PANews reported on May 4th that MLM noted TST's intraday surge of over 110%, reaching its highest level since October of last year. On-chain data shows that an address transferred approximately 900,000 USDC from Bitget 24 hours ago and established a large long position on Hyperliquid.

As of now, the address holds 133.6 million TST tokens (worth approximately $3 million), with unrealized profits of approximately $1.05 million, representing a return of over 50%.

According to other reports, Hyperliquid validators are expected to vote within 24 hours on whether to delist perpetual contracts such as TST and ZEREBRO. If the proposal passes, settlement will be completed based on the 1-hour TWAP spot oracle price before delisting, which may provide a channel for large positions to avoid slippage and exit at the expected price for arbitrage. Overall, this event reflects the current situation where some funds are using the platform's mechanism design for strategic speculation, which may exacerbate the price volatility of related assets in the short term.