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Aster DEX Tops Hyperliquid: What’s Next for ASTER and HYPE?
Aster [ASTER] has made waves in the DeFi space this week, outperforming Hyperliquid [HYPE] in both perpetual trading volume and revenue, fueled by strong whale activity and anticipation for its upcoming L1 chain and airdrop.
ASTER Tops Perpetual Trading Volume
According to Dune Analytics, Aster recorded over $30 billion in perp trading volume in the past 24 hours, outperforming Hyperliquid and Lighter, which each posted around $10 billion. This represents a 3x lead for the CZ-backed DEX in just a single day.
Revenue metrics also highlight Aster’s growing dominance. DeFiLlama data shows Aster generated $13 million in fees over the same period, nearly 6x more than Hyperliquid’s $2.4 million, signaling strong traction despite Hyperliquid still leading in Total Value Locked (TVL).
Analyst Opinions Split on Future Outlook
Industry experts remain divided on whether Aster can truly disrupt Hyperliquid. Taran Sabharwal, founder of STIX OTC market, suggested that Aster could “kill” Hyperliquid due to CZ backing. However, Sunny Shi from crypto VC Syncracy cautioned that Aster’s dark pools aren’t fully anonymous and Hyperliquid maintains a stronger foundation in decentralization.
Shi emphasized:
“It takes a bit of time, a lot of iteration, and a lot of execution to go from what the Aster experience is today to what Hyperliquid has built over the past 2+ years.”
Whale Activity Drives ASTER Momentum
Interest from large investors remains high. Lookonchain reports that two whales have accumulated 118 million ASTER tokens, worth over $270 million, representing 7% of the circulating supply. This buying activity coincides with ASTER’s nearly 90% price surge over the past week, while HYPE fell 32% to $42, erasing its September gains.
