Aster Breaks Hyperliquid's DeFi Supremacy, Achieving $1B in TVL and Gaining 330,000 Fresh Wallets

Within its first day of trading, Aster Token’s native coin skyrocketed by 1,650%, peaking at $0.528 and driving $345 million in trading activity, as reported by several outlets. Supported by ex-Binance CEO Changpeng Zhao (CZ), the decentralized exchange (DEX) saw its Total Value Locked (TVL) jump from $660 million to $1.005 billion, with trading volume approaching $1.5 billion. This surge drew in 330,000 new wallets, setting Aster up as a possible contender to Hyperliquid, which currently holds 70% of the DeFi perpetuals market share.

The remarkable debut came after months of speculation, highlighted by CZ’s endorsements and comparisons to Binance-like liquidity. Shortly after launch, Aster landed a Binance listing

and expanded its perpetual offerings to four additional assets with leverage up to 50x. ASTER/USDT perpetual contracts were also introduced, featuring 4x leverage and hourly settlement of funding rates. Spot withdrawals on the Chain are now available, boasting 30-second processing times.

Aster’s technical framework sets it apart from Hyperliquid’s single-layer approach. The platform enables native transactions on BNB Chain,

, , and , removing the requirement for bridging or token conversion. Users can choose between Simple Mode, ensuring trades free from MEV, and Pro Mode, which offers features like hidden orders and grid trading. Distinctive traits include round-the-clock US stock perpetuals (such as and Nvidia), as well as collateral tokens with yield (asBNB, USDF). Enhanced privacy is achieved through zero-knowledge proofs on Aster Chain, while oracles provide tamper-proof pricing data.

More than half of the total token supply is distributed to the community through various reward programs, governance participation, and buyback mechanisms. Analytics reveal advanced trading activity, with top-performing users securing profits exceeding $645,000. Aster’s liquidity pools contain $275.7 million in asBNB and $41.2 million in USDF, while open interest has reached $255.3 million. The platform’s APY is competitive, standing at 25.79% on BSC and 21.28% on Arbitrum.

Aster’s approach of integrating multiple blockchains and traditional financial assets is challenging Hyperliquid’s market lead. In August, Hyperliquid recorded $106 million in revenue and $383 billion in monthly trading volume with a team of only 11 people. Meanwhile, Aster is following a similar institutional adoption strategy, partnering with Anchorage Digital for custody and integrating Circle’s

. Analysts predict that ASTER could see a tenfold increase, given its $1.5 billion FDV compared to Hyperliquid’s $55 billion valuation. Competition is heating up as both platforms target institutional clients, with Aster’s community-led governance standing in contrast to Hyperliquid’s centralized model.

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