Crypto Card New Players: ETH Restaking Giant Launches U Card

Recently, the cryptocurrency payment card market has welcomed a new member. A leading company in the ETH Restaking field has launched its own U Card product. As a long-term partner of this company, we conducted comprehensive testing of this new card, evaluating its performance and practicality from multiple dimensions.

Multi-Cashback Mechanism

This U Card adopts a tiered cashback system. Basic users enjoy a 2% cashback, while premium users can receive a 3% cashback. The current promotional activity offers a total cashback rate of up to 5%, with 3% returned immediately and an additional 2% distributed in the form of platform tokens.

All instant cashback is settled in the native tokens of a certain blockchain network, automatically credited after consumption, with no spending thresholds or category restrictions. Users can also earn an additional 1% cashback by inviting friends to use this card. This card supports mainstream mobile payment systems and is suitable for various online and offline scenarios.

Built-in Interest Generation Function

A major highlight of this U Card is its seamless integration with the platform's liquidity pool. Users can directly deposit assets within the platform and start earning interest without needing to transfer funds to other platforms. Currently, the basic annual yield of the main liquidity pool is as follows:

• Dollar Treasury: approximately 9.8%
• ETH Treasury: approximately 7.2%
• BTC Vault: approximately 2.1%

In addition to the basic returns, there is also an incentive of about 7% in platform tokens. Each vault page provides detailed information, including recent performance, asset distribution, strategy providers, etc. Taking the ETH vault as an example, funds will be automatically diversified and deployed into multiple well-known DeFi protocols, and users can view the specific configuration ratios and return structures at any time.

There are currently additional incentive activities underway, with an expected distribution of 600,000 platform tokens as rewards for users who deposit into the vault and use U cards for consumption.

Flexible Payment Options

U Card offers two main payment methods:

1. Loan Mode: Users can borrow for consumption by pledging specific assets, and the loan process is automatically completed during transactions. During the promotional period, the loan interest rate is 0%, and Gas fees are waived.

2. Pre-deposit mode: Users can deposit multiple cryptocurrencies in advance, and the system will automatically convert them into the required currency and complete the payment during consumption.

The card is settled in US dollars by default. Our tests found that foreign currency payments incur an exchange rate conversion fee of approximately 0.98%. Regardless of the payment method used, transaction records and balance changes are reflected in real-time on the user interface.

On-chain operations ensure security

All operations of this U card are executed on-chain. Processes such as consumption, borrowing, and cashback are completed through smart contracts, and users can view transaction details at any time, while assets are still managed autonomously by the users. The only downside is that the KYC materials required for account creation are relatively complex, and some regions do not yet support this card service.

Suitable for Teams and Enterprises

This U card also supports multiple members to use, and the management backend has different role permissions.

• Administrators can set spending limits, issue/freeze cards, and view overall spending reports.
• Ordinary members can only use within the allocated limit and cannot access the main capital pool.

This mechanism is more friendly to DAOs, remote teams, or companies managing on-chain assets, helping to achieve a transparent and controllable spending process.

Summary

From cashback, interest accumulation to payment management, this U card provides a relatively complete set of on-chain asset utilization tools. Users can earn token rewards from daily spending, invest idle assets into the vault for returns, and flexibly choose payment methods. For teams and enterprise users, its permission control system facilitates collaboration among multiple members. In the process of "storing, using, and managing" on-chain assets, this product indeed offers a relatively practical comprehensive solution.