SubstanceX (💙🌋🧡)

🚀🔥 #SubstanceX V2 Phase 1 Achieved: $11.4M Volume on @zetachain ! ▫️ $11.4M traded by 698 warriors 🔍 Verify your phase1 rewards below 👇 @SubstanceX/substancex-v2-phase-1-trading-campaign-concludes-with-record-breaking-performance-1ca464dfef39" target="_blank" rel="nofollow noopener">medium.com/@SubstanceX/su… #SubstanceXV2 #ZetaChain 🔥 Phase 2 Heats Up with: ⚡️ Native BTC margin coming soon (no wrapped assets!) 🎁 200K $ZETA in rewards

熊市跟大家 share 一下最近的一些思考。 我自己从 2023 年开始就一直在做 perp DEX 相关的创业。2023 年 8 月，我在 Arbitrum 上 launch 了一个 product @SubstanceX_ ，本质是类似GMX 的点对池永续合约交易所。当时整个去中心化合约所品类的交易量市占率还不到 2%；到现在的超过 20%，中间是接近 10 倍的增长。再加上 24~25 年这轮并不典型的牛市，按理说，这已经算是踩在风口上的风口了。可惜最后，结局还是跟绝大部分 perp DEX 一样：在一个热火朝天的赛道里，安静地死掉了。 既然是熊市，就写一下这个失败的创业经历的从项目方角度一些思考，供大家参考，也鞭策我继续在创业这条路上前进。 Crypto 是一个周期快得离谱的行业。一轮牛市里，真正有赚钱效应的时间，可能也就那几个月。同时，这个行业的资本效率又高得夸张，所以当一条明确有 PMF 的赛道浮出水面的时候，你基本得在 1~2 个月内把团队拉起来开始 build。你的选择空间其实也非常小，几乎只能围着这条赛道本身和它的配套去做，然后立刻开始跟几十个竞品 battle。 这种环境里，你很难真正长期主义。因为现实就是：项目方老板要赚钱，员工要赚钱，上币的交易所要赚钱，VC 要赚钱。所有人都在盯着一个极短周期的结果。在这么短的时间里，几乎不可能真正创造出多少有长期需求的客户。最后大家博弈的重点，也根本不是谁创造了多少价值，而是能炒到多高、哪一方能在多高的位置解锁卖出多少。大家都是这个局里的玩家，在这个时间紧、任务重、近乎零和的博弈游戏里，要么互相算计，要么一起算计散户。最后就创造出了成千上万个看起来像投资品、实际上更像 meme 的 token，以及一条条永续下跌的 K 线。 我自己也算半个交易员，之前甚至出名也是10月11日爆仓了一个450万U的账户才真的有人关注我，但是我要告诉大家的是，这个行业里面真的赚大钱的人永远是有资源的，以及整合资源能力的人，外界大家看到的绝大部分交易员，KOL，其实也不过是这些攒局的人的下线而已，逐步的蚕食整个行业的资产和信心，以至于现在大家都没东西可以玩。 当然很多项目方自己也是嘴上一套，实际行动一套，募资的钱就等于自己的钱，发token能护一下盘都算有良心，跟投资人和散户创造个流动性幻觉让自己可以继续心安理得的花掉投资款。这样的做法，也在不断透支整个行业的信用。 那应该这样吗？我觉得不应该。 这可能和我形成价值观的环境有关。我大学在北美一所创业氛围很浓的理工科大学读书，校友里有人创建了像 Ethereum 这样伟大的公司。毕业之后，我又长期待在加州湾区，那里浓厚的创业氛围一直让我相信：创业本身应该是一件坦荡、磊落的事情。 我没有做过 VC，也没有负责过交易所的上币业务，所以不想在自己并不擅长的领域去教别人做事。但站在一个项目方、一个未来还会继续创业的人的角度，我觉得至少有几件事情是我们可以做到的：

🧠 Join us. Build the future of predictive trading. 🌐 zeta.substancex.io

6️⃣ SubstanceX: Building the Next-Gen Cognitive Trading Platform High-frequency interaction, AI automation, social consensus, and feedback loops are the future of trading. #SubstanceX is more than an exchange. It’s a marketplace of thought.

📈 Perp DEX Innovation Trends in Mid-2025 Perp DEXs are undergoing a paradigm shift. ZK-Rollups, Appchains, AI, and social layers are converging to create the foundation of a new cognitive economy. #SubstanceX is at the forefront. 🧵👇@SubstanceX/innovations-in-perp-dexs-mid-2025-update-43ff404fee88" target="_blank" rel="nofollow noopener">medium.com/@SubstanceX/in…

We sincerely apologize for your frustrating experience. Please allow us to clarify the reward distribution mechanics: 1. Tier-Based Allocation Participants exceeding 60,000 $ZETA in trading volume will share rewards ​​pro-rata based on their individual trading volume. 2. Scale Effect The total trading volume within this tier reached 49 million $ZETA, meaning a 100,000 ZETA volume represented only 0.2% of the tier's total activity. This resulted in relatively smaller reward allocations for mid-range volumes. 3. Rule Compliance This calculation strictly followed “Reward Distribution Details” of our published campaign rules. We've retained all on-chain verification data for transparency. Next time, you can optimize your trading strategy according to the specific campaign rules. Thank you again for your support of SubstanceX.

@SubstanceX_ @zetachain I feel cheated. Addresses with half the trading volume than my received a larger allocation. My address is in the top 35 and only received 128 zeta in rewards.

🚀🔥 #SubstanceX V2 Phase 1 Achieved: $11.4M Volume on @zetachain ! ▫️ $11.4M traded by 698 warriors 🔍 Verify your phase1 rewards below 👇 @SubstanceX/substancex-v2-phase-1-trading-campaign-concludes-with-record-breaking-performance-1ca464dfef39" target="_blank" rel="nofollow noopener">medium.com/@SubstanceX/su… #SubstanceXV2 #ZetaChain 🔥 Phase 2 Heats Up with: ⚡️ Native BTC margin coming soon (no wrapped assets!) 🎁 200K $ZETA in rewards

🎁 The $ZETA rewards will be distributed within 24 hours.

🔥 Phase 1 Trading Campaign Complete Massive THANKS to our incredible @zetachain community – together we smashed ​​$11.4M in total volume​​! 🚀 🔜 ​​Rewards Update​​: Finalizing distribution data now – rewards details will live within ​​24 hours​​. 🌊 ​​Phase 2 is loading... ​​Dive into Bigger Rewards Soon! #SubstanceX #Zetachain #Rewards

#SubstanceX V2 Trading Campaign ends in <24h — don’t miss out! 580 active participants🔥 2,000+ trades executed $8.72M+ in total volume—this @zetachain powered campaign is heating up!🚀 ⚠️ Critical Reminder: PnL rewards must be closed/settled BEFORE the event ends Keep trading, maximize your gains, and secure your rewards on NOW!👉 zeta.substancex.io #SubstanceX #Zetachain #Rewards

Hey #SubstanceX & @zetachain fam 👋 Quick V2 momentum update 🚀 With under 2 days left in the campaign, the momentum just keeps building: ✅ 448 total participating addresses ✅ 1,656 trades ✅ $7M+ total volume (and still growing) Community enthusiasm is off the charts—we’re seeing traders dive in daily and push those numbers higher! Join Now 👉 zeta.substancex.io

🚀 SubstanceX V2 Breaks Records on Day 1! 🔥 200+ Trades Executed | $1.1M Trading Volume | 100,000 $ZETA Rewards burning fast! @zetachain 🔍 Why Traders Choose Us: ✅ 100% ZETA Margin-Powered Trades ✅ Ultra-Low Fee Structure ✅ Zero-Slippage Execution Engine 🚨 Community Momentum Alert: 🎁 Top 3 PnL Leaders Split 10K $ZETA ⏳ 6 Days Left to Claim → zeta.substancex.io #DeFi #ZETAChain #SubstanceXV2

🔥 Mainnet V2 is officially live! This launch kicks off with a 100,000 $ZETA trading campaign — $ZETA can now be used as margin for perpetuals, and a bigger $BTC campaign is coming next 👀 🗓 July 8, 2:00PM – July 15, 2:00PM (UTC+8) 📖 Details: @SubstanceX/substancex-mainnet-v2-trade-and-share-100-000-zeta-0b40008c7fa1" target="_blank" rel="nofollow noopener">medium.com/@SubstanceX/su… 💰Trade now: zeta.substancex.io Let’s go @zetachain 🚀 #ZETA #SubstanceX #TradingCampaign

🎙️ 本周二，@SubstanceX_ 创始人空降ZetaChain华语Tg社区，畅聊最新上线的SubstanceX V2主网特性，以及交易大赛的新玩法，10万ZETA奖池等你来拿！ ✅ 关注 @ZetaChain_CH & @SubstanceX_ ✅ 点赞＋转推本帖 ✅ 准时收听 🎁 完成即可瓜分 $200 ZETA！ 🗓️ 7月8日 22:30 (UTC+8) 🔗 t.me/zetachain_asia

💥 #SubstanceX Mainnet V2 Is Coming Soon! 💰100,000 $ZETA rewards are up for grabs — stay tuned! @SubstanceX/substancex-mainnet-v2-trade-and-share-100-000-zeta-0b40008c7fa1" target="_blank" rel="nofollow noopener">medium.com/@SubstanceX/su…

#SubstanceX Mainnet V2 Countdown! [█████████░] 98%