You Won’t Believe What CZ is Cooking Up in Crypto – A Dark Pool DEX for Perps!

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Changpeng Zhao (CZ), the guy who used to run Binance, is now dropping a crypto bomb that’s sure to have people talking. He’s proposed a decentralized exchange (DEX) with a twist: a “dark pool” for perpetual futures.

And here’s the kicker: is this brilliant (or bizarre) idea inspired by the one and only James Wynn, the so-called “Hyperliquid 40x whale”? Because, hey, his recent trades were certainly… something.

Dark Pool Perp DEX: A Crazy Idea or the Future of Crypto?

So, on June 1, 2025, CZ decided to stir the pot with a tweet on X. And by stir the pot, I mean he might’ve thrown in a whole bottle of hot sauce. His big idea? A dark pool-style DEX for perpetual futures.

Why, you ask? Apparently, he’s getting a bit fed up with how transparent current DEXs are. Picture this: every single trade order is laid bare for everyone to see. It’s like hosting a poker game where everyone gets to peek at your cards. Spoiler: you’re not going to win.

“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,” CZ vented.

Now, CZ goes on to explain that if you’re planning to drop a $1 billion buy order on a DEX, guess what? The sharks smell blood, and suddenly, they’re buying ahead of you. This lovely phenomenon is called “front-running.” Cute, right?

What happens next? Slippage. In plain English: higher transaction costs, worse prices, and if your liquidation point is exposed, your life just became a reality TV show for everyone else to enjoy at your expense.

But wait, CZ has a solution. Enter the dark pool. No, not the one where you keep your expired Halloween candy, but the one where your trades are hidden. Like a secret lair, but for crypto. He’s talking encryption technologies—Zero-Knowledge Proofs (ZK), to be exact. Privacy and security, baby.

James Wynn: The Catalyst for CZ’s Brainwave?

Let’s be real, though. CZ’s idea didn’t just appear out of nowhere. It probably has a little bit to do with James Wynn and his rollercoaster ride of profits and losses.

“The perps casino was fun. Zero regrets. Flipping $4m to $100m and back down to -$13m is one hell of a thrill. Hope many of you enjoyed it as much as I did,” James Wynn tweeted. Talk about a wild Friday night.

Now, James wasn’t exactly playing it safe. His high-leverage moves made headlines, but not for long. His liquidation moment was, well, less than glamorous. Meanwhile, another trader—let’s call him 0x2258—was over here shorting when Wynn bought, and vice versa. Guess what happened? 0x2258 walked away with $17 million. Meanwhile, James lost a cool $98 million. Oops.

And if you thought that was crazy, wait for it. Some folks on X (that’s Twitter for the uninitiated) were all about CZ’s dark pool idea.

“Agreed. I opened a 13.27 dollar long the other day and immediately the whales saw my order on the DEX, dumped and liquidated me. I demand a refund,” shared DonCryptoDraper, who clearly had a *great* time.

EnHeng456 also weighed in with a glowing endorsement. “Dark pools plus perpetual contracts? Yeah, that could actually work.” So, apparently, CZ’s idea isn’t just smoke and mirrors. It’s the real deal.

“They’re solid DEXs on their own, but we haven’t really seen a project that combines dark pool mechanisms with perpetual contracts yet. That’s actually a very promising direction,” EnHeng456 chimed in.

And of course, some traders are already predicting CZ’s dark pool could be coming to BNB Chain. Because why not? It’s just a billion-dollar idea, casually dropped on a Sunday.

“The boss just casually dropped a billion-dollar idea on a Sunday. ZK + Perps + Dark Pools = Real alpha. And imagine this launching on BNB Chain,” said one enthusiastic trader.

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2025-06-02 11:40