Many people think USD1 is just a hothouse flower that keeps retail investors hanging on with interest payments and airdrops. But recently, when we pulled up the order book depth data, it really turned out to be quite interesting.

In the past few periods, the order book depth of the BTC/USD1 contract trading pair has actually been putting the long-established giant, BTC/USDC, through its paces. At some key price levels, USD1’s order book is filled with huge pending orders from major institutions and big players—so steady it’s like a wall—while USDC