Zhu Su Takes Over OXFUN Bringing New Changes, but Issues of Fund Security, Management Stability, and Market Positioning Remain Key Challenges for Platform’s Future Development.
(Background Summary: In-depth analysis of Bittensor (TAO), why it can attract Zhu Su to publicly endorse it, and how significant is the potential for blockchain integration with AI?)
(Background Supplement: USDe’s market capitalization surpasses $1.57 billion, making it the fifth-largest stablecoin! Zhu Su: Exchanges may conspire against Ethena)
Today, Zhu Su, the founder of the now-bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC), announced 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 are mixed, and the recent negative news surrounding OXFUN and community skepticism remain significant concerns.
Zhu Su Promises a New Direction
Zhu Su stated in a post that he will officially assume a management role at OXFUN and committed to providing a clearer strategic direction and execution for 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 partnership relations.
Team Expansion: OXFUN is actively recruiting new talents and emphasizes that this restructuring will not affect existing employees, nor is there any plan for layoffs.
Badge Mechanism Adjustment: OXFUN will reassess the badge mechanism on X, emphasizing that these badges are not symbols of employment status or salary compensation.
Development Blueprint: OXFUN plans to announce a development blueprint in the coming days, establishing 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 varied, with the community raising multiple concerns about the platform’s stability and operational model. Despite the new management, doubts about OXFUN remain unresolved, and the community continues to express concerns regarding fund security, management stability, and market positioning.
Firstly, OXFUN has recently reported liquidity issues, with delays in some large USDC withdrawals, raising doubts about its financial robustness. Additionally, frequent changes in management have led investors to worry about corporate stability, and Zhu Su’s past experiences, such as the collapse of 3AC, have also cast doubt on his management capabilities. OXFUN plans to adjust its badge mechanism, but the community fears this could affect the interests of early participants. The product strategy, which focuses on altcoins and meme coins, has been questioned for its lack of long-term sustainability.
Moreover, while team expansion is viewed 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.
