A project that makes IDO open to everyone from the beginning, allowing participants to make a profit; Later on, he was led into a rhythm and immersed in endless negative controversies; Gradually recognized and organized by the mainstream. I think if we don't want to miss out on such Alphas in the future, we can use the historical path to: grow our brains. Many people see USD1 as a competitor to USDT. But after watching the actions of the past six months, I realized that what WLFI wants to compete in may not be the stablecoin market at all. I put together the events of the past six months and found a very interesting main thread. In the past six months, USD1 has done almost everything stablecoins can do: Borrowing - WLFI Markets goes online, attracting over $300 million in funds in two weeks; Trading - Binance launches BTCUD1 and ETHUSD1 perpetual, with USD1 becoming a margin asset; Multi chain - Solana's market value has grown from 115 million to over 1 billion, and it is gradually supporting more public chains natively; Real world - UFC Freedom 250 is held at the White House, with boxer bonuses paid directly in USD1; Institution - Apply for a National Trust Bank license from the OCC in the United States, and lay out institutional issuance and custody. If we put these things together, we will find that they all revolve around the same thing: ✅ Transforming USD1 from a stablecoin into a set of dollar financial infrastructure. Lending, trading, cross chain transactions, and institutional settlements all require USD1... With each additional scenario, the demand for USD1 increases by one layer. If USDT and USDC are completing the 'USD on chain', then what USD1 is trying to do may be the 'USD financial on chain'. What is truly worth paying attention to is not which news, but what financial scenarios will be introduced next, starting with the default use of USD1. At present, WLFI may not be competing with stablecoins, but with the "settlement layer" of on chain finance in the future. If the prediction is correct, then H2 may provide us with more opportunities for free riding.