YZi Labs invests tens of millions of dollars, CZ serves as an advisor, Genius still lacks followers
Prefer us on Google
Author: Chloe, ChainCatcher
On April 13, the Perp DEX trading terminal Genius, supported by YZi Labs, disclosed information about its first quarter airdrop event, which will allocate a total of 70 million GENIUS tokens and will simultaneously launch on Binance Alpha. However, this launch, which should have been a moment of celebration, triggered a crisis of trust within the community due to the significant gap between official rules and community expectations.
CZ Endorsement, Billions in Trading Volume, Are the Yield Farmers All In?
Genius is an on-chain perpetual contract trading terminal backed by tens of millions of dollars from YZi Labs, with CZ personally serving as an advisor, and has been under the spotlight since its inception. The platform aggregates over 10 public chains and more than 150 DEXs, boasting CEX-level execution speed and on-chain privacy trading. In January of this year, it recorded a weekly trading volume exceeding $2 billion, with a cumulative total trading volume surpassing $15 billion.
According to cryptocurrency data platform RootData, Genius completed a $6 million seed round financing in October 2024, led by CMCC Global, with participation from institutions like AVA Labs, Arca, and Flow Traders. Additionally, Genius co-founder Armaan Kalsi revealed that YZi Labs joined the financing this year, investing "tens of millions of dollars" into Genius Trading, and CZ also joined the company as an advisor.
According to a previous official announcement, 21% of the total supply of Genius tokens is allocated for community airdrops, executed in three Seasons, with each season accounting for 7%. Users can accumulate Genius Points (GP) through spot trading volume, with points directly corresponding to token distribution. The platform indeed returned real cash to the market during the distribution process, with over $7 million in cash back and $1.3 million in referral rewards distributed weekly in the form of USDC.
This mechanism operated smoothly in the early stages, and the expectations for many yield farmers were quite clear. However, when the rules were suddenly rewritten on the eve of the TGE, these investments instantly turned into sunk costs.
70% of User Allocation Burned, Just Because the Official Wanted to Filter
-- Price
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.
You may also like
Avalanche CBO John Nahas sees opportunities despite token price decline
Avalanche Emphasizes Real-World Use Cases
Ava Labs Appoints Charlie Cooper as President and Promotes Lydia Chiu to CFO
DeFi Regulation Targets Discretion Rather Than Code: Tiger Research Analyzes SEC Statement Impact
Avalanche Stealthily Transforms into RWA Public Chain
A Ring Sold for $16 Billion, Oura Prepares for IPO in the U.S.
Where is the Next Big Scene for AI Beyond Coding? Discussing Four Time Gaps in AI Development
![[ETH Letter] Glamsterdam Approaches with Foundation Recruitment and Funding Details Released](/public-static/8_1497610e7c.png?format=avif)
[ETH Letter] Glamsterdam Approaches with Foundation Recruitment and Funding Details Released
U.S. Towns Resist Data Center Construction, Bitcoin Miners Become the Biggest Beneficiaries
Controversy Over the Relocation of Policy Banks and 24-Hour Foreign Exchange Dealing Rooms
Financial Stability Standards to be Recalculated Considering Cryptocurrencies
Coinbase Investor Class Action Can Move Forward, Federal Judge Rules
Treasury Proposes Stablecoin Licensing Rules Under GENIUS Act
Central Bank Strengthens Control: Cryptocurrency Sales to Be Monitored Due to Misleading Risks
U.S. Supreme Court Allows Trump’s Order on Mail-in Voting to Move Forward
Chinese Naval Activity Near Taiwan Sets Record for Third Consecutive Month
Solana Fee Vote: Resource Charging Proposal Under Review
Coinbase tokenized stocks go live on Base with 1:1 backing
Interest-Bearing Accounts: Which Banks and Virtual Wallets Offer the Highest Rates
Solana stakers face yield cuts as a treasury firm fights to protect 99.4% of its revenue
Hyperliquid HPC Calls for Unified Regulation of Perpetual Contracts
CME Group adds ENA reference rates across three regions
Tron Inc. Expands TRX Treasury To $245M In Nasdaq Corporate Crypto Bet
THORChain Launches Version 3.20 with Monero Support
Bitcoin Traders Watch Jackson Hole As Kevin Warsh Prepares First Fed Keynote
Chain shutdown strips BounceBit token utility after authorization flaw exposes 286M tokens
Wholesale Dollar Surpasses $1,500 Mark, Doubts Grow Over Interest Rates
Solana Prepares to Expand v1 Transaction Limit to 4096 Bytes
US Allows Private Companies to Participate in Offensive Cyber Operations Against Foreign Hackers
Cryptocurrency for Advisors: Why Clients Have Already Outpaced Their Financial Advisors
Avalanche CBO John Nahas sees opportunities despite token price decline
Avalanche Emphasizes Real-World Use Cases
Ava Labs Appoints Charlie Cooper as President and Promotes Lydia Chiu to CFO
DeFi Regulation Targets Discretion Rather Than Code: Tiger Research Analyzes SEC Statement Impact
Avalanche Stealthily Transforms into RWA Public Chain
A Ring Sold for $16 Billion, Oura Prepares for IPO in the U.S.
Contents
Latest articles
Latest coin listings on WEEX
