Samurai Miyamoto Musashi was right when he said:
1. Accept reality as it is. Then act.
2. Never chase pleasure for its own sake.
3. Want nothing so badly it owns you.
4. Regret nothing. Extract the lesson.
5. Envy no man. Study him.
Tough times (again)! At least, it appears to be an orderly wind down where users can withdraw their assets.
Pro tip:
Self custody if you know how to keep your seedphrase safe (@trustwallet)
Or use the largest exchange (@binance) with staying power.
As a HYPE bull during the Cambrian explosion of RWA perps, you should ask yourself the following questions:
1) if TradeXYZ left Hyperliquid tomorrow and launched their own exchange, where would you go to trade RWA perps?
2) if TradeXYZ launched a stock/token, how would you value HYPE differently?
3) what is the likelihood of #1 and #2?
I don’t intend to be a bear, but I’m pretty confident in my answers to #1 and #2 and I’m not naive enough to say I (or seemingly any major allocator) knows the answer to #3.
And before the .hl’s whine in my comments, this is not meant to slight either protocol, it’s to state a fact: TradeXYZ holds a large and growing amount of leverage over Hyperliquid.
Always appreciate critical thinking on topics that often lead to tribalism. That said, the risk of TradeXYZ leaving Hyperliquid is incredibly small.
TradeXYZ is structurally reliant on HL for:
1) Userbase & distribution: TradeXYZ's flow depends Hyperliquid's frontend and builder codes.
2) Liquidity & composability: TradeXYZ's markets live inside Hyperliquid's environment, where traders are already integrated. Composability allows for cross margin, portfolio margin, tied to user accounts, none of which would exist in a siloed exchange.
3) Exchange: TradeXYZ inherits HyperCore's performant exchange (incredibly hard to build in-house).
Therefore I'd challenge the idea that TradeXYZ can just leave. Its key edge over every other RWA perps exchange is exactly that it is built on Hyperliquid: HL's users, liquidity, and exchange. How much of that edge survives if it leaves?
I think it also misses Hyperliquid's vision as an infrastructure layer: a market where eventually hundreds of TradFi brokers / crypto frontends all tap into the same shared liquidity, routed through Hyperliquid and TradeXYZ. Breaking off means TradeXYZ completely sacrifices this upside to function as a standalone exchange, and running a performant exchange is a completely different game from deploying markets on one.
Let's say TradeXYZ decided to leave despite all this. What happens?
The power dynamic is one-sided: Hyperliquid could relaunch RWA markets natively, and even launch S3 to retain and grow their dominance. How many users already integrated with Hyperliquid would choose to migrate activity to an entirely new exchange? Maybe you could argue TradeXYZ launches its own points, but that defeats the purpose as it's would still dilute ownership, just to token holders instead of to Hyperliquid.
IMO if TradeXYZ wants better monetization, builder codes are the better path. It keeps the existing integration benefits with HL, but shifts emphasis to its own distribution and owning its users, upcharging them on its own frontend (HL's exchange-layer fees are very small compared to what brokers like Robinhood and Coinbase charge). The result is a higher take rate on users it owns, with HL flow intact.
In addition to the rational reasons, I also think it's important to believe in something. The same way we trusted Jeff and team not to dump during the November unlocks, we believe in the integrity of Shoku and team.
The @CronosApp is now in beta today, and we are rolling out to everyone soon. Revenue will be used to buy and burn crypto-com-chain:native as it grows.
And also today, Citadel Securities invests $400 million in @cryptocom valuing exchange at $20 billion!
We are just beginning. More to come!
polymarket hosting a trading tourney for their new combos product, will be cool to see if they can extend this to trading markets across all different industries in addition to the sports combos, something novel that only a crypto native prediction markets can do
It's remarkable that it took a viral tweet to get this resolved.
@unitxyz finally processed my transaction of 17 ETH after 73 days.
During those 73 days, while I had zero access to my funds, the 17 ETH depreciated by over $13,000.
A significant, entirely avoidable loss — one that would never have occurred if Unit had treated this issue with the urgency it deserved from day one.
It took less than 24 hours after this post went public for Unit to resolve not only my transaction, but every other affected user's as well.
That timeline speaks for itself.
Despite repeatedly telling me in support chat that "it's high priority for us", the reality is clear: this was not treated as a priority until it became a public liability.
@sershokunin@hyperliquidbull@0xmev — I am requesting full compensation for the loss incurred as a direct result of your team's error.
This is the minimum required to make affected users whole and to begin rebuilding trust.
Not just for me — for everyone who experienced the same issue.
You have a genuine opportunity here to recover that trust by committing a small portion of your treasury to reimburse the losses your mistake caused.
I hope this also serves as a lesson: user issues deserve real urgency before they become public pressure campaigns, not after.
I also want to take a moment to thank everyone who engaged with my original post — the support and solidarity meant a lot. 🫶🙏
$40,000 of my funds have been frozen on @unitxyz for over 2 months — Here is the full story, with receipts.
This is not clickbait. This is not hate.
This is a documented timeline of what happens when a protocol flags your funds, admits the error was on their side, and then has no mechanism — and seemingly no urgency — to fix it.
April 18th: I initiated a withdrawal of 17 ETH (worth ~$40,000 at the time) from Hyperliquid to Ethereum Mainnet via @unitxyz.
tx hash: https://t.co/tTN6asPfX7
2 minutes later, the transaction showed as "failed."
I have completed 100+ deposits and withdrawals through Unit before this. This had never happened.
First thing I checked: did the 17 ETH return to my Hyperliquid account? No.
Second thing I checked: did I make a mistake — wrong address, wrong network? No.
Everything followed Unit's own instructions exactly.
So I contacted support. They told me to use the "revert" feature to recover my funds.
It didn't work.
Here is where it gets interesting. I asked them why.
Unit Support: "The revert feature does not currently support this type of transaction, which is why we have not been able to resolve it via that method. We are actively working on expanding revert capabilities, but cannot bypass the existing limitations."
- I asked what the "limitation" actually is.
Unit Support: "Reverts for flagged withdrawals from Hyperliquid is not currently supported. We are actively working on expanding revert capabilities."
Notice the pattern? The same scripted sentence, repeated, regardless of the question.
- I asked them to explain in simple terms, why my transaction failed in the first place.
Unit Support: "The wallet was flagged as exceeding compliance thresholds and the Guardian set could not reach consensus on the transaction."
- So I asked the obvious question: "But why do you flag a transaction without having the ability to revert it? You flag it, it turns out you were wrong, but can't do anything about it. WTF. What's your solution instead of 'just waiting until someday the revert feature will be shipped in 10 years'?"
Unit Support: "It's high priority for us and we will reach out here once the revert feature is available."
That was their final answer. After a month of waiting.
It kept going like this for another month — they kept repeating the same answers and eventually ghosted me.
I contacted @hyperliquidbull and @0xmev directly on X under their posts about this case.
Both said they would fix it, but nothing has happened yet.
If this was truly "high priority", a $40,000 user-impacting bug would not still be unresolved 2 months later.
There is a simple, obvious fix available right now: refund me from treasury and revert the transaction on your end afterward.
No new feature required. No engineering blocker. Just a decision to make the user whole.
The 17 ETH they are holding back was worth $40,000 on April 18th. Today, it is worth roughly $27,000.
I have personally lost $13,000 — because of an error on Unit's side that they have refused to remedy for two months.
I am asking @unitxyz directly — @sershokunin, @hyperliquidbull, @0xmev — is this how you treat a day-one, loyal user?
I believe there are more cases like this sitting quietly in your support queue right now, so I decided to speak up and let everyone know how poorly you handle situations where YOU, as a protocol, clearly messed up.
Tagging the hyperliquid team here as well in case you can help me to resolve this: @chameleon_jeff@xulian_hl@iliensinc
Please RT and like this for awareness. 🙏