Cozomo's 1.28M USDC Bet Boosts Hyperliquid's On-Chain Cred

Cozomo de’ Medici deposited 1.28 million USDC into Hyperliquid and bought 781,252 XPL^[1] Cozomo de’ Medici, a prominent figure in the cryptocurrency community, executed a significant on-chain transaction on September 28, 2025, depositing 1.28 million USDC into Hyperliquid, a leading decentralized perpetual exchange. The funds were immediately allocated to purchase 781,252 XPL tokens, valued at approximately $1.28 million at the time of the trade. This move, verified by on-chain analytics platforms such as Lookonchain and LookIntoChain, underscores the growing confidence in Hyperliquid’s infrastructure among high-profile market participants. The transaction involved direct stablecoin settlement, with no additional fees or intermediaries, reflecting the platform’s emphasis on low-latency, transparent trading.

A trader purchased $1.28 million worth of XPL tokens^[2] The acquisition of XPL, a token associated with the Plasma chain ecosystem, aligns with broader market trends of speculative positioning in emerging blockchain projects. XPL has seen substantial price volatility in recent months, with traders reporting cumulative profits exceeding $80 million in a single month. Cozomo’s all-in approach highlights the token’s liquidity and appeal as a leveraged asset, particularly on decentralized exchanges where order books are less susceptible to centralized manipulation. Hyperliquid’s market share in decentralized perpetual trading remains significant, though it has faced competition from platforms like Aster, which recently surpassed Hyperliquid in daily revenue.

Cozomo de’ Medici Buys 781,252 XPL with $1.28M USDC Deposit on Hyperliquid^[3] Analysts have noted that Cozomo’s transaction could influence short-term liquidity dynamics on Hyperliquid. The platform’s USDH stablecoin, launched earlier in September, has already generated $2.2 million in trading volume, signaling a strategic shift toward self-sufficiency in liquidity provision. While USDH is designed to reduce reliance on external stablecoins like USDC, Cozomo’s use of USDC in this trade suggests that the transition is not yet complete. The dual-layer approach—retaining USDC for high-profile trades while promoting USDH—may reflect a cautious balancing act between stability and innovation.

The transaction also raises questions about the role of institutional-grade traders in shaping decentralized market ecosystems. Cozomo, a known advocate for on-chain transparency, has previously emphasized the importance of “skin in the game” for protocol developers. By allocating a substantial portion of their capital to XPL, the trader may be signaling confidence in the token’s fundamentals or its potential for further appreciation. This aligns with broader narratives around token utility and governance, though critics caution that such large positions could introduce concentration risks.

Hyperliquid’s response to the transaction has been measured, with no immediate adjustments to trading parameters or risk management protocols. The exchange’s focus remains on expanding its native token economy, as evidenced by USDH’s revenue-sharing model, which channels 50% of reserve income into HYPE token buybacks and ecosystem growth. Cozomo’s trade, while notable, does not appear to have triggered a broader shift in market sentiment, as XPL’s price trajectory has remained relatively stable in the aftermath. Nonetheless, the move reinforces Hyperliquid’s appeal as a venue for large-scale, transparent trading activity.