Named by the accelerator
Chess Che
Alliance names Chess Che under Founders and links @chessxyz. The 168X interview introduces the same handle as Bagel’s founder and describes earlier QuestN and GM Network work.
Alliance’s founder listing ↗17 September / App, people, payments
The Bagel
connection.
A named founder. A shared app publisher. Referral promotion from the accounts already in this investigation. And a daily payment stream much larger than the builder batches.
01 / Separate roles, specific evidence
Who is behind it.
Who promotes it.
Alliance names Chess Che / @chessxyz as founder. Apple and Google name GM AI SINGAPORE PTE. LTD. as the app publisher. Select a connection to see the record that establishes it.
Common referencebagel.winWebsite · @bagel_win · BagelWin profile
The earlier company connection is concrete.
Apple lists QuestN under the same developer as Bagel. The May 20 founder interview describes Chess’s path through QuestN and GM Network. Together, these records connect the current app to an earlier growth-product business.
Open the shared developer listing ↗The paid profile has an exact match.
Builder logo → user ID 4455686 → Gamma profile → paid wallet. The profile names @bagel_win, which the website also links. This identifies the app; the reviewed sources do not identify a human signer for its wallet.
Inspect every field in the join ↗02 / Two separate payment streams
The builder batches
were only part of the inflow.
All amounts below match successful Polygon transfer logs to 0x726f470f186ffb7f41800b3cfff95c98cba5ed4b. Tokens and payment streams remain separate; conversions are not counted again as new income.
Builder-payment account / 0xc012…9efe
7,489.99 USDC.e21 payments · April 24–September 15
The four-operator census identifies these payments through ClipperPayout. The previously published 2,243.69-USDC.e figure covered only five of them.
Follow this account’s funding ↗Daily distributions / two successive senders
142,961.2271 PUSD141 payments on 141 consecutive UTC dates
9,629.4294 PUSD from 0xd7a0…d4ba through June 16; 133,331.7977 PUSD from 0xacec…0582 from June 17. The receipts establish payments, but do not label them as fees, rebates or rewards.
A payment every day
Choose a day to inspect its amount, sender and transaction.
What explains the daily stream?
Polymarket documents distribution of collected builder fees to the builder profile’s wallet. Bagel is a fee-enabled builder. That makes fee distribution a possible explanation; the activity API returns no classification for this account, so the 142,961.2271 PUSD is recorded here as unclassified daily distributions.
Read the documented fee-distribution mechanism ↗Wincy’s archived orders used Bagel.
426 of 426 archived maker fills from the linked 0xf595…fd9e account carry Bagel’s exact code. Every transaction and log has been rechecked. App attribution establishes where those orders were routed; account-control evidence remains in the original investigation.
Open all 21 builder-batch payments
| Date · UTC | USDC.e | Proof |
|---|---|---|
| 2026-04-24 | 96.00 | Transaction ↗Log 3303 |
| 2026-04-30 | 100.00 | Transaction ↗Log 2979 |
| 2026-05-10 | 126.00 | Transaction ↗Log 474 |
| 2026-05-16 | 297.00 | Transaction ↗Log 1790 |
| 2026-05-28 | 290.00 | Transaction ↗Log 2450 |
| 2026-05-28 | 400.00 | Transaction ↗Log 532 |
| 2026-06-11 | 272.64 | Transaction ↗Log 1659 |
| 2026-06-11 | 123.09 | Transaction ↗Log 2069 |
| 2026-06-19 | 533.21 | Transaction ↗Log 66 |
| 2026-06-28 | 516.05 | Transaction ↗Log 1833 |
| 2026-07-07 | 379.47 | Transaction ↗Log 1484 |
| 2026-07-07 | 396.98 | Transaction ↗Log 118 |
| 2026-07-14 | 415.73 | Transaction ↗Log 1543 |
| 2026-07-24 | 398.57 | Transaction ↗Log 1513 |
| 2026-08-04 | 454.42 | Transaction ↗Log 1456 |
| 2026-08-06 | 447.14 | Transaction ↗Log 42 |
| 2026-08-26 | 435.42 | Transaction ↗Log 677 |
| 2026-08-26 | 437.96 | Transaction ↗Log 182 |
| 2026-08-26 | 453.56 | Transaction ↗Log 1006 |
| 2026-09-15 | 456.99 | Transaction ↗Log 541 |
| 2026-09-15 | 459.76 | Transaction ↗Log 463 |
03 / The acquisition model
Referral links bring users.
Social features keep them trading.
The documented design connects recruitment, copying trades, repeated activity and fees. Each step has a public source.
- 01 / Recruit
Promoters and referral codes
Bagel recruits Growth and Creator Ambassadors. Wincy’s Telegram posts link ref=WINCY; the 168X interview uses FMEWNQ. These are identifiable acquisition channels.
Official application ↗Wincy’s referral post ↗ - 02 / Repeat
Copy, re-buy, collect rewards
Bagel’s changelog documents one-tap copying, quick re-buy, campaign volume leaderboards and a Reward Center. Wincy’s September 2 post says she won $4 in a volume-based spin game.
Product release record ↗Wincy’s own statement ↗ - 03 / Monetize
Fees and negotiated rebates
Bagel publishes trading fees and recruits high-volume traders for reviewed fee rebates. Its application starts at $100,000 monthly volume. Neither application gives a public commission or rebate percentage.
Trading fee terms ↗Rebate application ↗
What this establishes
There is an incentive to generate more trading.
Promoters can bring an audience into a product that charges on execution and encourages further activity. That commercial connection is documented. Kate’s and Wincy’s individual compensation, their recruited users’ profitability, and any common ownership with Bagel remain unestablished.
Compare Kate’s posted results with the four-slip accounting ↗04 / The small-order fee
A $1 market order
carries a 5% app fee.
Bagel’s published terms charge $0.05 below $5, 1% from $5 upward, and 0.5% on limit orders. The minimum matters when promotion emphasizes small trades.
Illustrative Bagel app fee$0.505.00% per execution
Uses the published app terms, captured September 17. Execution means one order: a buy and a sell are two. Venue fees, price changes and negotiated rebates are outside this calculation. The separate CLOB rate table reports maker/taker percentages.
05 / Inspect the records
Names have sources.
Amounts have receipts.
Exact logs, metadata joins, dated public sources and calculation rules. Full addresses appear in the source files. No named person is assigned control of the Bagel payment wallet by inference.
People & promotion ↓11 primary sources and three direct Telegram postsApp → paid account ↓Exact builder code, user ID and current profile21 builder-batch payments ↓7,489.99 USDC.e with exact receipt references141 daily distributions ↓142,961.2271 PUSD, two successive sendersComplete selected stablecoin ledger ↓Conversions and withdrawals kept separate from incomeVerified receipt extracts ↓Selected payment and order-fill logs426 reverified maker fills ↓Exact Bagel attribution in the archived sampleHistory coverage ↓Pagination, selection threshold and empty activity responseReproduce the findings ↓Sources, scope and calculation rules
Open the public source ledger
- Bagel website ↗
Links its official X account, app promotion, trading rebate application and ambassador application.
- Alliance company profile ↗
Names Chess Che, links @chessxyz under Founders, and links Bagel to bagel.win and @bagel_win. Establishes an Alliance portfolio listing; does not identify an onchain signer.
- Apple App Store listing ↗
Names GM AI SINGAPORE PTE. LTD. as provider/developer of Bagel, app ID 6760811152; lists QuestN under More by the same developer (developer ID 1669716920).
- Google Play listing ↗
Bagel package win.bagel is published as BagelWin; About the developer names GM AI SINGAPORE PTE. LTD.
- 168X founder interview, 20 May 2026 ↗
Introduces Chess as Bagel founder, links @chessxyz, describes prior QuestN and GM Network work and Alliance participation. Promotes referral code FMEWNQ. Professional history is the publisher’s description, not a corporate ownership filing.
- Bagel terms, updated 25 May 2026 ↗
Section 3.2 specifies a 1% market-order fee at $5 or more, a flat $0.05 below $5, and a 0.5% limit-order fee. Formula examples are illustrations of these terms, not historical collected revenue.
- Bagel privacy policy ↗
Says account information is used to calculate and distribute referral rewards and rebates. No referral commission percentage is stated.
- Bagel official changelog ↗
May 28: $20,000 World Cup campaign. June 30: invite lists, public volume/win rates, copy counts, one-tap copy and quick re-buy. July 16: campaign reward and copy-trade history. August 14: Reward Center and campaign leaderboard volume display.
- Official trading rebate application ↗
Linked from bagel.win. Offers fee rebates subject to review for high-volume traders; current/expected monthly-volume options start at $100,000–$300,000 and end at $1 million+. Does not publish the rebate percentage.
- Official ambassador application ↗
Linked from bagel.win. Recruits Growth and Creator Ambassadors to bring sports/esports communities and rewards contributions. Applicants must have completed a trade. Links a Notion program page, but its detailed terms were not successfully captured.
- Wincy public Telegram ↗
Posts 539 and 542 link to bagel.win with ref=WINCY. Post 540 says she won $4 in a volume-based spin game. Records establish referral promotion and a stated experience, not a verified payout amount.