There is never a shortage of new stories in the cryptocurrency world, but the hottest name recently is none other than Xu Le.

From OKB’s fivefold increase in value to over $250 in a week to the sudden surge in the X Layer meme market, the recent popularity in the Chinese-speaking cryptocurrency community has almost entirely been attributed to the OKX ecosystem.

At this juncture, OKX founder Mingxing Xu had to post a message in the middle of the night to refute two rumors overnight: one was to remind investors not to chase the rise and sell the fall of OKB, and the other was to forward a post from a KOL questioning the "rumor that Xu Le is Xu Mingxing's son" and clarify that "Xu Le and I have no business dealings."

People in the cryptocurrency world who don't understand memes and don't pay attention to Tugou couldn't help but question: Who is Xu Le? Do Xu Le and Xu Mingxing know each other?

"He deleted my WeChat." Xu Le said.

Tsinghua dropout and serial entrepreneur

On the other side of the rumor-busting frenzy, Xu Le wasn't quiet either. He posted numerous tweets, including several new projects: "Okay," a user-created project, and "ODOG," his own project. Various projects flooded the news feeds: "OKAY," which had increased hundreds of times, and "ODOG," which had increased dozens of times. For a time, X Layer seemed to have become his exclusive platform for market calls; whatever he called out, the market would take off.

Judging from Xu Mingxing’s denial, the name Xu Le did not originally appear in the original design of the X Layer craze.

Xu Le, however, grasped OKX's focus on promoting the X Layer and took advantage of the situation to promote a platform called okaydotfun. Unlike Pumpfun, it attempted to incorporate a distribution and buyback mechanism to create an internal flywheel. However, this also attracted external controversy.

OKaydotFun is more like Xu Le's personal trading platform. Whether its popularity can be sustained, and whether the platform can escape its fate of relying solely on traffic, remains a question mark. Regardless of the answer, both X Layer and Xu Le have been thrust into the spotlight. For a time, the outside world was confused as to whether Xu Le was actually tied to OKX.

Digging deeper into Xu Le's resume, he was admitted to Tsinghua University at the age of 16. At 18, he left Tsinghua to start a business in Beijing, but was defrauded of 200,000 yuan by a partner. At 19, he borrowed money to start a payment company, and within seven days of launching, someone invited him to work on Alipay. At 21, inspired by a TV show, he started another business and even bought a house in Beijing outright. Xu Le's trajectory has been full of ups and downs.

In 2017, he spent 100 million yuan to purchase the Game.com domain name and launched a gaming platform called "LeLe." This marked the beginning of his crypto adventure. Based on Game.com, he launched the GTC project in 2018. In just three days, the GTC token soared from 0.0477 USDT to approximately $0.4, a nearly tenfold increase. However, this astonishing surge was short-lived, with the price plummeting from its peak to approximately 0.13 USDT, a 72% drop.

GTC Price Trends

This roller-coaster ride of rapid growth and plummeting prices sparked immense controversy. Criticism arose as a typical "wonder coin," full of hype but lacking real value, questioning its fundamental purpose as capital speculation rather than driven by real applications. All of this quickly plunged Xu Le from a "pioneer in mobile game overseas expansion" into controversy. Some called him a "harvester," but he later denied making any money and even lost all his investment. The GTC story became the most controversial chapter in his entrepreneurial history, and it also cast a negative light on his standing in the cryptocurrency world.

Community evaluation of Xule GTC

When discussing his attitude towards Memecoins, Xu Le told BlockBeats, "I treat them like game currency. I'm definitely a super player in the industry. There aren't many people like me who can invest millions or even tens of millions of dollars in a single coin. I can make tens of millions of dollars in a day, and then lose it all in a few days. I made over $20 million from Trumpcoin, and I also lost millions from the Argentinian president's coin. It's all due to human nature; human nature is greed."

He believes that the current Meme culture is essentially a speculative game, and income and losses are both wins and losses in the game. When asked about the hundreds of tokens he participated in and shared on Twitter, Xu Le said, "I spent money, so of course I have the right to express my preferences."

Okaydotfun was able to launch so quickly because he has built numerous fun platforms. From Solana (Gamecom, HotFun), Bsc (Jagger.fun), to now Xlayer (Okay, OKO), he has built on almost every public chain.

On the one hand, this type of product can make money, and on the other hand, the market's threshold for meme exploitation has been lowered.

Meme launchpad has reduced everyone's threshold for cutting leeks to almost zero

A few years ago, GTC's price skyrocketed tenfold in a matter of days before plummeting, a practice widely considered a scam. Today, this "quick in, quick out" approach has become commonplace in the market. When a meme coin surges and plummets in a matter of minutes, no one calls it a scam; instead, everyone says, "I made a bad bet this time."

Since its launch last year, Pump.fun has minted over 12.4 million tokens. Over 80% of Pump.fun's issued tokens have seen their prices fall by more than 90% below their original highs. Less than 10% have profited over $1,000, and over 70% of traders have lost money. This means that even though the vast majority of memecoins on the market experience rapid price increases and collapses, there's still a steady stream of participants, a phenomenon now considered normal in the industry.

Pumpfun's graduation rate is showing a clear downward trend, while the probability of tokens returning to zero is showing a clear upward trend.

This also seems to have given Xu Le a new opportunity. GTC a few years ago was condemned by everyone. In this X Layer craze, players who lost money don’t know whether they will still accuse Xu Le of cutting leeks or continue to look for the next one.

We had a conversation with Xu Le on topics of concern to the market. The following is part of the interview

About the rumors

RhythmBlockBeats: What is your relationship with OKX?

Xu Le: There's no so-called special relationship. We're positioned as an open ecosystem, relying on products and users to speak for themselves, not backdoors. We prioritize the user base and accessibility of OKX Wallet and OK Pay, as well as their recent improvements to wallets, group chat components, and red envelopes. These are the practical foundations for our selection of X Layer, not a backdoor resource swap.

RhythmBlockBeats: Have you ever had any interaction with Xu Mingxing from OKX?

Xu Le: We'd met and were friends on WeChat. However, due to a conflict with the OKX review team during the delisting of our GTC project, I was delisted, and eventually, Xu Mingxing deleted me. In hindsight, I felt I was too impulsive. A little more respect and communication might have resulted in a different outcome.

BlockBeats: The market believes OKX is preparing for an IPO. Will Meme Coin negatively impact their compliance efforts? Will it become a risk?

Xu Le: This is OKX's decision, not ours. The X Layer mainnet is open, and no chain will reject a platform that can attract users and transactions. We don't rely on OKX's endorsement; we survive on our own.

Rhythm BlockBeats: Some people say that you are the king of shouting orders, what do you think?

Xu Le: I don't consider myself a "call king." I'm a "super player." I buy and play every day. I've made tens of millions of dollars with Trumpcoin and experienced losses of tens of millions with other coins. So, I'm both a platform co-founder and a super player—there's no contradiction. My style differs from that of PumpFun founder Alon. He chooses silence, while I choose to step forward. Because at this moment in time, someone has to speak out and push the needle.

BlockBeats: Since you are both a platform provider and a buyer yourself, is there a conflict of interest?

Xu Le: Some people say I'm a referee and an athlete, but to me, that's unimportant. My goal is clear: to ensure that everyone prioritizes X Layer and our platform when issuing Meme coins. As long as I achieve this, the outside world's interpretation doesn't matter.

BlockBeats: How did you raise funds for your platform? Did you invest your own money?

Xu Le: We started entirely with our own capital, with no external financing. The entrepreneurial process was incredibly painful, often requiring us to sell assets to sustain the team. No one can truly understand that torment.

Rhythm BlockBeats: Do you hope to get support from OKX in the future?

Xu Le: Hope is hope, but I will never pin my hopes on others, only on my own efforts. As long as we strive to achieve the best products and community, the cooperation between trading platforms and wallets will be a natural outcome.

About the product

BlockBeats: You’ve tried many things in Solana before, why did you suddenly go all-in on X Layer?

Xu Le: We spent 15 months honing our skills on Solana, experiencing countless failures but accumulating experience. When X Layer emerged, we identified it as a new traffic entry point. OKX Wallet's user base is its biggest advantage. In contrast, PotatoSwap is largely ignored, and DYOR's UI experience is also poor.

The time window is critical. We believe that "speed is an advantage", so we quickly went all-in within 100 hours of going online, migrating all the "failure experiences" on Solana for reuse.

BlockBeats: What is the difference between your launch platform and the traditional coin issuance model?

Xu Le: In the past, the system was "someone wanted to issue a token → came to the platform → used the tools to issue it," but the number of people who actually wanted to do so wasn't that high. We changed the logic to "everyone can create a game": we can tokenize hot events, individual accounts, and even individual works. Everyone is like a Scout, entering the system and creating their own meme world.

BlockBeats: You just mentioned that “everyone can issue coins”. Will this lead to too many junk projects?

Xu Le: There will definitely be junk, but the platform's mechanisms dictate that traffic, transaction fees, and buybacks are concentrated on memes that are popular and recognized by the community. Just like TikTok, a vast number of videos are uploaded daily, but only a few ultimately become viral. Tools must ensure "survival of the fittest," not "forced selection."

RhythmBlockBeats: You mentioned OKO dot Fun. What is the relationship between it and OKAY dot Fun?

Xu Le: OKO dot Fun offers a more innovative token distribution model that completely overturns the traditional Bonding Curve. For example, we set a target of 80% of tokens distributed within 4 hours, with distribution occurring every second based on the real-time funding ratio. This eliminates the "one-time, one-time" early bird advantage, and requires constant competition every second.

Q: Every chain’s meme has a lifespan. How long will X Layer’s popularity last?

Xu Le: Popularity will certainly fluctuate, but memes themselves are cultural phenomena and won't disappear overnight. Today, people think they're a short-term fad, but just like when Bitcoin first came out, no one understood its cultural power. What's more important to us is whether we can convert this buzz into retention, turning users from "one-time visitors" into regulars. If you rely solely on a one-time market trend, it'll fade in three days. But if you can nail the mechanics, gameplay, and community, the buzz will constantly regenerate.

Rhythm BlockBeats: Many people think that you have cut a lot of leeks in the GTC project. What do you think about this issue?

Xu Le: For me personally, it was a huge blow. Within three days, the market capitalization soared to $1.1 billion, and I was hailed as a "god." Three days later, it crashed, and I was immediately labeled a "scam." I lost all my investment. The transition was brutal. But in the broader context, the entire market was plummeting, driven by the 2018 trend. Even Ethereum plummeted from $1,500 to $80. One person's power couldn't overcome the trend.

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At least judging from public responses, Xu Le has no direct business ties with OKX.

He chose to build okaydotfun on the X Layer and rapidly amplified his influence with his "calling orders" style. This, combined with OKX's strategic rhythm, created an unexpected chemical reaction. He became the most popular figure in the OKB destruction narrative.

Of course, in a trading platform ecosystem that's striving for regulatory compliance, the long-term sustainability of the meme craze is inherently uncertain. What's certain is that X Layer provides a new traffic entry point, and Xu Le has found the perfect opportunity to enter the market.

The above content is for reference only and is not intended as investment advice.