Author: Lin Wanwan, BUBBLE, BlockBeats

The cryptocurrency world is never short of new stories, but the hottest name recently is undoubtedly Xu Le.

From OKB's fivefold surge to over $250 in a week to the sudden popularity of the meme market on X Layer, the recent buzz in the Chinese-speaking cryptocurrency community has almost entirely been contracted by the OKX ecosystem.

He has posted numerous tweets, launching several new projects: the user-created Okay and his self-built ODOG, with various projects flooding the screens, hundreds of times for OKAY and dozens of times for ODOG. For a time, X Layer seemed to become his exclusive platform for calls; whatever he called, the market would take off.

He seized the opportunity of OKX's push for XLayer deployment and subsequently promoted a platform called okaydotfun. Unlike Pumpfun, it attempts to incorporate distribution and repurchase mechanisms to create an internal flywheel. However, controversy from the outside followed.

Okaydotfun resembles Xu Le's personal call experiment, and whether the hype can be sustained and whether the platform can escape the fate of being a traffic trap remains a question mark.

Delving into Xu Le's background, he entered Tsinghua University at the age of 16. At 18, he left Tsinghua to start a business in Beijing but was cheated out of 200,000 by a partner; at 19, he borrowed money to start a payment company, and within seven days, someone invited him to collaborate on Alipay; at 21, inspired by a television program, he started another business and even bought a house in Beijing outright. Xu Le's trajectory has been tumultuous.

In 2017, he spent 100 million yuan to acquire the domain Game.com and launched a gaming platform called "Lele." This also marked the beginning of his foray 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, nearly a tenfold increase. However, the good times didn't last long; this astonishing surge was soon followed by a crash—prices fell from the peak to about 0.13 USDT, a drop of 72%.

GTC Price Trend

The rollercoaster ride of soaring and plummeting prices sparked significant controversy. Critics labeled it a typical "demon coin," having memes but lacking substantial value, questioning its essence as capital speculation rather than being driven by real applications. All of this caused Xu Le to quickly fall from being a "pioneer of mobile games going overseas" into controversy. He was referred to by some as a "harvester," but he later responded that he did not make money and even lost all his investment. The story of GTC became the most controversial chapter in his entrepreneurial history, turning his identity in the cryptocurrency world negative.

Community Evaluation of Xu Le's GTC

When discussing his attitude towards Memecoins, Xu Le told Rhythm BlockBeats, "I treat them as game coins. I am definitely a super player in the circle; there are not many people like me who can spend millions or even tens of millions of dollars on a coin. I can make tens of millions of dollars in a day and then lose it all in a few days. I made over 20 million dollars on Trump Coin, and I 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 just wins and losses in the game. When asked about the hundreds of tokens he 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 has already created many fun platforms. From Solana (Gamecom, HotFun) to Bsc (Jagger.fun) and now Xlayer (Okay, OKO), he has almost done it all across various public chains.

The ability of this type of product to make money is one aspect; the market's threshold for meme harvesting has lowered significantly is another.

Meme Launchpad Has Reduced the Threshold for Harvesting to Almost Zero

A few years ago, GTC's tenfold increase in just a few days followed by a waterfall-like decline was recognized as a "harvesting" operation. Today, this "quick in and out" play has become commonplace in the market; a meme coin can surge and plummet within a minute, and no one would say it's harvesting; people would say, "I just bet wrong this time."

Since its inception last year, Pump.fun has created over 12.4 million tokens, with more than 80% of the Pump.fun issued coins ultimately dropping below their original peak by over 90%. Less than 10% have made profits exceeding $1,000, and over 70% of traders are at a loss. This means that even though the vast majority of Memecoins in the market rapidly rise and then quickly collapse, there are still continuous participants, and this phenomenon has been regarded as the norm in the industry.

The trend of declining graduation rates on Pumpfun, while the probability of tokens going to zero is clearly on the rise

This seems to give Xu Le a new opportunity; a few years ago, GTC was widely criticized, and in the current wave of X Layer, players who lost money may not say Xu Le is harvesting but will continue to look for the next opportunity.

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 with a "call-style" personal approach, which coincided with OKX's strategic rhythm, creating 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 that is seeking compliance, whether the Meme craze can exist long-term is inherently uncertain. What is certain is that X Layer has provided a new traffic entry point, and Xu Le has found the best timing to exit.

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