Fuel Network (FUEL)

A 1000‑yuan “死了么” that turned a 10 million valuation

Three post‑95s spent 1000 yuan, took less than a month, and built an app.

Now valued at 10 million. A ten‑thousand‑fold increase.

This app is called “死了么”, its functionality is absurdly simple: open it each day and tap to check in, proving you’re still alive. If you miss two consecutive days, the system automatically emails your emergency contacts.

That's it?

Yeah, that's it.

On Jan 8 it topped the Apple paid‑apps chart, costing 8 yuan per download. Founder Mr Guo said the number of paying users has increased 200‑fold in recent days and is still rising.

Capital came knocking. Mr Guo said he plans to sell 10% equity for 1 million. That puts the valuation at 10 million.

The name “死了么” came from a viral internet meme a few years ago.

Someone asked on social media: What app does everyone need and will definitely download?

A highly up‑voted answer: 死了么.

Mr Guo and his team saw the discussion, thought there was a chance. When they tried to register the trademark, they discovered no one had.

So they built it.

Why can something so simple become popular?

China’s single‑person households have already exceeded 120 million in 2024. By 2030 they are expected to reach 150–200 million. These people live in rented apartments in Beijing, Shanghai, Guangzhou, Shenzhen, sharing a very concrete anxiety:

If something happens to me at home, how long will it take for someone to notice? So for 8 yuan you can buy a confirmation that “someone knows I’m still alive.”

“死了么” became popular in less than 24 hours, and a clone appeared.

An app called “活了么” was listed on the Apple Store, with identical functionality, free to download.

Mr Guo’s response was calm: the product’s advantage lies not in technical barriers but in discovering user demand.

In other words, you can copy the features, but you can’t copy my name.

Indeed. Those three characters “死了么” are the most valuable part of the product. If it had been called “Single‑Living Safety Guard”, it would probably still be gathering dust in a corner of the App Store.

Looking back, is a 10 million valuation expensive for an app with no technical threshold and a cost of 1000 yuan?

Then maybe look at how the crypto industry used to value things.

In 2025, there was a crypto project called Fuel Network, building a “modular blockchain execution layer”. VC valued it at 1 billion USD, roughly 7 billion RMB.

That’s a 700‑fold valuation compared to “死了么”.

What does Fuel Network have?

A whitepaper, a roadmap, a bunch of Tier‑1 institutional endorsements, and videos of the founders speaking at major conferences.

But not many actual users.

What is Fuel Network’s market cap now? Around 16 million USD, down 99% from its peak.

I’m not saying every crypto project is a scam.

I’m saying:

In the crypto world, a project can have no users, no revenue, no one actually using it, and still be valued at 1 billion USD.

In the “死了么” world, you have to get people to actually spend 8 yuan to download for it to count.

One values first, then finds users. The other gets users first, then talks valuation.

Which is more reasonable? I don’t know.

Even more absurd is that the “死了么” logic is almost heretical in the crypto world.

If you tell everyone: we have real users, real paying, solving a real need.

Everyone will ask: what’s the narrative? What’s the token economics? What’s the FDV?

You say: no token, just selling an app, 8 yuan each.

People: then why should I invest in you?

This isn’t a joke. That’s how the crypto valuation system works.

Users don’t matter, revenue doesn’t matter, what matters is whether the story is sexy enough, whether the token can list on a major exchange, whether the unlock schedule is long enough for early investors to exit.

If “死了么” issued a token, created a “Single‑Living Chain”, drew a “global loneliness economy” big picture, maybe the valuation could jump tenfold.

But then it might not have real users.

Perhaps “死了么” can become popular precisely because it serves people with that anxiety, but who don’t really need it.

Those who truly need it actually can’t use it.

That’s similar to the crypto industry:

Those who truly need “financial inclusion” are often the ones who can’t use DeFi the most.

In the end, whether 10 million is expensive depends on the metric you use.

Measured by internet standards – a month of development, a three‑person team, no funding, no burn, reaching #1 on the paid chart – 10 million isn’t pricey.

Measured by crypto standards – no token, no narrative, no FDV – just 10 million? That’s too cheap. Should we issue a token?

I think the most satirical point is the split between Web2 and Web3:

In one world, “someone uses it” is a prerequisite for valuation. In the other world, “someone uses it” is an accident for valuation.

When I finished writing this, I actually downloaded “死了么” and checked in.

8 yuan, buying peace of mind.

At least it’s more reliable than most meme coins I’ve bought.

VC valued Fuel @fuel_network at $1 billion, now its market cap is $11 M
VC valued Bubblemaps @bubblemaps at $1 billion, now its market cap is $6 M

It’s so skinny, I don’t know whether to feel sorry for the VCs or for myself who bought the altcoins.

Most crypto narratives have fully shifted from hype to reality, and the market will provide its answer based on real strength.

Against the backdrop of the AI mega‑narrative, the bubble of crypto junk tokens is being cleared rapidly. https://t.co/MdWT8HU2RD https://t.co/lP6y5QfzgF