On July 27, the latest OpenRouter data shows that Xiaomi's MiMo-V2.5 simultaneously took the global LLM weekly and monthly call-volume double #1 — the only model that week to break 10T tokens. From May to date, its weekly token count climbed from 1.46T to 10.46T, about a 616% increase in two months. The reason this result is worth taking seriously: OpenRouter is the world's largest LLM API aggregation platform, with the leaderboard sorted by real call volume, not benchmark gaming — meaning global developers voted with their feet for it. MiMo-V2.5 is backed by a MoE architecture (over 1T total parameters, 42B activated), a 7:1 mixed attention ratio, 1M context, and pricing under one-third of Claude Opus 4.6 — the cost-performance route pulled developers back from the closed-source high-price model. Placed in a broader coordinate: in the first half of 2026, Chinese large models have stopped just gaming leaderboard scores and started capturing real traffic. Hy3, Kimi K3, Qwen, and MiMo have taken turns topping OpenRouter. Closed-source front-row models still lead in core scenarios like Coding Agent and Tool Use (MiMo-V2-Pro's ClawEval 61.5 vs Opus 4.6's 66.3), but the call-volume curve has reversed. This isn't a feel-good story of "domestic substitution". MiMo-V2.5 didn't beat the technical ceiling — it beat the technical price-performance ratio: 1/8 of the inference cost, 80% of the capability. If this path gets replicated and scaled by DeepSeek and Qwen, the window for closed-source models to sustain high prices through capability premium will close earlier than anyone expects.