Zhu Su Takes Over OXFUN, Bringing New Prospects, but Issues of Fund Security, Management Stability, and Market Positioning Remain Key Challenges for the Platform’s Future Development.
(Background: In-depth analysis of Bittensor (TAO) – Why has it attracted Zhu Su’s public endorsements? What is the potential of blockchain integration with AI?)
(Additional Context: USDe’s market capitalization surpasses $1.57 billion, making it the fifth largest stablecoin! Zhu Su: Exchanges may conspire against Ethena)
Zhu Su, founder of the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC), announced today that he will officially take over the decentralized perpetual contract trading platform OXFUN and plans to launch a development blueprint to lead the platform into a new phase. However, market reactions have been polarized, and recent negative news about OXFUN and community skepticism cannot be ignored.
Zhu Su Commits to Bringing New Direction
In his statement, Zhu Su indicated that he would assume a management role at OXFUN and pledged to provide a clearer strategic direction and execution for the platform. According to his announcement, the focus of this transition and restructuring includes:
1. Management Adjustment: Nico will serve in a management position alongside Zhu Su, responsible for partnership relations.
2. Team Expansion: OXFUN is actively recruiting new talent and emphasizes that this restructuring will not affect existing employees, nor are there plans for layoffs.
3. Badge Mechanism Adjustment: OXFUN will reassess the badge mechanism on X, stressing that these badges are not symbols of employment status or salary compensation.
4. Development Blueprint: OXFUN plans to unveil a development blueprint in the coming days to establish the next steps, priorities, and future development direction for the ecosystem.
Gm,
Since its inception, OXFUN has grown from an ambitious idea into a thriving ecosystem, navigating both highs and lows along the way. Over the past year, I’ve taken a background role, providing input and contributing to the vision under the current leadership, as and when…
— Zhu Su (@zhusu) March 3, 2025
Community Skepticism and Challenges Facing OXFUN
After Zhu Su announced his takeover of OXFUN, market reactions were mixed, with the community raising multiple concerns about the platform’s stability and operational model. Despite the new management, doubts about OXFUN remain unresolved, with community members expressing concerns regarding fund security, management stability, and market positioning.
Firstly, OXFUN has recently reported liquidity issues, with delays in large USDC withdrawals raising concerns about financial stability. Additionally, frequent changes in management have caused investors to worry about the company’s stability, and Zhu Su’s past experiences, such as the collapse of 3AC, have led outsiders to question his management capabilities. OXFUN also plans to adjust its badge mechanism, but the community fears this may affect the rights of early participants. The product strategy, centered on altcoins and meme coins, has been criticized for lacking long-term sustainability.
Moreover, while team expansion is seen as part of the development plan, insufficient internal management transparency may exacerbate community unease. Overall, OXFUN faces challenges related to fund security, decision-making transparency, and market positioning, and its future development remains to be seen.
