Stablecoin edition of the billion-dollar subsidy—let’s break down how much USD1 burned and the results it achieved. The main battlefield is on Binance, with the latest yield around 6%, burning 178 million WLFI. This campaign has lasted for about half a year, with each round averaging around 200 million WLFI. It’s estimated that a total of 1 billion WLFI subsidies have been distributed. Based on historical data, Binance’s USD1 holdings account for about 80% of the total over the long term. This subsidy feast might have exceeded $100 million. Using the 80% ratio to reverse calculate, the total subsidy expenditure is at least 1.2–1.3 billion WLFI, which, at the current price, is worth $70–80 million. If we trace back to the price at the beginning of the year, which was double the current price, and average out the price fluctuations, it’s roughly over $100 million. Additionally, there are USD1 incentives on other exchanges and chains. Bybit’s current reward pool is 45 million WLFI, but it’s likely to be replenished later. Gate’s data hasn’t been disclosed yet, but it’s probably a long-term campaign as well. On-chain incentives also seem to be continuously ongoing. The results? Market cap has reached $4B+, peaking at over $5B, and is solidly in the top five by market cap. In six months, with a cost of around $100 million, the market cap grew from $3B pre-subsidy to $4–5B, a growth rate of 50–60%. Do you think this was a profitable move or a loss? If we calculate the maximum $2B growth, investing the same funds in treasury bonds with a 3.5%–5% yield would have brought in at most $100 million. Pretty standard returns, but this strategy essentially swapped WLFI for cash while also gaining some adoption and market share.