From internet food delivery to crypto finance, behind the subsidy wars is the competition for users and the expansion of market share by platforms.

This past summer, the food delivery battle in mainland China was in full swing. The price of a cup of milk tea, after applying platform coupons, could be as low as a few yuan or even "0 yuan purchase." Multiple food delivery platforms were "spending heavily" on subsidies to capture users, cultivating consumption habits and thereby forming market scale. Now, this logic has been replicated in the crypto market's wealth management sector. The crypto "subsidy war" has officially begun.

Recently, Huobi HTX global advisor Justin Sun stated on social platform X regarding high-yield wealth management, "100% of the interest from high-yield wealth management comes from group subsidies," and "we can afford the subsidies." This undoubtedly escalates the fierce competition among trading platforms to a boiling point. Standing at the top of the "food chain," crypto exchanges have entered a new round of intense internal competition more than 15 years after the birth of Bitcoin.

Crypto "Food Delivery Battle": The Logic Behind High-Yield Subsidies

Browsing the public data of several mainstream trading platforms reveals that high-yield wealth management has become an important means for trading platforms to expand their territory. Similar to the internet food delivery battle, trading platforms quickly gathered users through subsidies in the early stages of competition, forming liquidity advantages, and then solidified long-term barriers through capital accumulation and ecological expansion.

From the landscape perspective, almost all leading platforms have joined this competition. From C2C business to wealth management activities, from spot trading to contract trading, major exchanges have employed various strategies to attract new users, activate old users, retain funds, and increase trading activity. Just looking at the wealth management sector, Binance attracts large funds through tiered interest rates and locked periods, OKX offers higher interest rates for 180-day fixed terms, KuCoin leans towards medium to long-term coin storage, Bybit provides moderate returns on stablecoins and BTC, while Huobi HTX chooses to enter with higher interest subsidies on more direct flexible products. Each platform has its own approach, but the logic is consistent: using interest as a subsidy means to seize users and scale of funds.

The rationale is that the business model of trading platforms is similar to that of food delivery and ride-hailing platforms— the more users and capital accumulation, the stronger the platform's trading depth and product richness, forming a virtuous cycle. The "burning money to acquire users" type of subsidy is not a pointless expenditure but a pre-paid cost for platforms to compete for future market share. Once users form capital accumulation and usage habits on a certain platform, the cost of migration will significantly increase, allowing subsequent services such as trading, wealth management, and lending to be completed within the same platform, thus enabling the platform to benefit in the long term and achieve a win-win with users.

How to Create Differentiated Advantages in Wealth Management Subsidies—Taking Huobi Earn as an Example

In the current landscape of the subsidy war, major platforms adopt different strategies to establish differentiated advantages. We can make a simple horizontal comparison using specific coin interest rates. Taking ETH as an example, Huobi HTX's flexible earn rate in the 0-0.2 ETH range reaches 6%, far exceeding Binance's 1.47% and Bybit's 0.8%, while OKX's corresponding range can also reach 5%, but with a 180-day fixed term limitation. The comparison shows that Huobi HTX's subsidy coverage is broader, with interest advantages found in more wealth management coins, from stablecoins USDT, USDD, to mainstream coins ETH, BTC, XRP, and even DOGE, SHIB, and TRUMP.

In addition to high annualized subsidies, let's also review other differentiated advantages that Huobi HTX possesses:

● Broader coin coverage and continuous launch of new coins: Compared to other platforms, Huobi HTX offers a significantly larger variety of earn coins, including not only mainstream coins and stablecoins but also emerging project tokens. Huobi HTX almost launches new coin earn activities every week, which is highly competitive. For users, whether they are conservative investors holding stablecoins or users seeking high-volatility returns from new coins, they can find suitable products in Huobi Earn.

● Greater flexibility and zero threshold for deposits: Many of Huobi Earn's high-yield products, including USDC, USD1, USDD, TRUMP, and other flexible products, do not require long-term locking, have a zero threshold for investment, and no upper limit on subscription amounts. Users can deposit and withdraw at any time without being bound by long cycles like on other platforms, leading to higher capital utilization efficiency.

● Open and transparent security guarantees: In addition to returns and flexibility, Huobi HTX discloses Merkle tree asset reserve proofs (PoR) every month and has maintained a reserve ratio of 100% or more for three consecutive years. This means that users can not only enjoy high-yield subsidies but also deposit and withdraw funds within a secure and transparent asset guarantee system, reducing potential risks.

Long-Term Value Beyond High-Yield Subsidies

Although there are concerns about whether subsidies can be sustained in the long term, based on the experience of the internet food delivery subsidy wars, this competitive logic is unlikely to disappear in the short term. Moreover, for exchanges, high-yield subsidies are merely a means of attracting users; the real value lies in the trading behavior of users after they settle in and the continued prosperity of the platform's ecosystem.

High-yield wealth management is not just a simple "money-giving" activity; it is a microcosm of the evolving competitive landscape of the entire crypto industry. From internet food delivery to crypto finance, behind the subsidy wars is the competition for users and the expansion of market share by platforms. Huobi HTX is establishing differentiated advantages in the crypto wealth management sector with higher interest rates, broader coin coverage, and more flexible product designs.

This crypto "new food delivery battle" has just begun.

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