expansion, this is the first step on our way to 3 digit HYPE, convert your shitcoins ASAP.

Hyperliquid.

[Sardius @rundagust]

@DancingEddie_ that wick on the 10th was even worse on binance

[jeff.hl @chameleon_jeff]

Hyperliquid’s fully onchain liquidations cannot be compared with underreported CEX liquidations

Hyperliquid is a blockchain where every order, trade, and liquidation happens onchain. Anyone can permissionlessly verify the chain’s execution, including all liquidations and their fair execution for all users. Furthermore, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons that fully onchain defi is the ideal infrastructure for global finance.

Some CEXs publicly document that they dramatically underreport user liquidations. For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions. Source below.

Hopefully the industry will see transparency and neutrality as important features of the new financial system, and others will follow.

[Charlie @0xBroze]

https://t.co/Qo5uXxH9Lh

[smartestmoney.hl @smartestmoney]

👏👏Dark pools so dark your billions in volume will be deleted as if it never even existed 👏👏

This unstoppable DEX movement will cause Centralized Exchanges to lose the most.

CEX will no longer be able to misappropriate your assets as they lose control over your wealth.

Do not allow them to frame this as DEX wars when it is clearly a CEX vs DEX war.

Please remember that when it’s not your keys, it’s not your coins.

Join the resistance.

Move them off CEX now.

Hyperliquid.

[800.HL @degennQuant]

Wow.

Hyperliquid builder event.

HypurrNFTs are undervalued.

$HYPE

[GLC @GLC_Research]

The preferred venue for trading $XPL, one of the most anticipated launches of the year alongside $PUMP, is of course Hyperliquid.

Who else could it possibly be ?

▫️Hyperliquid shows more Open Interest on $XPL than Binance, Bybit, and everyone else.

When real trading matters, traders go to Hyperliquid. The numbers aren’t even close.

It’s almost funny. You see all kinds of FUD on the timeline about Hyperliquid supposedly facing competition or losing market share to Aster and other DEXs.

But when the time comes for actual trading, the market makes the choice clear: it’s all happening on Hyperliquid.

▫️We can't even see Aster's OI on the chart... Hyperliquid has 250X more OI on $XPL than Aster.

And here’s the part people forget: $HYPE isn’t just a perp DEX. It’s an ecosystem of top builders aligned around a shared vision. Yes, Hyperliquid offers the best venue for perps, but it also creates the best environment for major launches like this one.

▫️Take $XPL as the perfect example.

As soon as it went live, @unitxyz team enabled deposits, withdrawals, and spot trading. Naturally, traders piled in long (perps) and funding rates spiked up to 500% annualized.

That’s where @liminalmoney comes in.

With one click, you can deposit USDC and Liminal builds the delta-neutral strategy for you: long spot, short perps.

In minutes, traders were earning up to 500% APY by shorting $XPL through an automated delta-neutral strategy. Even now, yields are hovering around 200%.

▫️This is exactly why Hyperliquid is positioned to win.

This is why Hyperliquid will likely win this war. It’s not only the best trading venue, it’s an ecosystem. When a big launch happens, why would you go anywhere else ?

Hyperliquid is simply the best place to be for traders, and it SHOWS. There is no second best,

Hyperliquid.

[The White Whale @WhiteWhaleLabs]

Take a look around at your favorite crypto influencers. If they are hyping Aster, you know their credibility is for sale. Full stop. No serious or partially educated trader would say Aster is a new and innovative solution to any problem. I’ve lost so much of whatever little faith I have remaining in the broader crypto community by witnessing this all unfold.

[max.hl @fiege_max]

The next stage of Hyperliquid's ascendance will be driven by native stablecoins.

We're honored to be leading the charge with USDH and look forward to showing up for the ecosystem every single day.

[GLC @GLC_Research]

There is no second best,

Hyperliquid.

[Sardius @rundagust]

@cz_binance @anndylian @binance @HyperliquidX @chameleon_jeff Sure...