The bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) co-founder Zhu Su announced today that he will officially take over the decentralized perpetual contract trading platform OXFUN, and plans to release a development roadmap to lead the platform to a new stage. However, the market reaction is mixed, and the recent negative news and community doubts about OXFUN cannot be ignored.
Zhu Su Promises to Bring a New Direction
Zhu Su stated in his post that he will officially take on a management role at OXFUN, and promised to bring clearer strategic direction and execution to the platform. According to his announcement, the focus of this transition and restructuring includes:
- Management adjustment: Nico will co-manage with Zhu Su, responsible for partner relationships.
- Team expansion: OXFUN is actively recruiting new talents, and emphasizes that the restructuring will not affect existing employees, nor are there any layoff plans.
- Badge mechanism adjustment: OXFUN will re-evaluate the badge mechanism on X, emphasizing that these badges are not symbols of employment status or salary compensation.
- Development roadmap: OXFUN plans to release a development roadmap in the next few days, establishing the next steps, priorities, and the future development direction of the ecosystem.
Community Doubts and Challenges Facing OXFUN
After Zhu Su announced his takeover of OXFUN, the market reaction was mixed, and the community raised multiple questions about the platform's stability and business model. Despite the new management, the market's concerns about OXFUN remain unresolved, and the community continues to express concerns about issues such as fund security, management stability, and market positioning.
First, OXFUN has recently been reported to have liquidity problems, with some large USDC withdrawals delayed, raising concerns about financial soundness. In addition, frequent management changes have made investors worry about the company's stability, and Zhu Su's past experience, such as the 3AC collapse, has also led to doubts about his management capabilities. OXFUN also plans to adjust the badge mechanism, but the community is concerned that this may affect the rights of early participants. In terms of products, OXFUN's market strategy focused on Altcoins and meme coins is questioned for its long-term sustainability.
Furthermore, while the team expansion is seen as part of the development plan, the lack of internal management transparency may exacerbate the community's unease. Overall, OXFUN faces challenges in terms of fund security, decision-making transparency, and market positioning, and its future development remains to be observed.
