坐标Snow

After two years of running away, AEX founder finally meets his end in Thailand?

Did you think that the bull market hasn't arrived, so the crypto world is peaceful? NONONO—today, a 'reheated cold dish' bombshell exploded in the crypto world ⚡️

At Thailand's Suvarnabhumi Airport, a real-life 'immediate capture upon landing' scenario unfolded, as a Chinese man named HUANG TIANWEI was arrested on charges of—allegedly committing crypto fraud amounting to 44 million RMB. A source, @chaoge_btc, revealed that this person is none other than the founder of the collapsed exchange AEX (Anyin) in 2022—Huang Tianwei.

Let's rewind to 2022, when AEX suddenly halted withdrawals, claiming 'short-term liquidity exhaustion,' leaving countless users staring at their funds on-chain. Three days later, they directly passed the blame to the police: 'Guangxi Public Security has requested our cooperation in the investigation, and the platform will be temporarily closed; everyone, please wait for further notice.' To translate: I’ve run away, don’t expect to see your money.

Now, after two years, he still hasn’t escaped Southeast Asia. In the Web3 era of grand navigation, this guy ultimately 'exited off-chain.'

Many old users are now expressing sentiments like 'My money might finally have some news.' But don’t celebrate too soon; recovering funds is as challenging as shorting BTC with 100x leverage.

Remember a famous saying in the crypto world: If you can't withdraw it, it’s not an asset; it’s just a screenshot.

The 'Crypto Paradise' Dream of Singapore Shatters! MAS's New Regulations Strike, The Web3 Retreat Begins?

Singapore has flipped overnight, directly issuing a 'death notice' to the crypto industry! Once hailed as the 'Crypto Paradise of Asia,' Singapore is now turning the table — new regulations effective at the end of June, with no grace period, leaving the Chinese crypto community stunned!

The new regulations have a nuclear-level impact
1️⃣ License Massacre: All unlicensed exchanges are out (refer to the Hong Kong JPEX incident)
2️⃣ KYC Hell Mode: Anonymous trading becomes history, on-chain transfers over 1000 SGD will trigger police alerts
3️⃣ Defi Crackdown: Even 'unauthorized smart contracts' are deemed illegal (V God shook his head)
"Yesterday we were having afternoon tea at Marina Bay Sands discussing web3, today we got raided" — some individuals stuck in Singapore lamenting in their circles

♂️ The Last Days of the Chinese Crypto Community

2017-2022 Golden Era: Issuing air tokens to fleece mainland investors, Singaporean foundations acting as white gloves

2022 Great Escape: Rapidly chartering flights to Singapore following the issuance of a Chinese judicial interpretation
Retribution has arrived: Temasek lost 275 million dollars to FTX, the government is completely furious

'Compliance' Fleece Formula:
Singapore shell companies + Chinese white papers + masking local IPs = 'Legal' ICO
Result: 90% of projects go to zero, founders reside in the presidential suite at Marina Bay Sands

Industry Earthquake Warning

✅ Good News:
Compliant exchanges (Binance, Coinbase laughing awake)
Hong Kong seizing the opportunity to attract talent (issuing 'crypto entrepreneur visas' overnight)
❌ Bad News:
Chinese capital pools collectively collapse (some USTC teams have disbanded)
Local OTC traders selling off USDT overnight (exchange rate plummeted by 3%)

Survival Guide for Investors
1️⃣ Withdraw funds immediately! Small exchanges may suddenly run away
2️⃣ Close Singapore-based accounts (to avoid repercussions later)
3️⃣ Monitor policy windows in Hong Kong/Dubai
#非农就业数据来袭 #加密市场回调

ZKJ/KOGE Flash Crash Dark Secrets: 3 Addresses Team Up to Harvest $7 Million! Is Binance Alpha a Slaughterhouse for Retail Investors?

Full Process Review of the Harvest (High Energy Warning)

🕒 20:28-20:33 UTC
Address 0x1A2 Lightning Withdrawal:
Withdrawn $3.76 million KOGE + $532,000 ZKJ liquidity
Converted 45,470 KOGE to ZKJ (valued at $3.796 million)
Dumped 1.573 million ZKJ in batches (cash out $3.052 million)

💥 Chain Reaction
Address B followed up with a withdrawal of $2.07 million KOGE + $1.38 million ZKJ
Address C received 772,000 ZKJ and then liquidated to dump

Result: ZKJ/KOGE liquidity dried up, price crashed more than 90%
Withdraw liquidity → Concentrate firepower for swaps → Dump in batches → Coordinated addresses follow the dump

"This is not market volatility, but a textbook-level ambush" — On-chain Analyst

ZKJ and KOGE flash crash in one night, could it be a long-planned 'hunting game' behind it?!

Tonight, a double kill appeared in the crypto circle!

According to @ai_9684xtpa's monitoring, two tokens tagged 'Binance Alpha' — $ZKJ and $KOGE,

behind the illusion of massive trading volume, were jointly harvested by three addresses, the scene is comparable to an on-chain version of 'Infernal Affairs'.

The 'leading big brother' address starting with 0x1A2:

⚔️ 20:28-20:33, took action twice, swiftly and decisively, directly withdrew $3.76 million in KOGE and $532,000 in ZKJ's bilateral liquidity.

Then exchanged 45,470 KOGE for ZKJ, and sold off 1.573 million ZKJ in batches, cashing out $3.05 million!

The second 'hunter':

Withdrew $2.07 million in KOGE + $1.38 million in ZKJ liquidity

Casually sold 1 million ZKJ, another $1.94 million taken away in a bundle.

The third one is the real 'terminator':

Received 772,000 ZKJ transferred from the second one, a wave of clearing operation directly smashed the price through the bottom line, precisely timed, sending the two tokens to the rooftop.

This is not a drill, it's real combat;

Not a crash, but a harvesting ceremony after an internal struggle.

The LPs and holders of ZKJ and KOGE were harvested without even a chance to react.

50 million gone, just because he bought a "cold wallet" on Douyin...

Last night, an investor's cold wallet was emptied overnight, losing over 50 million RMB worth of cryptocurrency assets! The cause of the incident is both ridiculous and tragic:
This friend saw a "brand new, unopened" cold wallet on Douyin with a "limited time special price," and impulsively placed an order, only to find that the cold wallet "looked like a newborn, but was actually previously handled by an old hand."

According to Slow Mist CISO @23pds's revelation, from the moment the device generated the private key, the attacker had already been quietly waiting for him to "recharge" remotely. In just a few hours, the assets were emptied and cleaned through "Huiwang," leaving not even a trace behind.

🔴 Key Warning:
99% of "channel goods" cold wallets are high-quality fakes, and some even have built-in Trojan backdoors. You think you're buying a wallet, but you're actually just giving away money!

Don't let your wallet become someone else's ATM; cold wallets must be purchased through official, legitimate channels. Otherwise, while you're "calmly storing," hackers are "enthusiastically celebrating" 💸

"Conspiracy Theory: Is Bitcoin Adoption by the Country a Scam?"

You thought El Salvador was a pioneer, but it is merely a puppet of Bitfinex and Tether.

Everything is just an "illusion to make you believe."

Here is the evidence I found 👇

The Salvadoran government claims to have bought 6,114 bitcoins with the treasury,

but the latest on-chain data shows that 6,111 of those were not bought,

but were—transferred directly from the Bitfinex/Tether wallet.

In other words: the country didn't buy them; insiders did the accounting.

Who wrote the Bitcoin bill? Not Congress.

Instead, it was—Tether funding the drafting, promoting legislation, in exchange for media bombardment.

This is not adoption; it's a financial masquerade show.

Chivo Wallet? After six months of launch, its usage rate plummeted by 98.9%.

It has been quietly cut off and is nearly bankrupt.

Yet mainstream media still uses "national adoption of Bitcoin" to attract the unsuspecting.

President Bukele gains exposure, Tether gains legitimacy, Bitfinex provides liquidity.

This is not adoption; it's a systematic washout.

What you see is the stage, while the books are behind the scenes.

El Salvador never truly bought Bitcoin.

Tether simply transferred the coins in, took photos for memory, and spun an adoption story.

The country is the actor, Tether is the director, and you and I are the audience.

"Summer of American Unrest: Trump Deploys Troops to Suppress, Los Angeles Becomes the 'Flashpoint'"

Every summer, the United States loves to stir things up. But the summer of 2025 arrived particularly early.

On June 6, Trump ordered ICE to arrest over 40 illegal immigrants in Los Angeles, followed by the deployment of 2,000 National Guard troops. This was just the prologue: the Army and Marine Corps were also subsequently deployed, the situation escalated completely, Los Angeles entered a state of emergency, and a curfew was implemented in the city center.

Why did Los Angeles explode first? It is one of the cities in the U.S. with the highest percentage of foreign immigrants—some areas have over 80% of residents being Spanish-speaking, making it a key target for Trump's "largest-scale deportation operation."

Protesters burned cars and blocked roads, surrounding the ICE federal building and Home Depot stores, with tear gas and flashbangs deployed. The unrest spread to San Francisco, with authorities urgently arresting over a hundred people. Trump took a hard stance: "These rioters waving foreign flags are attacking national sovereignty."

However, polls show that nearly half of Americans oppose the use of military force to suppress protests.

The Trump administration's rapid response and broad deployment seem premeditated. The White House bets that "order and toughness" can win over moderate voters, but will this action ignite a larger scale of social division? Will the immigration controversy behind the unrest impact the U.S. economy and market confidence?

This is just the beginning.

"Today it's not GMGN that collapsed, it's X that has cut off the entire Meme circle?"

On June 12, X suddenly conducted a major cleanup, and overnight, multiple well-known crypto accounts collectively went offline, including but not limited to GMGN founder Brother Chicken, Sha Po Lang, Wang Xiao Er, Wizard, and the head of ElizaOS, all of them '404'.

Initially thought to be just the GMGN nuclear explosion, it turned out that many familiar faces in the circle were also caught up. Some speculated it was a 'reporting war,' while others said it was 'political Meme triggering a system alert.' There’s even a more absurd version—'the Shenzhen project team got wiped out' 🤯. Bro, this is X, not Zhihu, stop with the domestic suspense, okay?

Circle veteran Kuai Dong speculated: Most of these accounts had recently been heavily discussing AI Agents and Meme hotspots, posting frequently, rapidly gaining followers, and having intense interactions, which likely caused them to be recognized by AI as 'manipulative dissemination.'

This wave isn’t a single point explosion; it’s a system cleanup. It’s not that someone has an opponent behind them, but rather that you’ve been too loud, and the robots have zeroed in on you.

🔥【Sky-high Collectibles Ignite the Crypto World】The world's only Labubu auctioned for 1.08 million, the same-named Meme coin skyrocketed 58% in a single day! Is it a value consensus or a bubble frenzy?

💎 Sky-high auction ignites dual markets
1️⃣ Collectible auction breaks records:
- The world's only mint green Labubu sold for 1.08 million (commission of 162,000 additionally paid)
- Limited edition 15 brown versions also sold at a high price of 820,000
- Buyer identity remains a mystery; Pop Mart's stock price has increased tenfold this year, reaching a market value of 347.6 billion HKD

2️⃣ Meme coins surge in frenzy:
- $LABUBU coin on the Solana chain skyrocketed 58.87% in a single day, market value exceeding 39 million USD
- 24-hour trading volume of 12.2 million USD, number of holding addresses surged
- Unofficial issuance, purely community speculation, has increased 60 times this year

🌪️ The logic behind the madness
✅ Financialization of collectibles:
- Labubu has become the “social currency” for Generation Z, with hidden version premiums of 30 times, second-hand market prices soaring to 3000+ yuan
- Celebrity endorsements (like Blackpink's Lisa and Rihanna) drive global demand, with overnight queues in Bangkok and Milan

✅ Meme coins riding the hype:
- Common tactics in the crypto world: leverage IP popularity to issue coins → pump → harvest
- Thailand becomes a key market, Labubu locally awarded the title of “Thai Tourism Ambassador,” driving FOMO sentiment

Gate「LA Spike Door」: Why Are Users Outraged?

Recently, Gate has been embroiled in controversy due to the $LA/USDT contract experiencing an abnormal 'spike'.

Multiple users have accused Gate of manipulation during the dramatic price fluctuations of the contract, leading to many users experiencing abnormal liquidations and even negative balances, resulting in significant losses.

Although Gate has responded regarding the cause of the incident and compensation plans, community users seem unconvinced.

Let's review this incident:👇
💣
Incident Review: A 4-Minute Terrifying 'Spike'

June 4th, 8 PM: Gate launched the $LA/USDT perpetual contract.

4 minutes after the opening: The price soared from $0.36 to $27 (+7400%), then plummeted to $0.2 (other exchanges' spot prices remained stable around $1).

This resulted in a large number of users being liquidated, with KOL @Elizabethofyou losing 20,000 USDT, and @BTC_Alert_ owing the platform 120,000 USDT.

Users accused the platform of tampering with order data (e.g., 4994 USDT → 49.94 USDT).
Gate delisted the contract and promised to compensate for negative balances (total compensation of 30 million USDT).

So, why are community users unconvinced? There are three main points of contention:

1. Double Standards in Compensation: Why compensate for negative balances but not for liquidations?

Gate's explanation: Liquidation is a 'normally triggered rule', while negative balance is considered 'additional compensation by the platform'.

Users rebutted: The abnormal price was caused by a failure in the platform's data source, and all losses should be compensated.

2. Ambiguity in the Cause of the Incident: Data source anomaly or human manipulation?

Gate stated 'index source failure + risk control failure', but refused to disclose specific logs.

On-chain data shows: Prices of $LA were stable on other exchanges, while Gate exhibited extreme fluctuations.

3. Crisis Public Relations Backfire.

AMA was limited to English: Ignoring the primary victim group of Chinese users.

Refused to allow users to speak: Accused of avoiding key issues.

⚖️
CEX's 'Original Sin': The Deadlock of Transparency vs. Efficiency

Black box operation risks: CEX order books are opaque, easily questioned for spikes or wash trading (e.g., SEC report states that some CEXs have wash trading proportions exceeding 30%).

Risk control loopholes: High leverage contracts + centralized clearing, making users 'prey' in extreme market conditions.

Compensation Mystique: Compensating for negative balances but not for liquidations—an industry rule or a platform's scapegoat?

Comparing to DEX: On-chain transactions are fully traceable (e.g., Uniswap), but liquidity depth and speed are still inferior to CEX.

#看懂K线 #币安钱包TGE

Alpha airdrops have turned into a 'Hunger Games'.

In May, Alpha points were as easy to get as candy in a convenience store. During the #SIGN airdrop, a few quick transactions were enough to get in. Now, accumulating points has become a full-time job:

Want 15 points? First, hand over $32,000 in trading volume, and endure the 'pain' from slippage when buying.

New players starting from scratch? At least 13 consecutive days of trading with precision like clocking in at work to qualify for the first airdrop.

Ironically, claiming an airdrop consumes 15 points, and those who just squeezed in are quickly kicked out of the next feast.

Last week, an old friend chuckled bitterly: 'Now, earning points feels like dancing in a minefield.' He referred to the tragic incident where someone lost $47,000 to an MEV bot while trying to trade KOGE, getting back only 0.009 tokens, with a per-token cost of $5.18 million.

When Chain Games Become Version Abandonments

Recently, Nyan Heroes, a star chain game in the Solana ecosystem, announced its shutdown, citing "funding shortages". Upon the announcement, the $NYAN token plummeted 37%, with a market cap of only $5 million, evaporating 99% from its peak.

A year ago, it was a shining new star in the chain game scene—1 million test players, 250,000 Steam wishlists, and $13 million in funding. Now, its market cap is even lower than that of a Meme dog coin that just launched a few days ago.

The fall of Nyan Heroes is not an isolated incident.

The Trend of Chain Game Shutdowns: From Glory to Exit
Blast Royale (Polygon ecosystem), which raised $5 million and focused on P2E battle royale gameplay, announced its shutdown in May 2025.

The Walking Dead: Empires (published by Gala Games), supported by a top-tier TV show IP, ultimately ceased development due to "comprehensive considerations".

The Mystery Society, developed by a former Disney team, raised $3 million and announced a development pause due to "funding shortages" in February 2025.

These projects once shone brightly in the last cycle—VCs flocked to invest, tokens skyrocketed upon launch, and the community FOMOed into entry. But ultimately, their stories are eerily similar: first fundraising, then making promises, and finally lying flat.

The Truth Behind "Funding Shortages"
Interestingly, when these chain games shut down, the official statements were remarkably consistent—"insufficient funds, unable to continue development".

But is it really a lack of money?

Nyan Heroes raised $13 million, while the development cost of the top domestic single-player game "The Legend of Sword and Fairy 7" was 67 million RMB (approximately $10 million).

"Stardew Valley" was developed by one person, with a cost of only $50,000, ultimately selling over 30 million copies.

Clearly, the issue is not "insufficient funds", but rather that the money was not spent on the game.

The speculative gene of "games as a Ponzi scheme" doomed its outcome—when the market cools, tokens drop, and players leave, the project team loses the motivation to continue development.

It's Time to Distill the Genuine
The trend of chain game shutdowns resembles a self-purification of the industry.

Capital can create bubbles in the short term, but it cannot sustain a game ecosystem without real players in the long term. When speculators disperse, perhaps what remains are those who truly want to make games.

Trump's Bitcoin Gamble: A National 'All In'

The recent actions of the U.S. government resemble a debt-ridden gambler pushing their last chips on the table—Bitcoin.

1. A Desperate Gamble Amid Debt Crisis
The U.S. national debt has surpassed $36 trillion, and the recently passed tax cut is expected to add another $3-4 trillion in deficit. Traditional methods (like tariffs and interest rate hikes) can no longer fill this black hole; the Federal Reserve can't just print dollars to buy renminbi or euros, right?

Thus, assets not controlled by any country—gold and Bitcoin—have become the last lifeline.

2. Why Bitcoin?
Gold reserves are too 'heavy': The U.S. has 8,000 tons of gold (accounting for 4% of the global total), but the cost to manipulate is high, and liquidity is poor.

Bitcoin is more 'lightweight': The U.S. government and institutions already hold 2.5 million BTC (15% of the circulating supply), making it easier to control than gold.

Strong signaling effect: Trump only needs a single tweet to cause BTC to surge 20%, whereas gold requires coordination from global central banks.

3. The U.S.'s 'Market Manipulation' Logic
Imagine this:

The U.S. government acts like the 'national team' in the A-share market, buying low and selling high, manipulating the market.

First, they signal to attract global funds to take over, then cash out at high prices.

Even if they don't sell, as long as BTC increases 10-20 times, the value of the Bitcoin held by the U.S. can offset part of the debt.

4. The Craziest Moment Hasn't Arrived Yet?
If the U.S. publicly announces a 'Strategic Bitcoin Reserve' (SBR), BTC could instantaneously surpass $200,000.

Global central banks, sovereign funds, and wealthy individuals will go into a frenzy of FOMO, creating a positive feedback loop.

Ultimately, the U.S. could become the 'largest player in Bitcoin,' backing the dollar's credibility with crypto assets.

5. The Biggest Risk: Trump's Departure
The core driver of this strategy is Trump. If he suddenly leaves office or is assassinated, the policy could reverse, and the bull market narrative could collapse. But as long as he remains, this gamble will continue—perhaps the ultimate frenzy of Bitcoin is just beginning.

『Brushing points? You are just the next dish!』

Do you think you are brushing points to climb the ranks? No, you are just the fish meat on someone else's plate! In the dark forest of BSC, the real hunters have already set up their traps, just waiting for you to crash into them!

🐟
One fish, five dishes, the perfect harvesting loop of the giant whale
On BSC, some players are both judges and athletes; their gameplay is harsher than you can imagine:

1️⃣
Act as a node — Control the priority of on-chain transactions; whether your transaction can go on-chain, they decide!

2️⃣
Act as a sniping bot — Jump the gun before you buy, crash the price before you sell; every transaction is “taxed”!

3️⃣
Act as an anti-snipe — Claiming to protect you, but actually just ensuring you happily send money!

4️⃣
Act as a liquidity pool — They control the liquidity, they set the prices, and the fluctuations depend on their mood!

5️⃣
Issue tokens — The final harvest; when the meme coins pull, retail investors rush in, and the giant whales profit!

💀
Do you think you are brushing points? No, you are helping them brush profits!
Your large transactions → Prioritized processing by nodes → Sniped by the bot → Price manipulated by the pool → Finally flowing into their tokens!
The liquidity you rush in → Becomes their ATM → Withdrawn at any time to leave you at zero!
The trading volume you brush → Is just their data game for arbitrage!

#koge

『How does Hyperliquid dominate the on-chain perpetual market?』

For every $10 traded in on-chain perpetual contracts, $6.5 flows into Hyperliquid! How did this dark horse capture 64.7% market share from GMX and dYdX? Today, we delve into the wealth code of the 'on-chain Binance' 👇

💎 Core Weapon: CEX-level Experience + 100% On-chain
1️⃣ 50x Leverage + Zero Gas Fees: BTC/ETH contracts are as smooth as Binance, but assets are fully self-custodied 16
2️⃣ 200,000 Orders Processed Per Second: Self-developed HyperBFT consensus, speed surpassing Solana (compared to GMX's AMM slippage nightmare) 8
3️⃣ Whale Favorite: Big players like James Wynn open orders exceeding $1 billion in a single day, relying on atomic settlement to prevent spikes 6
"Opening 50x contracts on Hyperliquid is faster and cheaper than CEX" — An anonymous whale

🚀 Growth Engine: Three Major Money Printing Models

🤑 Liquidity Vault (HLP)
Deposit USDC to be the dealer, earning 54% annually from trading losses of opponents 2
Currently, the pool exceeds $540 million, deeply crushing GMX

🤖 Copy Trading Vaults
Copy top traders' strategies, managers take a 10% cut 5
A certain neutral Delta strategy has an annualized return of over 20%, attracting novices to blindly follow

🎮 Meme Coin Ecosystem
HIP-1 standard token issuance goes live on contracts (e.g., Cat Coin PURR) 8
The team personally market makes, preventing rug pulls from shoddy projects

🌐 Technical Bomb: HyperEVM Launch
Dual VM architecture: native chain handles transactions, EVM layer runs DeFi applications 8
BTC spot trading opening: Transaction volume surged by 300% after launch in February 6
Future plans: Support ETH/SOL spot, devouring Binance's market share

📈 Daily Trading Volume of Perpetual Contracts: $9.3 billion (accounting for 64.7% of the entire chain)
📉 Competitor Comparison: Jupiter only $970 million, dYdX v4 has already cooled down

🤑 Token Economy: Airdrop Textbook
31% of tokens are given for free to early users (average $45,000 per person) 7
Aid fund aggressively buys $HYPE: Already hoarding 16.63 million coins (market cap $260 million) 6
Zero VC exploitation: Team self-funds, 76% of tokens belong to the community

⚡ Get Rich Opportunity: Is there still time to rush in?
✅ Bullish Reasons:
BTC spot just launched, ETH/SOL will follow soon
Copy trading system attracts a massive influx of novices
❌ Bearish Warnings:
Intensifying competition (the rise of Solana-based DEXs like Drift)
High leverage liquidation risks (whales have lost over $15 million in a single day)

#hype

《Labubu and NFT: A Consensus Game Between the Physical and the Virtual》

In 2021, NFTs swept the globe. Beeple's digital collage sold for $69 million, the Bored Ape Yacht Club (BAYC) rose from $200 to $400,000, and celebrities like Curry and Jay Chou switched to monkey avatars—a JPG became a social asset.

Interestingly, this is strikingly similar to the rise of Labubu:

Scarcity design: Hidden models vs Rare attributes

Celebrity endorsements: Lisa street photography vs Curry avatars

Secondary speculation: Trendy toy trading groups vs OpenSea

But two years later, their fates diverged: the BAYC floor price dropped by 90%, while #Labubu successfully invaded the luxury goods circle. Some customers, in order to match their beloved Labubu, entered a store for the first time and bought a handbag worth tens of thousands.

"This is no longer just a toy," XX shook the hidden model in his hand, "It's a tangible meme coin."

《When My Labubu Became the Secret to Being the Top Seller at a Luxury Store》

XX is a sales associate at a top luxury brand and also a deep player in the trendy toy scene. Last month, she unexpectedly became the top seller in her store—the secret was the Labubu hanging from her bag.

"Complimenting a customer's bag is not as effective as complimenting their Labubu," she said with a smile, "This brings us closer than talking about the weather."

This furry little monster was originally just a sprite created by Hong Kong artist Long Jia Sheng, but has now become a hard currency in the fashion world. From BLACKPINK's Lisa to Rihanna, you can always spot it swaying on the straps of Hermes and LV bags in the street style of top celebrities. Can ordinary people not afford a platinum bag? No worries, the 200-yuan Labubu is the ticket to the trendy circle.

Even more magical is its financial attribute: the odds of getting a hidden version are less than 1%, but the secondary market can see a 20-fold increase; the stock price K-line of Pop Mart almost replicated the crazy trend of Bitcoin in 2017.

#LABUBU

‘Cryptocurrency Payment Card Explosion: The ‘Super Connector’ Between Web3 and Traditional Finance

I. Phenomenon: The ‘Hundred Groups Battling’ of Cryptocurrency Payment Cards
In 2025, the cryptocurrency payment card market is experiencing explosive growth, with leading platforms like Crypto.com, Binance, and Bybit entering the field, while emerging DeFi protocols like Ethena and Morpho are also entering the market through collaboration. Core driving factors:
User retention strategy: Payment cards bind on-chain assets with consumption scenarios, enhancing protocol stickiness
Regulatory arbitrage space: Relatively relaxed compliance environment in regions such as Europe (e.g., Lithuania's e-money license)
Earnings stacking effect: Combining stablecoin interest (e.g., 5% annualized for USDC) + transaction cashback (up to 8%)

II. Dissection of Business Logic
1. Triple Profit Model
Income layer source profit margin on-chain tax stablecoin reserve interest (U.S. Treasury yield) 2-5% off-chain tax transaction fees (Visa/Mastercard revenue share) 1.5-3% ecosystem tax monetization of user behavior data, referral commission variable
2. Key Innovations
Real-time Delta Hedging: Some card issuers synchronize closing perpetual contracts during user spending to avoid volatility risk
DeFi Aggregator Model: For example, Infini Card automatically deposits idle funds into Morpho, providing an additional 2-3% return

III. User Behavior Insights
According to a Bitget Wallet survey (sample size 12,000):
46% of users choose cryptocurrency cards for ‘low cross-border payment fees’ (traditional banks average 3% vs. cryptocurrency cards 1%)
32% of users value the ‘spending is mining’ mechanism (e.g., BNB cashback from Binance Card)
Top 3 pain points: Merchant acceptance (58%), fiat currency exchange delays (23%), complicated KYC (19%)

IV. Future Trends in Regulatory Games
1. Compliance Survival
The EU MiCA bill requires completion of EMT license applications by 2026
The U.S. FINCEN intends to include cryptocurrency cards under MSB regulation, possibly imposing a 0.1% transaction tax
2. Technological Breakthrough Directions
ZK-KYC: Manta Network and others provide privacy compliance solutions
Dynamic Anchoring: Algorithmic stablecoins + options combination hedging (e.g., Ethena v2 design)
3. Endgame Hypothesis
Payment cards will evolve into the ‘Web3 Super Entry’, integrating:
Credit lending (based on on-chain credit scoring)
NFT membership rights (e.g., exclusive PASS for black card users)
DAO governance voting rights (consumption amount converted to governance weight)
‘The future winner is not the protocol that issues the most cards, but the platform that can build a closed-loop financial ecosystem’
#稳定币监管 #defi