Wow, sisters, after chatting with a few friends who are involved in on-chain commodity trading about @Aster_DEX and @worldlibertyfi's new announcements, I feel like my perspective has been completely redefined.
In the past, including myself, I thought that the more perpetual settlement stablecoins you choose, the more convenient it would be for users and the better the liquidity would be, right? But then they threw out the phrase Not alongside USDT. Exclusively. — it's not about letting you support USD1, but about making you use only USD1. This is not a small update; it's completely rewriting the rules.
Having multiple stablecoins sounds friendly, but in high-leverage derivatives, it actually digs a pit for oneself. For the same gold perpetual, A uses USDT, B uses USDC, and C uses USD1, which directly cuts the liquidity into several pieces, making the order book shallow, increasing slippage, and making market makers struggle with quotes. This is not flexibility; it’s forcibly turning a deep pool into several shallow puddles.
Aster's logic in choosing USD1 is very interesting. They don't want to go to the mature ecosystem of USDT to play a supporting role; instead, they want to define the rules together with USD1, which is still in the expansion phase, from scratch. The official has stated that they want to deeply integrate the token ecosystem; this is true co-construction, not renting existing infrastructure. The taker fee is only 1bps, and the maker even gets a rebate of -0.5bps, directly subsidizing market makers to pull depth into the USD1 pool. Once the flywheel starts turning, it won't stop.
As a girl who isn't very fond of competition, I find this move both harsh and appealing, haha. However, exclusivity is a double-edged sword; if USD1 encounters some extreme situation one day, the entire RWA perpetual settlement layer will be exposed. I hope they clarify their hedging mechanism further so that everyone can play with peace of mind.
Essentially, the competition for stablecoins has evolved from who is bigger and more stable to who can define the pricing and settlement rules of the RWA market, which is a completely different magnitude.
Has anyone here played with on-chain commodity perpetuals? Have you ever felt the pain of slippage caused by multiple stablecoins cutting liquidity? Share your real experiences in the comments.
@worldlibertyfi @Aster_DEX
#WLFI #USD1 #RWA #AsterDEX # on-chain commodities
#稳定币