Aster USDF 백서 전문

n, a core asset that decentralizes governance, drives growth, rewards participation, and supports long-term sustainability. \ \ \ <br> # Aster Open Standards **Overview** AOS (Aster Open Standards) is the standard layer for open finance on Aster, governed on-chain by validators. Each AOS defines the rules for one financial domain, such as listing, trading, or asset management, so eligible participants can access it through a transparent and standardized process. Once a standard is live, participants can review the criteria, follow the applicable process, and apply to go live.  This is how Aster expands its financial infrastructure, through a set of open, auditable standards that any project, builder, or operator can use to bring new financial activity on-chain. *** **How AOS Works** Each standard follows the same governance model: 1. Published rules — Every AOS defines its eligibility criteria, access mechanism, operating requirements, and applicable review process in a public specification. 2. On-chain enforcement — Access is gated by on-chain actions (fees, staking, or both), not by discretionary approval. 3. Validator governance — Where required by the standard, applications are reviewed through on-chain validator votes, rather than being decided by the Aster team unilaterally. 4. Operator accountability — Once live, the operator — whether a token project or a perpetual issuer — must operate within the published rules. The result is a system where Aster publishes the standards, validators govern where applicable, and eligible participants can access each domain under transparent rules. *** **Current Standards** | Standard | Domain | Access Mechanism | | --------- | ---------------------------------- | --------------------------------------------------------- | | **AOS-1** | Spot Listing | One-time listing fee + validatorvote | | **AOS-2** | Perpetual Listing– **Coming Soon** | Stake **1,000,000 $ASTER** (4-year lock) + validator vote | Each standard opens a distinct financial domain on Aster: AOS-1 ：Spot Listing brings new tokens to Aster's spot markets. Any project can apply through a self-service flow, pay a one-time fee, and go live upon passing the validator vote. The fee flows directly into the $ASTER buyback. AOS-2 ：Perpetual Listing opens Aster's perpetual markets to any qualifying project. By staking 1,000,000 $ASTER for four years, a project demonstrates long-term commitment to the market. The market launches after validator approval and risk parameter configuration, with a designated Market Maker providing liquidity from day one. *** **Why On-Chain Governance** Listing decisions and certain market actions carry financial consequences.Placing them under on-chain validator governance rather than team discretion creates three properties that matter for an open financial system: **Predictability** — The rules are published in advance. Any participant can know what is required to access each domain. **Credible neutrality** — Validators vote on applications based on published criteria. For standards requiring a validator vote, no single team or entity can unilaterally approve an application. **Auditability** — Every application, vote, and configuration change is on-chain and independently verifiable. Operators, users, and the broader ecosystem can inspect the record at any time. *** **What Comes Next** AOS is a living standard. As Aster's ecosystem grows, new standards can be proposed and ratified through governance — each one opening a new financial domain to permissionless access under validator oversight. The architecture is designed to expand: every new AOS is a new surface for builders, projects, and operators to participate in Aster's open financial system on equal, published terms. <br> # AOS-1 Spot Listing #### Overview Spot Listing brings new tokens to Aster's spot markets. Any project can apply through a self-service flow, pay a one-time fee, and go live upon passing the validator vote. The fee flows directly into the $ASTER buyback. *** #### 1. Fee & Review * Listing fee for Binance Spot or Binance futures& Alpha listed token: **50,000 USDT** (one-time) * Listing fee for only Binance Alpha listed token **20,000 USDT** (one-time) * Listing fee for rest projects: **20,000 USDT** (one-time) * Review mechanism: On-chain validator vote *** #### 2. How to Apply **Step 1** — Deposit and check your balance Deposit USDT into your Spot account and ensure your balance covers the listing fee before proceeding. **Step 2** — Transfer required USDT on the application page, transfer the fee to the designated address. Account Privacy must be OFF before initiating the transfer. If Account Privacy is ON, the application will be blocked at this step, and the progress card will display: "Waiting for you to turn off Account Privacy." **Step 3** — Submit the application form Complete all required fields marked with \*. Provide complete and accurate project information. Applications containing invalid, inconsistent, or unverifiable information may be rejected.  | **Group** | **Required fields** | **Optional fields** | | ---------------- | -------------------------------------------------------- | ---------------------------------------- | | Project info | Project Name, Token Symbol, Network, Contract Address | — | | Token details | Decimals, Logo (PNG/SVG), Max Supply, Circulating Supply | — | | Channels & links | Binance Alpha Link | Website, Twitter (X), Telegram / Discord | | Contact | Contact Person, Email or Telegram | — | #### Step 3 — Review & Node Vote Once eligibility and payment checks pass, the application enters an on-chain validator node vote. Voting is normally completed within three business days of the applicant entering the validator vote. Once the vote passes and the required technical checks are complete, the token is scheduled to go live on Aster Spot. **If the vote doesn't pass, the fee is returned.** # AOS-2 Perpetual Listing **Overview** If your token meets Aster's eligibility criteria, you can apply for a perpetual listing on Aster through the AOS-2 channel. Stake **200,000 $ASTER (locked for 4 years)** and, upon passing the **on-chain validator vote**, the perpetual market can go live on Aster. Staking is the prerequisite for applying. The application form is only unlocked after the stake is successfully confirmed. The full self-service flow is: **Submit application → Stake 200,000 $ASTER → Validator Vote → Risk Config → Go live T+1** *** **1. Eligibility** Your project must meet all of the following criteria. Eligibility is verified at the time of submission. * Market presence — Token is listed on Binance Alpha or a Tier 2 exchange   * Circulating market cap — ≥ **$10,000,000 USD** at the time of application * Market Maker — Applicant must provide a designated Market Maker wallet address that is already connected to the Aster platform *Note: Each wallet address may submit only one application. Addresses associated with an already-listed token cannot re-apply.* *** **2. Stake & Review** | Parameter | Details | | ------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Staking requirement | **200,000 $ASTER** | | Lock duration | **4 years (208 weeks)** from the date of successful stake | | Staking yield | Accrues rewards under the same applicable terms **as the standard Aster staking pool** | | Early redemption | **Not available — stake cannot be withdrawn early** | | Review mechanism | On-chain validator vote → Risk Config | | Go-live | T+1 after vote passes and Risk Config is complete | | Market type | Perpetual market with 3× initial leverage. Risk parameters, including leverage brackets, open interest caps, and other requirements, are configured by the Risk team. | | Stake on rejection | Returned to applicant immediately upon rejection | **3. How to Apply** **Step 1** — **Check eligibility & balance** Confirm your project meets the eligibility criteria above. Ensure your wallet holds ≥ 200,000 $ASTER before proceeding. * Balance sufficient: The "Stake" button displays as active. * Balance insufficient: The button displays "Insufficient balance · Get $ASTER". **Step 2 — Stake 200,000 $ASTER** \ Select a validator and stake 200,000 $ASTER (locked for 4 years). **Account Privacy must be OFF** before initiating the stake. If Account Privacy is ON, the Stake button will be disabled and the following message will be shown: “Account Privacy is ON — Stake is blocked. Turn it off to continue." The Stake button will also remain disabled if no validator has been selected. **Step 3 — Submit the application form** \ Once staking is confirmed, the application form is unlocked. Complete all required fields marked with \*. Fill in your project information truthfully — Applications containing invalid, inconsistent, or unverifiable information may be rejected. **The application is locked as read-only after submission and cannot be modified**, so review all fields carefully before submitting. | Group | Required Fields | Optional Fields | | ------------------ | ------------------------------------------------ | ------------------------------------------------------------- | | Project Info | Project Name \* / Token Symbol \* | — | | Network & Contract | Chain \* / Token Contract Address \* | Contract Address is optional if "Other" is selected for Chain | | Channels & Links | — | Website / Twitter (X) / Telegram / Discord | | Market Maker Info | MM Wallet Address \* / MM IP Address \* | — | | Contact | Contact Person \* / Contact Email or Telegram \* | — | **Supported chains:** BNB Smart Chain (default) / Ethereum / Arbitrum One / Base / Solana / Sui / Other. Deposit and withdrawal support may vary by chain. BNB Smart Chain integrations are generally prioritized.  **Step 4 — Review & Validator Vote** \ Once your application passes the eligibility and stake checks, it proceeds to an on-chain validator vote. Upon vote passing, the Risk team completes parameter configuration (leverage brackets, open interest caps, and other requirements). The market goes live T+1 after Risk Config is complete. If the vote does not pass, the stake is returned to the applicant immediately. *** **4. Market Parameters** Perpetual markets listed through AOS2 launch under the following default conditions. Final parameters are set by the Risk team based on token’s liquidity, volatility, market depth, and prevailing market conditions at the time of listing. | Parameter | Default | | ---------------- | ------------------------------------------------------------------------------------ | | Initial leverage | 3× | | Risk parameters | Leverage brackets, open interest caps, and other requirements (Risk team configured) | | Market Maker | Required at listing; Market maker's wallet must be connected to Aster | *** **Key Terms** | Term | Description | | ----------------- | ------------------------------------------------------------------------------------------------------------------------------- | | AOS-2 | The Aster Open Standard for permissionless perpetual listing, governed by on-chain validator vote | | Stake | 200,000 $ASTER committed and locked for four years as the listing stake | | Node Vote | On-chain vote by Aster validator nodes to approve or reject a listing application | | Risk Config | Parameter configuration by Aster's Risk team (bracket, cap OI and other requirements) completed after vote passes | | Market Maker (MM) | A designated liquidity provider required at launch; must be pre-connected to Aster | | T+1 | The market is scheduled to go live within one business day after both Validator Vote and Risk Config are successfully completed | | Privacy Mode | An account setting that must be turned OFF before staking can be initiated | # AOS3 Asset Management (Vault) ### Vaults #### Overview Vaults allow experienced traders to operate actively managed strategies using capital deposited by Vault investors through a transparent, dedicated trading account. A Vault is managed by a Vault Manager, while other users can participate as investors by depositing funds into the Vault. Profits and losses are reflected proportionally in each investor’s share of the Vault’s net asset value. Vaults are designed for users who want exposure to an active trading strategy without directly managing positions themselves, while also allowing skilled traders to build a track record and earn performance-based profit share.  *** ### Vault Roles #### Vault Manager A Vault Manager may create and operate multiple Vaults. Managers are responsible for: * Trading the Vault account * Managing positions and risk * Controlling whether new deposits are accepted * Setting the Vault profit share rate (0% - 100%) * Managing Vault visibility settings * Distributing profits to investors * Closing the Vault when appropriate To create a Vault, managers must: * Stake 100 $ASTER * Make an initial investment of at least $100 * Provide a unique Vault name and description * Configure Vault settings( account privacy, lock-up period, and profit share) Each Vault receives its own dedicated account address and operates independently from the manager's personal trading account. **$ASTER Creation Requirement** Creating a Vault requires locking 100 $ASTER. When the Vault is permanently closed: * If the Vault's lifetime Total PnL is positive, the 100 $ASTER is returned to the manager. * If the Vault's lifetime Total PnL is zero or negative, the 100 $ASTER is permanently burned. * If the Vault position liquidated, the 100ASTER is permanently burned. #### Investors Investors can deposit supported assets into a Vault and receive a proportional ownership share of the Vault's net asset value (NAV). Investors do not directly control positions within the Vault. All trading decisions are made by the Vault Manager. AOS requirements, timelines, and risk parameters may be updated as the standards evolve. Material changes will be reflected in the relevant specification. <br> # How vaults work #### Overview Vaults allow experienced traders to manage capital on behalf of investors through a transparent, dedicated trading account. A Vault is managed by a Vault Manager, while other users can participate as investors by depositing funds into the Vault. All profits and losses generated by the Vault are shared proportionally among investors based on their ownership share. Vaults are designed for users who want exposure to an active trading strategy without directly managing positions themselves, while also allowing skilled traders to build a track record and earn performance based profit share.  *** ### Vault Roles #### Vault Manager A Vault Manager can create and operate multiple Vaults with no maximum limit. Managers are responsible for: * Trading the Vault account * Managing positions and risk * Controlling whether new deposits are accepted * Setting the Vault profit share rate (0% - 100%) * Managing Vault visibility settings * Distributing profits to investors * Closing the Vault when appropriate To create a Vault, managers must: * Stake 100 ASTER * Make an initial investment of at least $100 * Create a unique Vault * Configure Vault settings( privacy mode; lock-up period, profit share) Each Vault receives its own dedicated account address and operates independently from the manager's personal trading account. **ASTER Creation Requirement** Creating a Vault requires locking 100 ASTER. When the Vault is permanently closed: * If the Vault's lifetime Total PnL is positive, the 100 ASTER is returned to the manager. * If the Vault's lifetime Total PnL is zero or negative, the 100 ASTER is permanently burned. #### Investors Investors can deposit supported assets into a Vault and receive a proportional ownership share of the Vault's net asset value (NAV). Investors do not directly control positions within the Vault. All trading decisions are made by the Vault Manager. <br> *** ### Minimum Manager Ownership The Vault Manager can set the minimum ownership percentage of the Vault when create. This requirement ensures managers maintain meaningful exposure alongside investors and keeps incentives aligned. If the manager's ownership falls below the requirement: * New investor deposits will be disabled. * The manager cannot redeem additional funds. * The restriction remains in place until the ownership requirement is restored. *** ### Profit Share Vault Managers may charge a performance fee on realized investor profits, there is no profit share for unrealized PNL. The profit share rate can range from 0% to 100% and is displayed on the Vault page before investing. Performance fees are charged when: * An investor redeems funds with realized profits * The Vault Manager distributes profits through a Fund Distribution * While manager closed vault and the there are the investors closed with profit. No profit share is charged on losses. *** ### Lock-Up Period Each Vault defines a lock-up period, with a default duration of 1 day. During the lock-up period, deposited funds cannot be redeemed. Every new deposit resets the lock-up timer for the investor's entire position. For example: If a Vault has a 7-day lock-up period and an investor deposits funds on January 1 at 10:05 AM, redemption becomes available on January 8 at 11:00 AM. If the same investor deposits additional funds at 11:05 AM on January 1, the lock-up timer resets and redemption becomes available on January 8 at 12:00 PM. Any new deposit resets the lock-up period for the investor's entire position. *** ### Auto Close on Redeem This setting determines how the Vault handles redemption requests when there is insufficient available balance to satisfy a withdrawal. To prevent investors from incurring significant losses due to Vault strategies or market volatility, investors can redeem their investments after the lock-up period ends. However, the Manager can configure two redemption mode when they create vault. Redemption by investors may involve position close. If redemption is triggered during periods of extreme market volatility, it may result in slippage and transaction fee costs. Therefore, the expected redemption amount may differ from the final amount actually received. #### Auto Close on Redeem: ON When a redemption request is submitted, open positions are partially closed according to the redemption share. For example, if a redemption represents 10% of the Vault's value, approximately 10% of all positions will be closed. This method ensures investors can access their proportional share of Vault assets immediately. Because positions are closed using market execution, redemption proceeds may be affected by slippage and market conditions. #### Auto Close on Redeem: OFF When a redemption request is submitted, the system releases funds using the following sequence: 1. Available Margin 2. Open Orders 3. Open Positions Positions are only reduced when necessary to satisfy the redemption amount. This approach may reduce trading impact and unnecessary position closures but can require additional steps before liquidity becomes available. *** ### Privacy Modes Vaults support three privacy options, this setting is permanent and cannot be changed. #### Public Mode All Vault activity, positions, orders, and account information are publicly visible in both Aster chain and Vault info page. #### Private Mode Vault positions, orders, balances, and account information remain private. #### Flexible Mode The Vault Manager may switch between public and private visibility modes at any time. *** ### Vault Account Restrictions Vault accounts are specialized accounts designed exclusively for managed perpetual futures trading. #### Whitelist investors vault ma