Crypto Card New Choice: Comprehensive Review of Emerging Payment Cards

Recently, a new crypto payment card has attracted market attention. As an important project in the Ethereum ecosystem, a well-known ETH Restaking platform has launched its own payment card product. We conducted a comprehensive test of this product, and from multiple perspectives, it has demonstrated impressive performance.

Multiple Cashback Mechanism

This payment card offers a tiered cashback mechanism. Basic users can receive a 2% cashback, while premium users can enjoy a 3% cashback rate. The current promotional campaign has even raised the total cashback rate to 5%, of which 3% is instant cashback and the other 2% is distributed in the form of platform tokens.

All instant cashback is settled in the native token of a certain public chain, automatically credited after consumption, with no threshold restrictions. Users can also earn an additional 1% cashback by inviting friends to use the card for consumption. It is worth mentioning that this card supports mainstream mobile payment systems, making it convenient for users to use in various scenarios.

Built-in Interest Accumulation Feature

A major highlight of this payment card is its seamless integration with the platform's internal treasury system. Users can deposit assets directly within the platform and start earning interest without having to transfer funds to other platforms.

Currently, the annualized returns of major assets are as follows:

• USD: approximately 9.8%
• ETH: approximately 7.2%
• BTC: about 2.1%

In addition, there is an approximately 7% platform token incentive stacked on top of the base earnings.

Each vault provides detailed information, including yield performance, asset distribution, and strategy providers. 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 asset allocation ratios and yield structures at any time.

Flexible Payment Methods

The card currently offers two payment methods:

1. Borrowing Model: Users can borrow for consumption by pledging specific assets, and the system will automatically complete the borrowing process. Currently, during the promotional period, the borrowing interest rate is 0%, and there is no need to pay Gas fees.

2. Predeposit 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.

All expenses are settled in US dollars by default. Our tests show that foreign currency payments incur an exchange rate conversion fee of about 0.98%. Regardless of the payment method used, transaction records and balance changes will be reflected in real-time on the user interface.

Security Considerations

All operations of this payment card are executed on-chain, including consumption, borrowing, and cashback, all completed through smart contracts. Users can view transaction details at any time, and assets remain under the user's control.

The only downside is that the KYC materials required during the account creation phase are relatively complex, and this card is not yet supported in certain regions.

Team and Enterprise Applications

This payment card also supports multiple members, with the management backend having different roles: owner, administrator, and employee. This makes it very suitable for teams and businesses.

• Administrators can set spending limits, manage card issuance/freezing, and view overall spending reports.
• Ordinary members can only use within the allocated quota and cannot access the main team capital pool.

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

Summary

Overall, this emerging crypto payment card offers a relatively complete set of on-chain asset utilization tools. It provides token rewards for daily spending, allows users to deposit idle assets into the treasury to earn returns, and offers flexible payment options. For teams and enterprise users, its multi-member collaboration feature is an added bonus. In the entire process of "storing, using, and managing" on-chain assets, this card indeed provides a practical solution.