Huang Licheng got liquidated 71 times to top the list! Aster pays tribute to the brother with a dedicated mode.

The decentralized exchange Aster is delving into the Degen culture of crypto assets, launching the “Machi Mode,” a new feature that rewards traders with points for getting liquidated. The update is scheduled to go live next week, paying direct homage to “Machi Big Brother” (real name Huang Licheng). Since November 1, Machi Big Brother has recorded 71 liquidations, far exceeding James Wynn.

Maji Brother Leads the Clearing Ranking 71 Times to Become a Degen Legend

(Source: Lookonchain)

According to Lookonchain data, Brother Ma Ji has recorded 71 liquidations since November 1, far exceeding the 26 of James Wynn and 19 of Andrew Tate, who rank second and third, respectively. This ranking has become a joke among certain groups in the crypto community, where high-risk trading is often seen as a badge of honor. Huang Li Cheng's “record” of 71 liquidations not only leads other well-known high-risk traders but also transforms the event of liquidation, which originally symbolizes failure, into a unique phenomenon within crypto culture.

Brother Maji's trading style is extremely aggressive. Liquidation occurs when the margin of leveraged traders is insufficient to maintain their positions, and the exchange forcibly closes positions to prevent further losses. The occurrence of 71 liquidations within a month means an average of more than two times a day, a frequency that is extremely rare among professional traders. Huang Licheng has clearly adopted a very high leverage strategy, frequently entering and exiting the market amid volatility, rather than holding long-term positions.

This trading style, although it incurs frequent losses, can also yield astonishing returns. The essence of high-leverage trading is to use a small amount of capital to seek large returns. 71 liquidations may imply hundreds of trading attempts, where successful trades might have already covered the liquidation losses and generated net profits. The reason why Brother Maji can sustain this high-frequency liquidation model suggests that he has enough capital pool to withstand consecutive losses, which in itself is a demonstration of financial strength.

From the perspective of community culture, the liquidation record of Brother Ma Ji has become a meme. The crypto community uses “0xa523”, a whale that accumulated losses of over 40 million USD in less than a month on Hyperliquid in September, as an example. These extreme cases often become hot topics within the community. Huang Li-Cheng's 71 liquidations not only did not damage his reputation but instead strengthened his image as the “Degen King.”

Brother Maji November Liquidation List

First Place: Brother Ma Ji (Huang Li Cheng) - 71 liquidations, far ahead

Second place: James Wynn - 26 liquidations, briefly suspended X account in July and updated personal profile to “broke”.

Third Place: Andrew Tate - 19 liquidations, controversial influencer and crypto investor

The existence of this leaderboard itself is highly characteristic of the encryption culture. In traditional finance, getting liquidated is a symbol of shame and failure, but in the Degen culture of Crypto Assets, high-frequency liquidations instead become a proof of “daring to take risks.” This inversion of values reflects the unique attitude of the crypto community towards risk-taking.

Aster launches Machi mode to convert Get Liquidated into gamified rewards

(Source: X)

Aster announced the upcoming “Machi Mode” in a post on X on November 19, adding, “This is for you, king @machibigbrother.” This direct homage is both a marketing strategy and an embrace of the degen culture. Aster stated, “You will earn liquidation points for getting liquidated.” The absurdity of this mechanism is precisely its appeal, gamifying trading failures and providing users with a psychological compensation.

The community's response to this feature has been quite enthusiastic. “I love the energy of the Machi mode and can't wait to get liquidated and earn points,” one user replied, while another user said, “Only in the crypto assets field can liquidation become a feature.” These reactions reflect the unique sense of humor and optimistic attitude towards risks within the crypto community. Turning losses into rewards points somewhat alleviates the psychological burden of trading failures.

The actual operational mechanism of the Machi model has not been fully disclosed, but possible designs include: granting different points based on the size of the liquidation amount, consecutive liquidations may earn additional rewards multipliers, points can be used to redeem transaction fee discounts or platform governance rights, and a leaderboard displaying users with the highest liquidation points. This gamified design draws on the points system of social platforms, transforming negative events into incentives for community participation.

From a business perspective, the Machi model could bring significant user growth to Aster. High-leverage traders are one of the most valuable user groups for decentralized exchanges, as they generate a large volume of trades and transaction fees. By rewarding the liquidation of this seemingly negative behavior, Aster is actually encouraging high-frequency high-leverage trading, which will significantly boost the platform's trading volume and revenue. Moreover, this unique marketing angle could attract substantial media attention and community discussions, bringing free brand exposure to the platform.

However, this mechanism is also controversial. Critics may argue that rewarding liquidation is equivalent to encouraging irresponsible trading behavior, which could entice inexperienced traders to over-leverage. From an ethical standpoint, gamifying losses could be seen as glamorizing leveraged behavior. Aster needs to find a balance between innovative marketing and social responsibility.

Hyperliquid Launches HIP-3 Growth Model to Address Competition

Aster's competitor Hyperliquid launched HIP-3 “Growth Mode” on November 19, an upgrade that allows anyone to deploy new markets without permission while enjoying significantly reduced taker fees. This feature reduces the total fees for newly launched markets by over 90%, from 0.045% down to as low as 0.0045%–0.009%. At the highest staking and trading volume levels, fees can be further reduced to only 0.00144%–0.00288%.

This timing is no coincidence. Hyperliquid launched HIP-3 on the same day Aster announced the Machi mode, indicating that competition among decentralized exchanges is intensifying. The two platforms have adopted completely different strategies: Aster attracts degen traders through gamification and cultural homage, while Hyperliquid enhances competitiveness by significantly lowering fees and creating an open market access.

The system allows deployers to activate growth models based on assets without requiring centralized approval, thereby lowering the entry barriers for traders and developers. To qualify, new markets must be completely unique assets and cannot overlap with perpetual contracts operated by existing validators, avoiding “parasitic” trading volumes. Once activated, the growth model will be locked for 30 days to ensure stability and prevent rapid switching costs.

Hyperliquid's strategy focuses more on long-term ecosystem development. By allowing anyone to create new markets without permission, Hyperliquid is positioning itself as the most open decentralized derivatives platform. This permissionless innovation is in line with the core spirit of DeFi and may attract projects and traders seeking maximum freedom.

Huang Licheng's Transformation from Musician to King of Degen

Huang Licheng is a former musician who has recently become a high-risk investor in the crypto assets field. In his early years, he was renowned in the Mandarin music scene as a member of the hip-hop group “Machi”. He later transformed into an entrepreneur, venturing into various fields such as nightlife, dining, and technology investment. In recent years, Brother Machi has invested a significant amount of capital into the crypto assets market and is known for his extremely high-risk trading style.

Huang Licheng's crypto investment portfolio is extensive, covering mainstream coins to small altcoins. He often shares his trading dynamics on social media, including both successful and failed cases. This transparency has earned him a large following, with many viewing him as a “real trader” rather than a false mentor who only showcases successful cases. The record of 71 Get Liquidated is a testament to this authenticity.

Wynn was once a well-known title holder. In July, this trader disappeared from social media and briefly stopped using his X account, previously updating his personal profile to a simple “broke.” A few days later, he returned with two high-risk positions. In September, Hyperliquid trader “0xa523” surpassed Wynn, becoming the platform's largest loss whale, accumulating losses of over 40 million USD in less than a month. These cases show that high-risk trading has formed a unique subculture in the crypto space.