Privacy pools and transparency

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James Wynn portrays decentralised platforms like HyperLiquid as a counter to “corrupted” centralised exchanges, rejecting offers from ByBit and promoting HyperLiquid’s model as necessary for better, more transparent trading
CZ’s proposal to build a dark pool-style decentralized exchange for perpetual futures was prompted by the $100 million liquidation of trader James Wynn, an event attributed to the public visibility of his highly leveraged on-chain positions on Hyperliquid.
James Wynn drama raises concerns about transparency at Hyperliquid, with critics warning it could become “a second FTX” given prior scandals like the JELLY token manipulation in March 2025
Dark pools are private off-book trading venues widely used in TradFi to execute block trades discreetly, shielding them from order book impact, slippage, and latency arbitrage such as MEV bots
CZ proposed a dark pool-style perpetual DEX to combat front-running, MEV exploitation, slippage, and forced liquidations.

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