最近，消费返利圈的"黑马选手"—— 上海"我店" 平台，因一则规则调整炸开了锅：原本承诺40期兑付完毕的用户抵用券，突然宣布延长至120期发放。消息 一出，"平台要凉""资金链断了"的猜测在用户群、商家圈里蔓延开来。 要知道，这可是个4年就跑通千亿流水、圈住2300万用户的消费返利黑马，线下还铺了500多家比那多超市。到底是真的撑不住了，还是在悄悄换赛道？今天 从商业模式、合规逻辑到调整本质，咱们掰开揉碎聊清楚。 一、千亿规模的"底气"：不玩噱头，靠"实体 +动态"双保险筑壁垒 在消费返利赛道，"高返现、快兑付"的口号曾让无数平台昙花一现，但"我店" 能跑通千亿规模，靠的是一套反套路的"双保险" 架构 ——不赌短期流量，而 是扎进实体场景、守住资金安全。 1. 线下场景：把"流量池" 变成 "消费闭环" 和纯线上平台拼流量不同，"我店"把重心压在了线下—— 从 2家比那多超市起步，4年扩张到500多家，覆盖社区、商圈、生鲜店甚至智能售货柜，2024年单 年就新增300万会员。 更关键的是"闭环引流"：线上用"免单""折扣"拉新，线下让积分直接抵消费（比如超市买菜、餐厅吃饭都能用），这让用户积分核销率飙到82% ...

Program Update - Morph Black & Platinum Refund Program结束，符合条件的用户将收到ETH退款和质押奖励 [1] - 社区反馈推动了退款计划的实施 [1] User Sentiment - 黑卡用户维权成功，积分用户继续亏损，鼓励继续维权 [1] - 部分用户希望将积分退还为gas费用 [1]

Group 1 - The article discusses various promotional offers for new cardholders, including a maximum credit limit of 50,000 yuan and no annual fee [11] - It highlights the referral program where existing users can recommend friends to receive rewards, such as gift vouchers and points [6][7] - The promotional period for these offers is from May 1, 2025, to June 30, 2025 [12] Group 2 - The article lists several products with suggested retail prices, including a camping cart priced at 609 yuan and an air fryer at 799 yuan [2] - It mentions various gift packages, such as a movie ticket package worth 160 yuan and Starbucks vouchers [5] - The article emphasizes the benefits of participating in the referral program, including earning points and receiving additional vouchers based on the number of successful referrals [6][7]