NYSE Parent Plans Hyperliquid Perps With Trade[XYZ], Abstract Fallout Hits Pudgy Penguins

ICE, the parent of the New York Stock Exchange, announced a partnership with TradeXYZ to bring 24/7 perpetual futures to U.S. markets on Hyperliquid. The announcement put the on-chain trading platform in front of a broader audience; Hyperliquid’s token rose by reported amounts ranging from 9% to 16% during the coverage, reaching about $90. TradeXYZ investor Stan Druckenmiller said he looked forward to using the product as a market participant. Jason argued that high-profile backing could lower the career risk for funds entering on-chain markets, and predicted on-chain trading volume could grow tenfold. The host was more confident in that market-wide growth than in Hyperliquid itself increasing tenfold, and cautioned against treating the price move as a reason to use leverage or risk substantial capital.

The episode also covered Mudwater’s on-chain game and collectibles, which speakers said were encouraging community-built tools and activity. A fan-made coaching extension offers suggested moves against the Oracle and tracks achievements, but disables itself against other players; the host warned that similar heads-up displays could give users an unfair advantage in human-versus-human games. Muddyrips launched $5 games of chance with live odds, on-chain verification and an advertised 85% sellback, but no one-of-one cards. By comparison, packs were priced at 0.78 SOL, or about $79. Speakers said pack-to-card conversion was unavailable, while pack-to-box and box-to-case merging had been enabled. They opposed returning cards to packs because removing rare cards could diminish the value of the remaining packs.

Speakers viewed the Mudwater activation as a strong example of an NFT brand rewarding its Web3 community, though they cautioned that customers who discover a brand through physical products may not return to its NFTs. Bored Ape holders received 10 packs and Mutant holders two, a split one speaker considered fair given the collections’ roughly 5:1 floor-price ratio. Musty, who had previously called himself a Mutant hater, said the drop and community momentum persuaded him to buy one. The speakers thought Mudwater’s on-chain game could outperform other NFT-linked trading card games despite selling fewer packs and having narrower distribution. They also noted a roughly $1,000 premium for digital over physical boxes, but said reflections did not necessarily justify it and that buying physical boxes to convert and resell digitally remained theoretical.

A 23-minute documentary about Abstract, described by a speaker as apparently factual but potentially inaccurate or lacking context, intensified criticism of Pudgy Penguins. Former supporters were changing profile pictures or distancing themselves from the brand, while class-action lawsuits were being discussed and organized online. Speakers said Luca and other team members had repeatedly connected XP to a future token; earlier speculation about a $1 billion to $2 billion token valuation and a $30 billion market ambition added to the sense of unmet expectations. One speaker initially thought shutting Abstract down was better than pushing it forward, but later wondered whether proceeding with the trading card game and launching a token—even if it went to zero—would have better honored prior commitments. They also said a launch now would likely “speed run to zero.”

Speakers disagreed about whether launching the token before the shutdown would have improved matters. Mikey argued that token buyers would have been angry if the chain closed afterward; another speaker said XP users had invested substantial time and, in some cases, collectively spent millions of dollars to earn it. One speaker said the team could not simply launch the token now. Igloo reportedly said it spent about $10 million to keep Abstract operating, while team-linked wallets allegedly sent more than $100 million of Pingu to exchanges; the speaker stressed that this does not prove the tokens were sold. Speakers said a leaner, decentralized Abstract might have remained viable, citing about $6 million in fees, a raise of roughly $9 million to $11 million, and differing estimates of operating costs. They said the costs and potential benefits are hard to weigh against the damage from shutting it down.

The fallout was described as a trust problem extending beyond lost token or airdrop expectations, with repair potentially taking years. Pudgy Party was pulled and Abstract was set to shut down, while Pudgy World remained active and reportedly received a major fishing upgrade. Speakers said holders needed acknowledgment of the harm, a meaningful deliverable and a run of smaller wins; none would automatically restore confidence. They also questioned decisions that made loyal supporters feel sidelined, including the website no longer listing the NFTs and mystery boxes that one speaker said contained collectibles previously presented as sold out. Little Pudgys were reported down 11% on the day, while Pudgy Penguins were later corrected to flat at 0.25 ETH, with no sales in the prior 24 hours.