"Why did the pioneer of contracts, BitMEX, lose its market? Hedge fund manager Kuange revisited why BitMEX lost its market in the WuTalk podcast. As a real user back in the day, he shared that BitMEX would ban accounts after just one IP determination, 'with no right to appeal.' Withdrawals were processed only once a day, making it feel 'just like a tool you use and leave.' By late 2019, it was 'already unusable.' Moreover, perpetual contracts were highly homogenized—'whoever has better liquidity and lower fees, that's where people go.' After the industry shifted to USD-based contracts, BitMEX still clung to inverse contracts. However, Kuange believes that BitMEX’s early decision not to adopt USD-based contracts wasn’t due to a lack of capability—back then, stablecoins were immature, and using dollar equivalents as margin 'likely faced greater regulatory risks.' This was a limitation of the era that pioneers had to confront. Follow WuTalk’s YouTube channel for more professional interviews, podcasts, and short videos about the crypto industry. #Crypto #BitMEX #WuTalk #Podcast #Blockchain #BTC #ETH