Authors: Lin Wanwan, BUBBLE, BlockBeats

The crypto community never lacks new stories, but the hottest name recently is undoubtedly Xu Le.

From OKB's five-fold breakthrough to $250 in a week to the sudden boom in the X Layer meme market, the recent popularity in the Chinese-speaking crypto community has almost entirely been contracted by the OKX ecosystem.

He posted several tweets, pushing several new projects: Okay created by trading users, as well as his self-built ODOG, various projects flooded the screen, hundreds of times for OKAY and dozens of times for ODOG. For a time, X Layer seemed to become his exclusive trading stage; whatever he called, the market followed.

He accurately seized the opportunity for OKX to promote the deployment of XLayer, and thus promoted a platform called okaydotfun. Unlike Pumpfun, it attempts to incorporate distribution and buyback mechanisms to create an internal flywheel. However, external controversies have also followed.

okaydotfun seems more like Xu Le's personal trading experiment platform; whether the hype can be sustained and whether the platform can break away from the fate of being a traffic platform remains a question mark.

Diving deep into Xu Le's resume, he was admitted to Tsinghua University at the age of 16. At 18, he left Tsinghua to start a business in Beijing but was deceived by a partner, losing 200,000 yuan; at 19, he borrowed money to start a payment company, and within seven days, someone invited him to work on Alipay; at 21, inspired by a TV program, he started another business and bought a house in Beijing in full. Xu Le's trajectory has been tumultuous.

In 2017, he spent 100 million yuan to buy the Game.com domain name and launched a gaming platform called 'Lele.' This also became the starting point for his entry into crypto speculation. Based on Game.com, he launched the GTC project in 2018, and within just three days, the GTC coin skyrocketed from 0.0477 USDT to about $0.4, a nearly 10-fold increase. However, the good times didn't last; this astonishing surge was followed by a sharp drop—prices fell from the peak to about 0.13 USDT, a decrease of 72%.

GTC price trend.

The recent rollercoaster of explosive rises and falls has sparked huge controversy. Critics argue that this is a typical 'demon coin'—having memes but no substantive value, questioning its essence as capital speculation rather than real application-driven. All of this has led Xu Le, once hailed as a 'pioneer of mobile games going abroad,' to quickly fall into controversy. He has been called a 'harvester' by some, but he later responded that he did not make money and even lost all his investment. The story of GTC has become the most controversial chapter in his entrepreneurial history, casting a negative light on his identity in the crypto community.

Community evaluation of Xu Le's GTC.

When asked about his attitude towards Memecoins, Xu Le told Rhythm BlockBeats, 'I treat them as game coins. I am definitely a super player in the circle; very few people can spend millions or even tens of millions of dollars on a coin like I do. I can earn tens of millions of dollars in a day and lose it all in just a few days. I made over $20 million on Trump Coin and lost a few million on the coin related to the Argentine president. This is all human nature; human nature is greedy.'

He believes that the current Meme culture is essentially a speculative game, where income and losses are wins and losses in the game. When asked about the hundreds of tokens he has participated in and shared on Twitter, he said, 'I spent money, so I certainly have the right to express my preferences.'

Okaydotfun was able to launch so quickly because he had already created many fun platforms. From Solana (Gamecom, HotFun) to Bsc (Jagger.fun) and now Xlayer (Okay, OKO), he has done it all across almost all public chains.

The ability of such products to make money is one aspect; the market's lowered threshold for meme harvesting is another.

Meme launchpads have nearly reduced the threshold for harvesting leeks to zero.

A few years ago, GTC skyrocketed 10-fold within days and then plummeted, which is recognized as a 'harvesting leeks' operation. And today, such 'quick in-and-out' plays have become commonplace in the market; no one says a meme coin's rapid rise and fall is harvesting leeks anymore; people just say 'I bet wrong this time.'

Since its inception last year, Pump.fun has created over 12.4 million tokens, with more than 80% of Pump.fun's issued tokens ultimately falling below 90% of their original high points, and fewer than 10% have made over $1,000 in profit, with more than 70% of traders losing money. In other words, even though the vast majority of Memecoins in the market quickly explode and then quickly collapse, there are still people continuously participating; this phenomenon has been regarded as normal in the industry.

Pumpfun's graduation rate shows a significant downward trend, while the probability of tokens dropping to zero shows a significant upward trend.

This seems to have given Xu Le a new opportunity; a few years ago, GTC was widely criticized, and in this wave of X Layer enthusiasm, players who lost money are unsure whether they will continue to accuse Xu Le of cutting leeks or move on to the next.

At least from public responses, Xu Le does not have a direct commercial tie with OKX.

He chose to build okaydotfun on X Layer and quickly amplified his influence using a 'trading-style' personal approach, which combined with OKX's strategic rhythm to create an unexpected chemical reaction. He became the most influential figure in the narrative of OKB destruction.

Of course, in an ecosystem of a trading platform seeking compliance, whether the Meme craze can exist long-term is inherently uncertain. What is certain is that X Layer provides a new traffic entry point, and Xu Le has found the best timing to exit.

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