Under the Shadow of JefeDAO, Zhu Su Aims to Revive OX.FUN
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Under the Shadow of JefeDAO, Zhu Su Aims to Revive OX.FUN
A 100x leverage exchange built on Base, where Meme trading accounts for 60% of volume and is tightly integrated with the platform token OX.
Navigating Web3 tides with focused insightsBy Dingdang, Odaily Planet Daily
In February 2025, OX.FUN was thrust into the spotlight amid controversy. JefeDAO deposited 1 million USDC on the platform but was unable to withdraw funds. OX.FUN swiftly froze the assets, accusing JefeDAO of market manipulation. In response, JefeDAO fired back, alleging fraud by the platform and presenting on-chain evidence showing that funds had been moved. The dispute escalated rapidly, causing the price of OX to plummet 60%, falling from $0.03 to $0.012, with the total market cap shrinking to $42 million and community trust hanging by a thread.
In March 2025, Zhu Su announced he would take over OX.FUN. Once a shining star in the crypto investment world as co-founder of Three Arrows Capital (3AC), Zhu Su fell from grace when 3AC collapsed during the 2022 market crash, leaving behind a legacy of controversy. Now, determined to make a comeback, he has stepped onto a new stage. Can he lead OX.FUN out of its dual crisis of eroded trust and weak market conditions? Will OX.FUN become his redemption ticket—or merely another site of defeat?
Platform Foundation: The Core of OX.FUN and the Impact of the Incident
OX.FUN is a perpetual futures trading platform centered around its native token OX, focusing on deep trading and ecosystem expansion for meme coins. Deployed on the Base chain and built on Optimism Rollup technology, it offers low costs and high throughput. Its core mechanisms support over 600 tokens—including BTC, ETH, SOL, and popular meme coins such as MOG and RETARDIO—as collateral, provide up to 100x leverage, and denominate all profits, losses, and liquidations in the platform’s own OX token. This design tightly links user returns to the price of OX, enhancing ecosystem stickiness through trading activity, liquidations, and deflationary mechanics. Fifty percent of transaction fees are burned (with 500 million OX already destroyed), 30% reward OLP stakers (APR 10%–15%), 17.5% boosts liquidity on Aerodrome, and 2.5% incentivizes leaderboard traders—an approach combining deflation and incentives aimed at energizing the platform.
To further attract users, OX.FUN introduced gamified features like OX Farm and leaderboard competitions, making the trading experience more interactive. OX Farm provides staking rewards, while leaderboards stimulate trading activity through competitive dynamics, aiming to retain retail traders in the high-risk meme coin market.
The growth of OX.FUN also received backing from capital. In February 2024, the platform raised $4 million in funding from investors including GenBlock Capital and Foresight Ventures, valuing the project at approximately $40 million. This round laid the foundation for OX.FUN’s technical development and market expansion.
Prior to the JefeDAO incident, OX.FUN showed clear momentum and potential. By January 2025, cumulative trading volume reached $20 billion, deposits totaled $1.5 billion, daily active users (DAU) stabilized around 50,000, and monthly trading volume ranged between $1 billion and $1.5 billion—with meme coin-related trades accounting for about 60%. Social trading features such as copy trading performed strongly, with daily copied trade volume representing 15% of total volume. The OX Farm staking pool held approximately 50 million OX in locked value. Around 2,000 traders participated daily in the leaderboard system, making up 4% of DAU. Low gas fees on the Base chain (averaging just $0.01 per transaction) provided solid support for high-frequency trading.
However, the JefeDAO incident struck like a hammer blow, shattering this prosperity. After the event erupted, the sharp drop in OX's price severely damaged user confidence, leading to significant data fluctuations. By early March, DAU had fallen from 50,000 to 42,000—a 16% decline—monthly trading volume dropped to $800 million, and daily open interest plunged to historic lows. Although the cost advantage of the Base chain remained, the platform's appeal had significantly diminished.
Turning Point: Zhu Su’s Entry and Initial Response
Just as OX.FUN found itself mired in crisis, Zhu Su announced on X that he was taking control of the platform, promising “a clearer strategic direction and stronger execution.” He stated that Nico would remain as co-leader, responsible for partnerships, and revealed plans to expand the team, emphasizing that “no employees were affected by the restructuring.” This news acted as a shot in the arm: OX briefly rebounded to $0.015, a 25% gain, and market sentiment warmed slightly. Yet, trust in this former 3AC figure remained fragile. On X, skepticism mingled with hope—some jokingly asked, “Is Zhu Su the savior or a hot potato?”
To stabilize the situation, OX.FUN quickly adjusted its posture. In early March, the platform conducted an on-chain audit to prove fund safety, attempting to dispel rumors of misappropriation. However, some users questioned the independence of the audit, limiting its effectiveness. Meanwhile, OX.FUN added a new feedback channel on Discord to mend communication gaps with the community. Zhu Su frequently posted on X, stating that “team expansion will inject fresh energy,” trying to rebuild confidence through action.
Roadmap and Outlook: Charting a Path Forward Amid Crisis
To fully reverse its downward trajectory, OX.FUN unveiled a new roadmap on March 24, 2025, doubling down on deep meme coin trading and leveraging Base chain’s low-cost advantages. Built around four key pillars, the plan aims to rise from the ashes:
On-Chain Transparency
Aiming for full on-chain settlement and proof of reserves by Q2 2025, with initial audits scheduled for release in April covering 90% of platform reserves—directly addressing trust concerns.
Multi-Chain Collateral
Expanding support to over 500 tokens and NFTs as collateral. A unified cross-chain account is expected to enter testing in Q3, supporting Ethereum, Solana, and other chains. The first pilot will focus on blue-chip NFTs; internal tests show that NFT-collateral users have seen a 15% increase in average daily trading volume. The OX Chain testnet launched in January, with mainnet rollout planned for Q4, initially supporting $OX and 10 meme coin staking pools.
Liquidity Optimization
OX Quanto trading and Hyperliquid USDC futures were integrated on Base chain by the end of March, generating around $5 million in daily trading volume. The goal is to scale this to $20 million by Q2. OX Quanto enhances flexibility in perpetual contracts, while Hyperliquid offers stable settlement options.
User Experience
A mobile-first application is expected to launch in Q3, featuring one-click deposits and latency under 50 milliseconds in testing. Automated trading strategies and Battle Vaults will be further integrated to enhance the retail user experience.
The release of this roadmap signals OX.FUN’s ambition to break free from crisis. If improvements in transparency and multi-chain expansion succeed, the platform may regain user trust—especially given that meme coin trading volume on Base grew 30% in Q1. Nevertheless, hurdles remain: OX’s price volatility, technical complexity, and overall market weakness (with meme coin trading volume down 40%) continue to pose serious challenges.
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