小猪天上飞-Piglet

Many people ask me if Aster has been sold; the current price does not reach my valuation, so I must be holding on.
Reasons for keeping Aster:
1. Differences in market environment
October 2024 (HYPE): Early stage of a bull market, strong demand for contracts
September 2025 (Aster): The market is relatively rational, establishing trust in spot trading is more important
2. Different competitive landscape
HYPE advantage: At that time, competition in contract DEX was low, and technology was leading
Aster challenge: Facing strong competitors like the mature Hyperliquid, it needs to establish a user base first
3. Token distribution strategy
Aster airdrops 8.8% of the supply, preventing large-scale sell-offs
Withdrawal lock ensures early liquidity is controllable
Strategy assessment
Aster is not a simple replication of HYPE, but a reverse strategy based on different market environments:
Same goals: Control liquidity, gain price discovery dominance, build platform moats
Different paths: Spot first vs contract first
Adaptability: Rational choices based on the current market environment and competitive landscape
Next step predictions
Short term (2-4 weeks)
More second-tier CEX spot trading will go live
Completion of APX token swaps on first-tier exchanges like Binance
Liquidity gradually improving but still relatively low
Medium term (1-3 months)
Derivatives trading will be launched, prioritized on the Aster platform
Mainstream CEXs start to pay attention to ASTER contract demand
Forming positive competition with HYPE
Long-term risks
If the spot phase cannot establish a sufficient user base, subsequent derivatives promotion will face difficulties
Dispersed liquidity may affect trading experience, less effective than HYPE's concentrated strategy
Aster has chosen a more conservative but possibly more suitable strategy for the current environment, hoping for its success!#空投大毛

An interesting viewpoint has recently emerged: the liquidity of gold tokens may surpass that of Bitcoin in the future.

If this trend actually occurs, who will be the biggest winner?

Let's look at the scale first.

Even if only 10% of global gold is tokenized, at current gold prices, that's close to $3 trillion;

If it reaches 50%, that's a market worth $15 trillion.

This is a massive number far exceeding the current volume of on-chain assets.

The primary question regarding such a large-scale value migration on-chain is: which chain can support it?

Currently, Ethereum clearly has the greatest advantage.

Major gold tokens (such as PAXG and XAUT) are almost all issued within the Ethereum ecosystem.

Higher gold token liquidity means more frequent on-chain exchanges, more gas consumption, and a larger TVL (Total Value Limit).

These will translate into real demand on the Ethereum network, directly supporting the value of ETH.

Currently, the total market capitalization of on-chain gold tokens exceeds $1.5 billion, accounting for 77% of Ethereum RWA commodities, and this growth trend continues.

If the trading depth and liquidity of gold tokens truly surpass those of Bitcoin in the future, then many institutions will naturally regard Ethereum as the default "RWA infrastructure layer."

This will not only enhance the network value of ETH but also strengthen its pricing power and influence in institutional asset tokenization.

Ethereum will not be the only beneficiary:
Issuers (Paxos, Tether, etc.) can profit from issuance fees and liquidity growth;
Custody institutions (such as HSBC, which launched Gold Token) will establish a new fee channel between off-chain vaults and on-chain tokens;

Investors will enjoy lower slippage, faster clearing efficiency, and more transparent asset structures.

Of course, the advancement of RWA is an inevitable trend, not something that can be achieved overnight.

Off-chain custody, legal definitions, clearing frameworks, and regulatory consistency all require time to refine. However, from today's perspective, the path of "expanding gold tokenization scale → Ethereum benefiting the most" is relatively clear.

This time's "meme first, official account follows" operation is indeed thought-provoking.
Some people suspect that the exchange itself wants to ignite some emotions? I think the possibility is low. They are currently conducting a comprehensive investigation. If someone really dares to make small moves, it would be a red-line level issue, and the platform has always been strict about such matters; they will handle it as necessary, and the investigation results will also be made public.
The larger the platform, the more strange operations are likely to occur. What can truly curb the greed in human nature is still external supervision + a transparent handling mechanism.
The whistleblower reward for insider trading that was previously announced by the leading figure should not be missed.
If you have clues, screenshots, or evidence, just send it directly via email and that's it.

I just saw someone discussing the USDT price difference in the square,

and people in the group have also started to talk about this kind of "opportunity".

To be honest,

I advise everyone not to entertain this thought.

Please be sure to read carefully:

"Criminal Law of the People's Republic of China",

"Foreign Exchange Management Regulations of the People's Republic of China".

Against the backdrop of current high regulatory pressure and a focus on cracking down on violations related to stablecoins,

any "price arbitrage" or "currency exchange operations" may be treated as typical violations.

In a nutshell:

Don't gamble your freedom for so-called profits.

After Upbit and Bybit——
General Jin slightly raised his hand, as if to say:
"Let me see, who will be the next exchange willing to accept this glorious offer?"
Perhaps, it won't be long,
the next ETH conference,
will be grandly held under the neon lights of Pyongyang.

GM🌏

X: A Place Where Free Speech Still Exists

ETH finally reflects: Raising children is not done this way

Fusaka upgrade at least allows L2 children to show filial piety

Previously:
L1 gas transactions were the main source of ETH destruction

But after the Dencun upgrade, L2 diverted a large number of transactions from L1 and has been exploiting L1's data availability, resulting in negligible destruction of ETH.

Not only is there no destruction, but most L2s earn user ETH gas fees and even convert them into ETH sell pressure, creating a bloodsucking effect on ETH.

So the more prosperous L2s are = the more gas fees earned = more ETH sold = the more children, the more tired the old father with ETH feels

Now, Fusaka brings three changes in demand

1. EIP-7918: Introduced a minimum fee for Blob basic costs, linking it to L1 execution, ensuring that even when the network is idle, Blob fees will not drop to near zero.

This means that the central authority forces L2s to pay "basic guarantee fees", most of which are directly burned

So: The more prosperous L2s = the more ETH consumed = the less burden on the old father with ETH from the children's filial piety

2. The core of Fusaka is PeerDAS, which distributes Blob data across columns, reducing node storage load (to 1/8 of the original), and increases the maximum Blob capacity from 3 to 15 (phased, first phase on December 9, second phase on January 7, 2026)

This indeed reduces bandwidth costs (by about 85%), enhances L2 throughput, leading to more Blobs available, thus consuming more ETH through the burning mechanism.

So: More L2 transactions = more blobs = more ETH burned

3. The improvements of the above two points are aimed at longer-term demands: institutional adoption, everything on-chain, RWA

• JPM, BlackRock, SocGen, etc., are migrating financial businesses to Eth L2

• A large number of future applications (social, gaming, AI, payments), as well as RWA, and enterprise on-chain initiatives will all rely on L2's DA and settlement capabilities.

All on-chain activities will flow back to the consumption end of ETH in the form of blob + gas

In the cryptocurrency field, many projects have completed the whole process of listing, issuing tokens, and airdropping tokens without even validating their product-market fit (PMF), first squeezing out the funds of retail investors. These teams struggle to secure Series A funding in traditional industries, yet they can effortlessly raise funds and go public in the crypto world, no wonder it has become a paradise for scammers. The final outcome is very simple: they have dreams, and retail investors foot the bill. Although scams also occur in traditional markets, most companies have at least undergone years of PMF validation and financial audits, even if their quality varies, they are not entirely worthless. The main reason most altcoin projects are valued at zero is that waves of retail investors attracted by the narrative are constantly being exploited, ultimately leading to a shortage of even 'chives'. #ALPHA

I want to know which market maker $LIGHT is? They don't treat retail investors like humans at all! The daily fluctuations of dozens of points show us that the market makers must have a large number of long and short positions in hand, and as long as there are enough counterparties, they can pull or crash you at any time! Let me summarize the past and present of $LIGHT. The RGB ecological wallet @Bitlight_wallet's project has been working on the RGB ecosystem for two years, so many people have been interacting with the test net since then, and by the time of the TGE, most of them were basically countered, winning unanimous condemnation from those who experienced the harvest! RGB is divided into versions V0.11 and V0.12, and it belongs to version V0.12. During the final testing, a Mint event was held, which was the test token RGB at the time. Due to technical failures, it took more than a month to complete. Many people stayed up late to Mint; a total of 420,000 were issued, with 5 RGB tokens per piece. The cost to participate in Mint was about 5-7U per piece, and based on an average price of 6U per piece, the project party earned nearly 2.5 million USD in this round of the Mint event. However, during the TGE, each basic account was only airdropped 4 $LIGHT, which did not follow the quantity announced in the official TGE rules for the community, resulting in very small actual circulation, making subsequent pulls and crashes very easy; Next is the listing on Binance's Alpha and contracts. Going on Alpha is nothing more than giving out some coins, including airdrops for brushing Alpha. I estimate that when he went to negotiate the contract, Binance required him to have a financing of ten million on the books (many projects have this requirement when going on contract now), so just before the TGE, a round of 9.6 million USD financing was urgently announced; The key point is that we do not know the authenticity of this 9.6 million USD financing. Was it a VC label bought with money or did it really raise funds? Even if it did raise funds, I still believe that saying. What I want to express by saying all this is that this year, so many coins have been listed on Alpha, with varying qualities. Everyone must keep their eyes open! If you want to participate, try to get in early, especially those that are listed on contracts. Whether it's a long or short position, market makers need a process to build positions. The later it gets, the harder it is to play, because they may have already built both long and short positions, and no matter what you open, they can blow you up. Everything is just air! Never believe the narrative!