The strategic value of XBTC lies in: first, providing an extremely low-cost hedging solution, enabling users to earn stable yields via short hedging and options strategies; second, as an asset issued by OKX, XBTC’s seamless integration with the exchange greatly reduces entry and exit barriers and transaction costs; third, XBTC brings Bitcoin—arguably the most important store-of-value asset—into the Sui ecosystem more conveniently than wrapped solutions like LBTC; lastly, XBTC helps direct some native Sui users toward OKX.
This is not a simple collective decision-making error, but a failure after a whale bet of over 10 million, which inevitably leads to speculation. I like Polymarket’s format, but I can’t help but feel disappointed by the current situation.
A deceitful project team, raising $5M to sell $5.4M worth of NFTs in one go to break even, with no intention of building an on-chain ecosystem, too scared to collect gas fees for ongoing operations.
TL;DR: Chris Dixon’s ‘read write own’, a book by a16z founder Chris Dixon. Just a casual read, the book is quite shallow. The title ‘read write own’ directly corresponds to the three core characteristics of Web3 - users can read content, create content, and truly own their data and assets.