Ah, the world of decentralized exchanges—where the stakes are high, and the drama is even higher. Enter James Wynn, a trader who seems to have taken a page out of the “How to Criticize Your Competitors” handbook. He’s warning us that Changpeng Zhao, the Binance bigwig, is cooking up a dark pool perpetuals DEX that could very well sink HyperLiquid faster than a lead balloon. 🚀
Wynn, who has been less than thrilled with HyperLiquid’s referral program (which, let’s be honest, sounds like a bad infomercial), claims that Zhao’s got the resources and the execution history to turn the DEX world upside down. I mean, who wouldn’t want to be in a perpetual state of confusion, right?
Despite HyperLiquid generating a boatload of volume, Wynn’s not exactly rolling in the dough. He revealed he made a whopping $34,000 through referrals, which is about as impressive as finding a penny in your couch cushions. He called their compensation structure “extremely poor,” which is a polite way of saying, “I could have made more money selling lemonade on the corner.” 🍋
I was not paid a single cent by HyperLiquid.
I reached out on two occasions hoping to get some kind of partnership deal for all of the attention I was bringing them, and although they seemed thankful they don’t offer such deals to anyone. Which kinda makes sense considering…
— James Wynn (@JamesWynnReal) June 8, 2025
So, after two attempts to get a partnership deal, Wynn was met with a resounding “no thanks.” Apparently, HyperLiquid prefers to keep their relationships strictly platonic. Who knew crypto could be so cold? ❄️
Zhao proposes dark pool architecture
Meanwhile, Zhao is out here dreaming up a dark pool perpetuals exchange that promises to tackle the transparency issues plaguing current DEX structures. Because, you know, nothing says “trustworthy” like hiding your orders from everyone. 😏
In a recent social media post, Zhao lamented the fact that everyone can see your orders in real-time on a DEX. It’s like having your shopping list broadcasted to the world while you’re trying to buy groceries. “Hey, look! James is buying a gallon of milk! Let’s front-run him!”
Given recent events, I think now might be a good time for someone to launch a dark pool perp DEX.
I have always been puzzled with the fact that everyone can see your orders in real-time on a DEX. The problem is worse on a perp DEX where there are liquidations.
Even with a CEX…
— CZ 🔶 BNB (@cz_binance) June 1, 2025
Zhao’s grand plan? Either hide the order books completely or keep smart contract deposits under wraps until the deal is done. He’s suggesting zero-knowledge proofs or some fancy encryption tech to make this happen. Because who doesn’t love a little mystery in their trading? 🕵️♂️
Wynn’s concerns don’t stop at compensation; he’s also worried about HyperLiquid’s long-term survival. He pointed out that Zhao has a knack for building industry-leading products, and let’s face it, Binance is like the heavyweight champion of centralized exchanges. “CZ has the money, network, teams to build something like no other,” Wynn stated, probably while clutching his pearls.
As it stands, HyperLiquid is operating as a decentralized perpetuals exchange with full on-chain order books, making all trading activity transparent. But with Zhao’s dark pool concept lurking in the shadows, one has to wonder if they’re just one bad day away from becoming yesterday’s news.
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2025-06-08 21:37