wabbasy

Moon₿oy

[Ping @DegenPing]

10/10 bid
11/05 sell

[tomh.md @NFTom_ETH]

A Balanced View on Listings — Oct 2025

I’ve worked at multiple large exchanges and now build in Web3.
Here’s a balanced view in light of controversies surrounding listing fees.
⸻

The Reality of Listings

A token is worthless without liquidity — listing gives it life.
Being on major exchanges with 200M+ users isn’t free; it’s the cost of doing Web3.

Exchanges are businesses that need profit.
Free listings are rare but can work if the exchange is sustainable through other means.
We’re open to any CEX or DEX that shares a transparent, sustainable model — because if no fiat is charged, tokens often get dumped, hurting both teams and supporters.

⸻
What the Project Token Enables

Right now, exchanges and stablecoins capture most of the profits in Web3.
That dynamic often starves other sectors — especially GameFi — where builders struggle to survive.

If listings were more accessible or affordable, more projects could thrive, innovate, and attract users, which would ultimately benefit exchanges through higher volumes and stronger ecosystems.

The balance feels off right now — but restoring it helps everyone win long-term.

⸻
How Project Sustain Token Price

Increase Demand
•Share our vision and ship features with real token utility.
•Keep building products that retain players and expand usage.
•Use revenue for buybacks and listings to broaden reach.

Reduce Sell Pressure
•Stay lean — small core team (~5 people) and disciplined spending.
•Use airdrops to grow, but measure how well we turn farmers into users.
•Keep proving to holders that belief in us pays off.

⸻
Projects need exchanges. Exchanges need projects.
We need each other — and with more transparency and balance, the whole industry grows stronger.

[jeff.hl @chameleon_jeff]

TLDR: During recent volatility, Hyperliquid had 100% uptime with zero bad debt. This was Hyperliquid’s first cross-margin ADL in more than 2 years of operation. ADL does not change the outcome for any liquidated users. While some specific ADL providing trades were unfavorable, the aggregate effect of ADL was that traders realized significant pnl by closing positions at favorable prices that were only briefly available.

--

It’s sad to see some people attack Hyperliquid to deflect from their own platforms’ issues. Solvency and uptime are the two most important properties of a financial system. These are table stakes for any trading system, and gaslighting to convince users otherwise is unethical and irresponsible.

Below is more analysis on how Hyperliquid’s margining system handled the extreme volatility.

Background on liquidations

For a perps system to be solvent, every position must be backed by a minimum amount of collateral. This is called the “maintenance margin.” When positions do not meet the maintenance margin requirement, they are taken over by the system to be liquidated. Earlier today, many altcoins dropped by more than 50% in a short period of time. When this happens, long positions at 2x or higher leverage must be liquidated, or else the system accrues bad debt.

There were billions of dollars worth of positions liquidated on Hyperliquid in a matter of minutes. In a permissionless system, each user chooses their own position sizing and collateralization. Any system that does not liquidate the necessary users is irresponsibly gambling with other users’ funds. On Hyperliquid, every order, trade, and liquidation is transparently verifiable onchain. Many other venues significantly under-report liquidation data. This cannot be compared apples-to-apples against the fully onchain picture of Hyperliquid.

Background on HLP

HLP is a protocol vault with permissionless deposits that 1) provides order book liquidity and 2) performs backstop liquidations. The first role is negligible, with HLP trading less than 1% market share. The focus of this post is liquidations.

Liquidations are first attempted against the order book, and any user can provide liquidity to these market liquidations. Backstop liquidations occur when the order book does not have enough liquidity to absorb an undercollateralized position. In this case, HLP takes over the position along with its collateral. For improved risk management, HLP is split into several child vaults, and each liquidation is only sent to one child vault.

Background on ADL

Auto-deleveraging (ADL) is the liquidation mechanism of last resort, when market and backstop liquidations do not work. See Doug’s thread (link in reply) for a thorough explanation on the details of ADL.

Every ADL event has two sides: the “triggered” side is undercollateralized, while the “providing” side is decided as a function of profitability and leverage used.

Similar to backstop liquidations, even though providers to ADL are profitable on average, there are no guarantees for any specific event. Some ADL providing trades were unfavorable, such as when only some components of long/short portfolio were closed. The system is designed to minimize ADLs because they are unpredictable even if ADL providing trades are profitable on average. Because HLP is a non-toxic backstop liquidator, ADL is a rare settlement of last resort. As far as I know, this was the first cross-margin ADL event on Hyperliquid mainnet (ADL is more common for isolated-only assets such as hyperps, which are not backstop liquidated by HLP).

Summary of events

Over the course of 20 minutes, HLP backstop liquidated billions of dollars worth of positions.

HLP's philosophy has always been to provide liquidity of last resort. Contrary to misconceptions, HLP is a non-toxic liquidator that does not pick profitable liquidations. Instead HLP is a public good for maintaining system solvency. In particular, Hyperliquid has no liquidation fees. HLP’s design, including its multi-component child vault system, is the product of countless simulations, and allows HLP to maximally serve the benefit of the protocol while managing its own risk.

In fact, the liquidator child vaults of HLP themselves became undercollateralized in the course of backstop liquidating as many user positions as possible. This is by design, where child vaults are isolated from the other components of the overall strategy. HLP is treated no differently from other users when participating in ADL. In aggregate, HLP's child vaults were the largest addresses on the triggered side of ADL by more than an order of magnitude. The addresses on the providing side of ADL against HLP’s child vaults realized hundreds of millions of dollars in additional profit relative to the prices shortly before and after the dislocation.

On other venues, the liquidation engine is not transparent and therefore may not be subject to the same strict margin requirements as for normal users. On these venues, the exchange could have backstop liquidated more positions, bearing increased solvency risk to extract hundreds of millions in business revenue. This is not an acceptable tradeoff for Hyperliquid.

Finally, I know that this is a difficult time for many traders, and I hope the community can continue to support each other and grow together. As a contributor to Hyperliquid, I’ll continue to work my hardest to build the best possible platform that can house all of finance. Times like this highlight the importance of transparency and fairness in the financial system.

[Naval @naval]

Crypto is…

Desperate gamblers chasing their first bag.

Investors funding the buildout of the global casino.

Bankers hypnotizing the masses to collect their vig.

…all meaningless and ephemeral without the cypherpunks, who defend the dream of encrypted and unstoppable cash.

[Javier Hermosa @JavierHermosa21]

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[wabbasy @wabbasy_]

@kris 5k incoming

[wabbasy @wabbasy_]

@jonahlau_ Can also try diving into:

Retention (subsequent journey activity, repeat activity or session revisits within a timeframe)

CSAT

NPS (Net Promotor Score)

[Coinbase 🛡️ @coinbase]

Good morning.

[wabbasy @wabbasy_]

@jonahlau_ @animocabrands @opencampus_xyz Authentic & Inspiring. LFG! @jonahlau_

[wabbasy @wabbasy_]

@henryw_btc we all "win some and lose some", but the most important thing is when you win, you win "big" and/or more often

[tomh.md @NFTom_ETH]

Agree with everything @iampaulgrewal is saying here, having worked at Big Crypto in the US, I believe what ultimately determines whether the ETH ETF will be approved is aligning incentives between Wall Street and SEC.

Wall Street probably made a killing with the Bitcoin ETF, so does selling more help the SEC?

#ethETF #crypto #SEC

[wabbasy @wabbasy_]

@ericnode to the Moon 🚀

[wabbasy @wabbasy_]

@_isaacnotnewton 🔥

[Yassine Elmandjra @yassine_elman]

times like these make you realize just how humble satoshi was

[wabbasy @wabbasy_]

@TerraLunaCom terra1jwzu276w9jymme6xmxgn4vxa0prw8g2flf058s

[wabbasy @wabbasy_]

@CronosChimpClub @CronosChimpClub any roadmap plans to expand the ecosystem i.e. chimp derivatives, metaverse / incentives for early chimp owners? (more than just marketplace)

imo CCC is one of the earliest and most native NFT projects on Cronos

Asking on behalf of all your early supporters

[wabbasy @wabbasy_]

@CronosChimpClub @CronosChimpClub any roadmap plans to expand the ecosystem i.e. chimp derivatives, metaverse / incentives for early chimp owners? (more than just marketplace ...)

imo CCC is one of the earliest and most native NFT projects on Cronos

Ask on behalf of all your early supporters

[wabbasy @wabbasy_]

@Orbit_Network_ @Orbit_Network_ Captain M. Ser - when 20% USC yield and how ape?

Also, any literature / white-paper on details re "overcollateralized stablecoin against $CRO" / $USC stable peg mechanics 🙇🏼‍♂️

#CRO #crofam #FFTB

[wabbasy @wabbasy_]

@Orbit_Network_ @NFTom_ETH @thejonahlau @0xsuet88

[Joma Tech @jomatech]

if Wolf of Wallstreet were about crypto...