jakiro
Author: danny; Source: X, @agintender
In 2023, the “Los Angeles Times” once again selected Indomie as the world’s best instant noodles.This quick-cooked food from Indonesia has not only conquered taste buds from South Africa to London, but has also become a part of pop culture.However, behind each pack of instant noodles, which cost just a few cents, lies a thrilling history of primitive accumulation of capital, as well as a modern business fable about “power, capital and monopoly.”
Introduction: Let’s start with the most delicious instant noodles in the world
Indomie’s parent company, Indofood, is part of the Salim Group, and its founder, Liem Sioe Liong, was once the richest man in Asia.Lin Shaoliang was born in Fuqing, Fujian, China in 1916. He arrived in Java, Indonesia in 1938 as a “pig seller”. In his early years, he worked in his uncle’s grocery store. After completing his primitive accumulation, he started to do some business in cloves and cigarettes.(Note, Indomie was actually “acquired” by Indofood)
Cukong, a term unique to Indonesia, refers to Chinese businessmen who provide funds for political and military patronage in exchange for protection and monopoly privileges.Lin Shaoliang’s “patron saint” is Lieutenant Colonel Suharto.During the Indonesian War of Independence and subsequent military operations, Lin Shaoliang risked his life to provide smuggled food, medicine and clothing to the 4th Military Region commanded by Suharto, establishing a physical “life and death friendship”, a relationship of trust that transcended race and religion.
When Suharto seized power in 1966 and established the “New Order”, Lim Siew Leong naturally became the economic engine of the regime, or a close confidant of the president.Shortly after taking office, Suharto decided to change domestic eating habits from rice to pasta in order to solve the domestic food crisis. However, at that time, Indonesia did not have the corresponding processing equipment, import channels, and US dollars, and this arduous task fell into the hands of Lin Shaoliang.
Suharto granted Lim Siew Liang the exclusive monopoly on flour processing in western Indonesia.This is a priceless “imperial edict”, which means having a money printing machine.However, although Lin Shaoliang had the “political license” to establish a monopoly, he lacked two key things: the technical expertise in industrial manufacturing and the huge capital required to build heavy industry.This resource gap paved the way for his intersection with Chen Bichen.
Building a modern flour mill—later PT Bogasari Flour Mills—required tens of millions of dollars.Even with the presidential decree above his head, Lin Shaoliang searched banks in Jakarta and the West, but the bankers in suits looked at his empty balance sheet and shook their heads.In their eyes, Lin Shaoliang was just a speculator with no industrial experience and no collateral, and Indonesia was just a poor fishing village.
Just when the Bogasari plan was about to die, Chin Sophonpanich, the founder of Bangkok Bank in Thailand, appeared.
As the godfather of Southeast Asia’s “Bamboo Net” capital at that time, Chen Bichen had a unique sense of smell.He did not stare at Lin Shaoliang’s financial statements like the Western banking system, but saw through the essence of this business: Suharto’s political endorsement was the strongest collateral.Chen Bichen not only provided the huge start-up capital needed to build the factory, but also used Bangkok Bank’s international credit to issue a letter of credit (Letter of credit) for Lin Shaoliang to import wheat.
This is the “Chen Bichen moment” described in this article – when capital no longer pays for the past (balance sheet, cash flow statement, founder experience, track), but instead bets on monopoly structure and access to the current situation.
With capital and technology, Bogasari quickly monopolized Indonesia’s flour market. The continuous cash flow later not only hatched a number of dominant Ontology companies, but also acquired Indomie, a national brand, and finally established Lin Shaoliang’s business dynasty.
The Web3 industry in 2026 is in such a “Chen Bichen moment.”
1. The intersection of centuries: the process of acquaintance and the chain of the “bamboo network”
The acquaintance between Chen Bichen and Lim Shaoliang was the product of Southeast Asia’s unique “Bamboo Network” business structure – the two were connected through the matchmaking of Malaysia’s “Sugar King” Robert Kuok, and eventually created a business dynasty together.(Note: Bamboo network is an informal business network among Southeast Asian Chinese based on blood, geography and industry. In this network, reputation and trust are more important than contracts.)
In the late 1960s, although Lin Shaoliang held the flour processing monopoly granted by Suharto, he knew nothing about the modern flour industry.He desperately needed a technology partner.Lim first approached Malaysia’s Robert Kuok, who had already achieved great success in the flour and sugar industry.Kuok Henian not only provided key technical consultation and channels for Lin Shaoliang, but also connected Lin Shaoliang and Chen Bichen.
Chen Bichen prides himself on “knowing all the important people in the area.”While in exile in Hong Kong, he closely followed the regional situation.Tan immediately recognized this pattern when Lim Siew Leong served as an “agent” for Indonesia’s new president Suharto – mirroring his earlier relationship with a Thai general.
Chen Bichen understood that Suharto needed an economic agent, and Lin Shaoliang was the chosen one.
2. Bogasari Flour Mill: Financing a Nation’s Granary
PT Bogasari Flour Mills, established in 1971, is not only the flagship company of Salim Group, but also the first and most important case study of Bangkok Bank’s strategic support for Lim Siew Leong.This is not just a commercial loan, but an expansion of Indonesia’s geopolitical territory.
2.1 Strategic Context: Wheat as Political Stabilizer
In the late 1960s, Indonesia relied heavily on rice imports, and prices fluctuated greatly, which not only consumed foreign exchange but also threatened the stability of the regime.Suharto tried to enrich the national diet and reduce dependence on rice by introducing wheat products (noodles and bread).At that time, the U.S. government provided wheat assistance to Indonesia through the PL-480 “Peace Food” program, but Indonesia lacked wheat processing facilities at the time.
In this context, Suharto granted Lim Siew Liang exclusive rights to wheat processing in western Indonesia (Java and Sumatra, accounting for 80% of the market).
2.2 Financing challenges and the absence of Western banks
Tens of millions of dollars were required to build one of the largest flour mills in the world.Although Lin Shaoliang had some success in trade at that time, it was almost impossible to raise such a huge amount of funds in a short period of time.
For Western bankers at the time, Indonesia was a high-risk country that had just experienced a bloody coup and economic chaos.Lin Shaoliang is regarded as a “lilac trader” with no trading experience and credit history, with an opaque balance sheet and insufficient collateral.This loan was not approved based on traditional credit evaluation criteria.
2.3 Bangkok Bank’s intervention
When others were hesitant, Chen Bichen intervened decisively.Bangkok Bank provided critical start-up capital and working capital required for the construction of the Tanjung Priok Bogasari complex in Jakarta.
Chen Bichen evaluated the loan not based on Lin Shaoliang’s financial statements, but on the value of The Suharto Franchise.Chen Bichen deeply understood that with the monopoly law (the National Logistics Bureau Bulog was authorized to exclusively supply wheat to Bogasari, and then buy it back from the latter after processing), this company would be a money printing machine unless the regime fell.
Suharto once vividly described Bogasari’s role as a “tailor” – the client (the country) provides the cloth (wheat), and the tailor makes the suit (flour) and charges a processing fee.Bangkok Bank actually securitized and discounted this government-guaranteed “processing fee” cash flow.What Chen Bichen is looking for is this monopoly OEM model: monopoly means controlling pricing power, and processing means value overlay, which is profitable.
In addition to construction funds, Bogasari operations require huge amounts of wheat imports from the United States and Australia.Bangkok Bank used its high reputation in the international financial community to issue a crucial letter of credit for Bogasari.Western suppliers may not trust the newly formed Bogasari, but they trust Bangkok Bank.Chen Bichen actually used his bank credit to guarantee Lin Shaoliang’s import business.
2.4 Operational success and primitive accumulation of capital
With the financial support of Bangkok Bank, Bogasari was successfully put into production in 1971.It not only generates stable cash flow through processing fees, but also obtains staggering huge profits through the sale of by-products (bran and sub-flour) – according to the agreement, these by-products belong to Lin Shaoliang and can be used for animal feed sales.This cash flow from Bogasari was used by Salim Group to subsequently provide a steady stream of funds for the expansion of the cement (Indocement) and banking industries (BCA).
3. Paradigm reconstruction: “Chen Bichen moment” in the context of Web3
If you translate this model to Web3 in 2026, what does it mean?
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Commodity: It doesn’t matter what it is, but who thinks it is important?In the 1970s, it was flour (Suharto could have been changed to other foods). In 2026, it could be block space, stablecoin liquidity, privacy, AI-improved efficiency, RWA and other areas recognized by giants and they can rely on existing resources to extend.
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political franchise (backer): In Indonesia in the 1960s, it was Suharto’s executive order, but in the Web3 world, it was compliance licenses and certificates of nomination.”GENIUS” in the United States, MiCA in the European Union, Yzi’s incubation agreement, investment from Coinbase Venture, support from Black Rock, etc., have become “franchise licenses” in the new era.
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The Financier: Today’s Chen Bichen is no longer Bangkok Bank, but a top asset management institution or industry player represented by BlackRock/Coinbase/Binance/A16z.
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Lam Siu Leung (The Operator): Today’s Lin Shaoliang is one of those crypto-native giants who have completed “recruitment” and established deep binding relationships with regulators, management, GPs, big V etc.
In 2026, a successful Web3 project will no longer be just a decentralized protocol, but a sovereign economy (which must be able to serve the sovereign business of giants).This change means that the market competition in 2026 will no longer be a competition of technical merits, but a competition of capital efficiency and political resources – doing things that can help giants expand their influence and business is the new political correctness.
4. Macro-environment and institutional changes: the breeding ground for new chaebols
The Web3 industry in 2026 is in the triple resonance of the global interest rate cut cycle, geopolitical restructuring and the implementation of regulatory frameworks.
4.1 Interest rate cut cycle and targeted injection of liquidity
By 2026, major central banks around the world will enter a definite channel for interest rate cuts.
liquidity spillovers: As the risk-free interest rate falls, capital is seeking high-risk assets again.As a high-beta asset, Web3 naturally attracts capital flow back.
Exclusivity of institutional access: Unlike the retail bull market in 2021, liquidity injection in 2026 will be highly directional.Funds will flow into the market through compliant channels—namely spot ETFs, compliant stablecoins (USDC, PYUSD), and tokenized funds (BUIDL)—rather than flowing into altcoins indiscriminately.
4.2 Sound supervision: the legal cornerstone of the “walled garden”
In 2026, supervision will no longer be the Sword of Damocles hanging above our heads, but a solid wall that has been put in place.
“GENIUS Act”: The United States has established a federal regulatory framework for payment stablecoins, and only licensed entities can issue them.This clause essentially creates a very high barrier to entry and establishes the oligarchic status of compliant issuers such as Circle and Paxos.
Full implementation of MiCA: The strict requirements of the EU MiCA Act on asset reference tokens have greatly compressed the living space of unlicensed offshore stablecoins in the European market.
4.3 Integration of politics and business: digital extension of dollar hegemony
In 2026, Web3 technology will be clearly included in the national strategic competition.As the issuer of USDC, Circle’s role is getting closer to that of the Federal Reserve’s “digital shadow bank”.It not only holds a large amount of US Treasury bonds, but also actively cooperates with sanctions policies.This “integration of politics and business” structure makes USDC not only a commercial product, but also an extension of national credit.
It is undoubtedly difficult for an individual to stand out in this trio.
4.4 New Shanzhai will die as soon as it opens
There are too many star projects and king-level projects in the 2024 to 2025 cycle. Most of them are hedging before the market starts, they collapse as soon as the market opens, and they will get off work if they cannot win a grand slam.
If you take a closer look, you will see that there are no giants behind them, they are not the main force of the exchange, there are no OGs to support the market and call for orders, or to kill the opponent’s market through contract transactions. Most of the projects are silent as soon as the market opens, without any ripples.It’s not that price = performance, but that the tears of the times can only be left for attention, and the market has been reduced to a rising ceiling left to the discretion of liquidity providers.
5. 2026: The first year of Web3’s monopoly
If the Bogasari Flour Mill is the physical cornerstone of Lim Siew Liang’s empire, then Web3 in 2026 is looking for its “digital flour mill.”In this new cycle, the core logic of business has returned from “technological innovation” to the essence of business – obtaining monopoly and controlling pricing power.
5.1 Dare to be the queen of the world: the giant’s “late strike” strategy
For behemoths like Binance, Coinbase and BlackRock, they no longer have to be the first to move.Just like Lin Shaoliang did not need to invent flour processing technology and found Indomie, the Web3 giant does not need to invent the latest DeFi protocol.(Yes, Indomie was merged by Lin through capital + high-pressure means)
For the giants, it doesn’t matter whether it is RWA, AI Agent or Meme track.They have a huge capital and user base (i.e. “liquidity”), and can wait for the market to verify a winning model, and then by acquiring, copying or supporting “direct” projects, they can use their huge size to instantly break down market barriers and achieve “late strike”.
Between 2025 and 2026, the crypto industry will see a surge in mergers and acquisitions (M&A) activity or examples of proxy fights.This is the giant cleaning the battlefield.Without the protection of giants, medium-sized projects will face the fate of being marginalized or forced to merge.
5.2 Support direct lineage: the case of building a digital moat
The main theme of 2026 is “strong alliance” and “internal incubation”.Giants are building closed ecological loops to ensure profits remain within their own walled gardens.
5.2.1 BInance’s Shadow Empire: YZi Labs and Aster
Binance could not directly launch its own perpetual contract DEX without incurring a regulatory storm, so it chose a “proxy” strategy.
The rise of Aster: Aster is regarded as Binance’s “direct descendant” in the field of decentralized derivatives.It is backed by YZi Labs (the former Binance Labs spinoff) and even has a personal public investment endorsement from Changpeng Zhao (CZ).
Through Aster, Binance actually introduced the market maker resources and liquidity of its centralized exchange (CEX) onto the chain, building a “shadow DEX”.This “front store (Binance) and back factory (Aster)” model not only avoids regulatory risks, but also monopolizes the pricing power of derivatives on BNB Chain.
5.2.2 Coinbase and Circle: Joint Venture for Dollar Hegemony
The relationship between Coinbase and Circle goes beyond partnership and is a deep equity bond.
Coinbase not only took a stake in Circle, but also reached a revenue sharing agreement with it. Both parties share the huge interest income generated by USDC reserves.
This alliance gives USDC absolute exclusivity in the Coinbase ecosystem (including the Base chain).Coinbase uses its status as a compliance portal to forcefully promote USDC, which is essentially co-operating a “digital Federal Reserve”.
6. From a poor family, it is difficult to produce a noble son: the big opportunity has been monopolized
6.1 The top pitfalls backed by exchanges: exchange public chains and digital walled gardens
The public chain landscape in 2026 shows an obvious “Balkanization” trend.In the “Chan Bichen Moment”, the Bogasari Flour Mill is the physical carrier of monopoly profits.In 2026, relying on the exchange’s public chain will be an extension of another exchange’s “currency listing monopoly”.
Coinbase vs. Base
Base is not fully decentralized, but an extension of Coinbase’s corporate governance.As the only sorter operator, Coinbase captures all gas fee income on the chain, and projects launched on Base or protocols that support Coinbase wallet are more likely to gain the attention of the Coinbase currency listing group.
Binance and BNB Chain
Binance plays a role similar to the “central government” on BNB Chain, supporting the ecosystem through huge subsidies. However, if it is not on the direct list, it may be a long time waiting for the golden moment of the agreement.
6.2 Stablecoin War: Digital Flour and Monetary Sovereignty
If the public chain is the land, then the stablecoin is the “flour” circulating on the land, and its degree of money printing is obvious to all.The stablecoin market in 2026 has experienced a reshuffle from “a hundred schools of thought contending” to a “confrontation between two heroes”. At this point, do you think there is anything wrong with ordinary players?
6.2.1 Regulation as a moat: USDC’s compliance hegemony
USDC issued by Circle has established its monopoly as the “onshore digital dollar” in 2026.
The symbiotic relationship between Coinbase and Circle: Coinbase took a stake in Circle and reached a revenue sharing agreement.The two parties share the interest income generated by the reserve based on the holdings and distribution of USDC.This deep binding of interests gives Coinbase a strong incentive to prioritize USDC in all scenarios.
6.2.2 Offshore resistance: Tether’s golden fortress
Faced with the squeeze of USDC in the compliance market, Tether (USDT) took a completely different path in 2026 – a sovereign-grade asset reserve.
Tether holds a staggering $12.9 billion in gold reserves in 2025.By issuing gold-backed tokens, Tether effectively turns itself into a “digital version of the Bretton Woods system” shadow central bank built on the blockchain.
6.3 Strong alliances: RWA and the colonization of institutional capital
Black Rock’s BUIDL Fund: DeFi’s New Benchmark Rate
The BUIDL fund launched by Black Rock tokenizes U.S. Treasury bonds, allowing qualified investors to hold them on-chain and receive daily distributed interest.In addition, major exchanges such as Binance plan to accept BUIDL as trading margin (Collateral).This means that institutional traders can use interest-earning assets (Treasury bonds) as margin instead of idle funds, greatly improving capital efficiency.
The rise of RWA marks a fundamental change in the properties of Token.DeFi tokens in 2020 are mostly “governance tokens” that have no value other than voting rights.The RWA token in 2026 is a “Yield-bearing Token” whose value is anchored in real-world cash flow.The narrative may sound wonderful, but it seems to have nothing to do with ordinary people.
7. Conclusion and Outlook for 2026: Embracing the “Web3 New Plutocrats” Era
Looking back at history, the reason why Lin Shaoliang became the richest man in Asia from a lilac hawker was because he understood the “game” of that era – Suharto needed an economic pillar, and this pillar must be based on monopoly and financial leverage.
The Web3 industry in 2026 is at such a moment.
From recklessness to plutocrats
Those “cyberpunks” who try to go it alone and challenge regulation will gradually be marginalized.At the center of the stage are those “new chaebols” like Lin Shaoliang who know how to dance with regulation and how to use the capital leverage and investment certificates of Chen Bichen (Black Rock/Coinbase/Binance).
From selling products to selling sovereignty
The business model is no longer a simple development protocol to earn fees, but to build a digital city-state (Base, BNB Chain), issue digital currencies (Stablecoins), AI agents, and gain monopoly status by controlling infrastructure, thereby obtaining excess returns.It’s not that cash flow isn’t sexy, it’s that the giants want everything, not just the cash flow at the end.
This is a new mercantilist era ruled by code, driven by capital, and endorsed.In this world, the story of Lin Shaoliang and Chen Bichen has not gone away, they just changed their faces – the confidant of exchanges and public chains is the new Lin Shaoliang, Binance / Coinbase / Black Rock is the new Chen Bichen, and the blockchain is the digital land for them to build a new generation of “flour mills”.
It’s not that Web3 has no narrative, but that the narrative has shifted from chronicle to biography.
