Previously, we discussed that the victory of USD1 lies in the rapid paving of the application layer, with the AI-focused AgentPay, and this time the 'exclusive and unique' cooperation between USD1 and Aster becomes another core driver of application hegemony. It can be said that #WLFI has clearly played with the two main lines of Web3: AI and RWA!

First is the strategic elevation, 'from "optional" to "mandatory".' In the past, when we traded crude oil and gold, for example on Hyperliquid, the settlement currency was usually USDC. USD1 was just one of the 'options' on some platforms, and even a non-mainstream option.

This time, with the deep bundling with Aster, we achieved a forced necessity. In the future, trading $CLUSD1 (crude oil) and $XAUUSD1 (gold) on Aster means, sorry, USDT has no place. This 'exclusive settlement' directly pushes USD1 from an ordinary stablecoin to the 'fuel' for RWA trading.

This also creates a strong closed-loop effect. If you want to enjoy the -0.5bps rebate on orders, you must hold USD1; if you want to hedge against crude oil volatility, you also need to use USD1. This strong bundling is artificially creating a liquidity black hole for USD1. Once users develop a trading habit, the power of this can be imagined.

Secondly, there is the subsidy war. Where there are benefits, there is a market. In this cooperation, using USD1 for transactions on Aster, the Taker only pays 1bps, while the Maker achieves a negative fee rate of -0.5bps. This can be called a classic rate war strategy.

In comparison to Hyperliquid, HL's fee for Taker is about 2.5bps, and the Maker has a rebate but it depends on the level, which is already very low. However, Aster's 1bps for the RWA trading pairs is simply fighting on the ground.

The core intention is very clear, mainly to attract high-frequency traders and quantitative arbitrageurs. A negative fee rate for the Maker means that not only do we not spend money on our orders being filled, but the platform also pays us.

Due to the volatility of traditional assets like crude oil and gold being more stable compared to altcoins, the extremely low fee means that the arbitrage space is thinner but still possible. This can instantly narrow the bid-ask spread of $CLUSD1 and $XAUUSD1, and the depth will counterintuitively grow rapidly. This can be considered a boon for large players; the more they participate, the better the depth will be, forming a positive feedback loop!

In summary, if Hyperliquid wins with a “pure trading experience,” then Aster aims to win with the “monopolistic nature of the business model.” This Aster × WLFI strategy can be considered textbook-level, surrounding from the side to avoid direct confrontation. Through a “liquidity bribery,” negative fees + the potential token incentives of WLFI are actually buying time with money, pulling users away from Hyperliquid or other platforms.

If Aster's “exclusive settlement + low fees” can work, then the “application layer moat” of USD1 will be more solid. Many stablecoins fail due to “lack of usage scenarios.” USD1 has the political momentum of WLFI behind it, and now with Aster as a high-frequency consumption scenario. As long as the trading volume of crude oil and gold increases, the market value of USD1 is guaranteed to grow. Among them, Aster and WLFI create a win-win situation, let's wait and see!🧐