As expected, I suffered a lot on SPCX TradeXYZ has officially announced that it will not conduct Rebase Compared to the initial announcement of a reference share capital of 11.87 billion shares, the actual share capital has been adjusted to approximately 13.08 billion shares, resulting in a 10% loss for long positions. The initial announcement has been removed from the document This time itself is not a big problem The document is not clear enough. Referring to changes in equity, TradeXYZ does not Rebase, and the money lost by long positions is taken away by arbitrage and short positions who understand the rules in advance This can still be explained as a pricing game under a special event, which is similar to the tariff arbitrage that occurred when oil was exchanged for months But it exposed a big problem The underlying TradeXYZ of the Hyperliquid ecosystem does not have the ability to perform Rebase For TradFI in the stock market, it is very fatal, as it has not been running for a long time and has not been encountered before Due to the existence of share capital adjustments, additional issuances, and stock splits in stocks Everything else is fine, it's just a loss of some money. What if we encounter a stock split of one to ten? In theory, stock prices would plummet tenfold in an instant If we continue to chase the price of a single stock hard, it's almost enough for the bulls to bear 90% and return to zero, and there's a high probability of a liquidation This matter hasn't fermented yet, but I think it's quite big This matter does not affect SPCX as a contract, but rather the trust foundation of Hyperliquid TradFi The impact on TradFi trading volume on Hyperliquid, coupled with the support of Fud Hyperliquid: native coin prices, is largely due to TradFi's market dream rate