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This past summer, Mainland China witnessed a fierce battle among food delivery platforms. With platform coupons stacked on top of discounts, a cup of milk tea could cost only a few yuan—or even nothing at all. Multiple food delivery platforms poured heavy subsidies into the market to lure users and cultivate consumption habits, thereby scaling up their operations. Nowadays, that same strategy has been replayed in the crypto investment domain. The “subsidy war” in crypto has officially begun.

Recently, Justin Sun—global advisor for HTX—publicly weighed in on high-yield crypto investment via the social media platform X. He stated that “The high interest is 100% subsidized by the platform” and that “There is no doubt we can afford these subsidies.” This undoubtedly ignites a frenzied land-grabbing competition among crypto trading platforms. More than 15 years after Bitcoin’s inception, top-tier crypto trading platforms are once again embroiled in a fresh round of deep competition.