Lookonchain said the newly created wallet used USDC on Hyperliquid, a decentralized perpetuals platform, to open a leveraged long tied to ChangXin Memory, with the position now valued at $1.38 million.
A newly created wallet deposited 5 million USDC into Hyperliquid and opened a 2x leveraged long position tied to ChangXin Memory, according to Lookonchain. The on-chain tracker said the position is currently valued at $1.38 million. The trade points to continued use of decentralized derivatives venues, where traders can take amplified directional bets by posting collateral and borrowing exposure through perpetual futures (crypto derivatives without expiry).