陈剑Jason
陈剑Jason|4月 07, 2026 05:14
In last month's AMA with Aster, I asked their CEO how he views losing to Hyperliquid in the RWA field. He first admitted that the other party does have a first mover advantage, and then said that Aster has to wait for imitations and memes to emerge. As a coin owner, I was very dissatisfied with this answer at the time, and had a feeling of waiting for a rabbit to emerge without making progress. However, upon reflection, the fact is indeed true. After all, the deep advantage brought by first mover advantage is easy to defend but difficult to attack, and it is difficult to quickly regain and confront head-on. Hyperliquid has accumulated huge OI and depth, and if Aster uses the same USDC/T to open trading pairs as it does, liquidity will not have any advantage. Today Aster announced that it will use USD1 as the underlying settlement currency for its RWA assets, with all trading pairs using only USD1. Placing an order will incur a 0.01% commission for liquidity consumption, while placing an order will offer a negative rate reward of -0.005% for liquidity. That means Aster avoids the sharpness of RWA's attack and takes a different approach, choosing not to directly compete with Hyperliquid at its most advantageous depth, competing for the same USDC order book liquidity. Instead, Aster has rebuilt its own RWA liquidity pool with USD1. As a result, assets become homogeneous, but trading pairs become differentiated, leading to zero friction conversion of USD1 users directly to Aster. Combined with extremely low rates and rewards, attract market makers and arbitrage funds. I don't know if Aster's team read Mao Zedong's selection, but this is Mao Zedong's strategic strategy of shrinking the countryside and surrounding the cities. At that time, the weapons and equipment of the Communist guerrilla forces were far inferior to those of the Nationalist regular army, and they directly seized the cities and suffered heavy losses. Therefore, they established revolutionary bases in the countryside and developed their own mass base to accumulate strength. Deep binding with USD1 may not be the best, but it is currently the most suitable.
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