Original | Odaily Planet Daily (@OdailyChina)
In February 2025, OX.FUN was thrust into the spotlight due to a controversy. After JefeDAO deposited 1 million USDC on the platform, they were unable to withdraw, leading OX.FUN to quickly freeze their funds, accusing them of market manipulation. JefeDAO retaliated, claiming the platform engaged in fraudulent behavior and presented on-chain evidence indicating that funds had been transferred. This dispute rapidly escalated, causing the price of OX to plummet by 60%, from $0.03 to $0.012, with a total market cap shrinking to $42 million, putting community trust in jeopardy.
In March 2025, Zhu Su announced he would take over OX.FUN. The co-founder of Three Arrows Capital (3AC), once a shining star in the crypto investment world, fell from grace during the market crash in 2022 due to the bankruptcy of 3AC, carrying controversy with him. Now, with a determination to make a comeback, he stands on a new stage. Can he lead OX.FUN out of the dual crisis of trust and market weakness? Will OX.FUN become his bargaining chip for a turnaround, or is it the beginning of another failure?
Platform Background: The Foundation of OX.FUN and the Impact of Events
OX.FUN is a perpetual futures trading platform centered around the OX token, focusing on deep trading and ecological expansion of meme coins. It is deployed on the Base chain, utilizing Optimism Rollup technology to provide low costs and high throughput. Its core mechanism supports over 600 tokens (including BTC, ETH, SOL, and popular meme coins like MOG and RETARDIO) as collateral, offering up to 100x leverage, with all profits and losses settled in its own token OX. This approach tightly links user profits to the price of OX, enhancing ecological stickiness through trading, liquidation, and deflationary design. 50% of trading fees are used for burning (500 million OX have been destroyed), 30% rewards OLP stakers (APR 10%-15%), 17.5% boosts Aerodrome liquidity, and 2.5% incentivizes leaderboard traders. This deflationary and incentive parallel model aims to inject vitality into the platform.
To further attract users, OX.FUN introduced gamified features such as OX Farm and leaderboard competitions, making the trading experience more interactive. OX Farm offers staking rewards, while the leaderboard stimulates trading enthusiasm through competition, attempting to retain retail investors in the high-risk meme coin market.
OX.FUN's development had also received capital support. In February 2024, the platform completed a $4 million financing round, with investors including GenBlock Capital and Foresight Ventures, valuing it at approximately $40 million. This round of financing laid the foundation for OX.FUN's technological development and market expansion.
It can be said that before the JefeDAO incident, OX.FUN showed certain growth momentum and development potential. By January 2025, the cumulative trading volume reached $20 billion, with deposits totaling $1.5 billion, and daily active users (DAU) stabilizing around 50,000, with monthly trading volume between $1 billion and $1.5 billion, of which meme coin-related trading accounted for about 60%. The social trading feature (such as copy trading) performed well, with daily copy trading volume accounting for 15% of the total, and the OX Farm staking pool locked up about 50 million OX. The leaderboard had about 2,000 active traders daily, making up 4% of DAU. The low gas fees on the Base chain (averaging only $0.01 per transaction) provided solid support for high-frequency trading.
However, the JefeDAO incident struck like a heavy hammer, shattering this prosperous scene. After the incident broke out, the price of OX plummeted, directly undermining user confidence, and data fluctuated sharply. By early March, DAU fell from 50,000 to 42,000, a decrease of 16%, with monthly trading volume shrinking to $800 million, and daily open contract volume dropping to a historical low. Although the low-cost advantage of the Base chain remained, the platform's attractiveness had significantly diminished.
Turning Point: Zhu Su's Entry and Initial Response
Just as OX.FUN was mired in difficulties, Zhu Su announced on X that he would take over the platform, promising to bring "a clearer strategic direction and execution." He stated that Nico would continue to serve as co-lead, responsible for partnerships, while initiating a team expansion plan, emphasizing that "no employees would be affected by the restructuring." This news acted as a shot in the arm, causing the price of OX to briefly rebound to $0.015, a 25% increase, with market sentiment slightly improving. However, the community's trust in this former Three Arrows Capital figure had not fully recovered, with mixed voices of skepticism and expectation on X, with some jokingly asking, "Is Zhu Su a savior or a hot potato?"
To stabilize the situation, OX.FUN quickly adjusted its stance after the incident. In early March, the platform conducted an on-chain audit to prove the safety of funds, attempting to quell suspicions of fund misappropriation, but some users questioned the independence of the audit, limiting its effectiveness. Meanwhile, OX.FUN added a feedback channel on Discord, trying to mend the communication rift with the community. Zhu Su frequently spoke on X, stating that "team expansion will inject new energy," attempting to rebuild confidence through action.
Roadmap and Outlook: Breaking Through in Crisis
To completely reverse the downturn, OX.FUN announced its latest roadmap on March 24, 2025, focusing on deep trading of meme coins, leveraging the low-cost advantage of the Base chain, and revolving around four major pillars, aiming for rebirth from the crisis:
**On-chain Transparency
**Plans to achieve on-chain settlement and reserve proof by Q2 2025, with the first audit set to be released in April, covering 90% of the platform's reserves to address trust issues.**Multi-chain Collateral
**Support for over 500 tokens and NFTs as collateral, with cross-chain unified accounts expected to be tested in Q3, supporting chains like Ethereum and Solana. The first pilot will focus on blue-chip NFTs, with internal tests showing a 15% increase in daily trading volume for NFT collateral users. The OX Chain testnet was launched in January, with the mainnet set to launch in Q4, initially supporting $OX and 10 meme coin staking pools.**Liquidity Optimization
**OX Quanto trading and Hyperliquid USDC futures have been integrated on the Base chain by the end of March, with daily trading volume around $5 million, planning to expand to $20 million in Q2. OX Quanto enhances the flexibility of perpetual contracts, while Hyperliquid provides stable settlement options.**User Experience
**A mobile-first application is expected to launch in Q3, supporting one-click deposits, with internal testing showing latency below 50 milliseconds. Automated trading strategies and Battle Vaults will be further integrated to optimize the retail experience.
The release of the roadmap showcases OX.FUN's ambition to break through. If transparency improvements and multi-chain expansion are successfully implemented, the platform is expected to regain user trust, especially against the backdrop of a 30% increase in meme coin trading volume on the Base chain in Q1. However, the volatility of OX's price, the complexity of technical execution, and the overall market weakness (with meme coin trading volume down 40%) remain significant hurdles.
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