Nested AsUSDF revolving loan strategy for Aster x Lista DAO Involving structure, logic, returns, and risks 1/Essence of Strategy This strategy relies on two deterministic sources: Aster's asUSDF pledges fixed income. Lista's USD1 low-cost lending. By cyclically amplifying the positive spread, a chain profit structure of approximately 20% annualized is formed 2/Low risk sources The stable yield structure of asUSDF comes from the internal circulation of the protocol mechanism. Use USD1 on the lending end, anchor USDT, and limit volatility within clear boundaries Lista adopts Chainlink and internal oracle dual track, with transparent pricing and reduced liquidation incentives The USDT fluctuation limit range and anchoring mechanism jointly reduce price exposure. The risks mainly focus on utilization and borrowing costs, rather than price shocks 3/Strategy Logic Using stable income assets (as USDF) as collateral Borrow another stable asset (USD1) at a low interest rate Convert the borrowed USD1 into new USDF and pledge it again Form a positive interest rate spread and expand the principal base through a cycle Finally, use USD1 Vault to capture additional profits 4/Core steps 1 Casting USDF Pledge USDF to asUSDF for approximately 4.6% Using asUSDF as collateral to lend USD1 at a cost of approximately 2.4% Exchange USD1 back to USDF and continue pledging Repeat 2-4 times, usually 3-4 times Finally, the borrowed USD1 will be deposited into the USD1 Vault, with a current rate of approximately 12.3% 5/Revenue Structure Positive returns: 4.6% base interest rate of asUSDF 12.3% of the final USD1 Vault Negative cost: The borrowing cost for USD1 is approximately 2.4% The model structure after four cycles is superimposed, forming an annualized rate of approximately 20.86% The model relies on multi-layer positive spreads and additional returns from Vault, without relying on price fluctuations 6/Formula structure Each cycle includes: +4.60%（USDF→asUSDF） -2.46% (borrowing USD1) Final round bonus+12.30% (USD1 Vault) Casting action interest rate is 0, only for structural links After four rounds of superposition, it converges to about 20.86% 7/Risk and Exit The utilization rate determines the borrowing cost and available borrowing amount The deeper the cycle, the larger the position, and exiting must be dismantled in reverse order The anchoring structure between USDF and USD1 limits price risk, but market depth must be observed Avoid aggressive leverage and maintain a buffer 8/ This is a sustainable on chain circular structure based on stable sources of income and low-cost borrowing Relying on interest rate differentials, not relying on speculation The profit range in the current environment is about 18-21%