Someone casually swapping $2.2B of BTC to ETH on chain through Unit over the weekend
Hyperliquid
As many have seen over the last few days, there are several very large wallets trading via Unit on HL. To be 100% clear, the user is unknown to us, and independently decided that this was the best decentralized venue for them to trade on. As of now they have sold 19663 BTC across the 2 entities ($2.22B) and bought 455,672 ETH ($2.19B) since they started 4 days ago. During this time Unit reached record 24 hour spot volumes of 3.2b+. This surpassed Coinbase and Bybit BTC spot volumes combined and is close to on par with BTC/USDT on Binance. Despite the very high load, the infrastructure and guardian network worked as intended; processing billions of dollars of deposits and withdrawals with zero downtime.
HL also generated approx $4,709,538 in fees in the past 24 hours. Unit contributed 20% of the buy backs via HL's portion of the spot fees ($941,907) during this period. In addition, Unit is also using 100% of the fees of its portion to buy back HYPE, effectively resulting in $1.88M of HYPE buybacks directly attributable to Unit spot trading.
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