Hyperliquid’s HYPE and CZ’s ASTER Face Off in a DEX Battle for Dominance

CZ's renewed attention on TWT expansion happened alongside a remarkable 36.55% increase in the token's price within one day, influenced by shifting market conditions and pivotal moves in decentralized trading. Although "TWT" was not directly mentioned in the initial information, this price movement reflects the performance of Hyperliquid’s native asset, HYPE, which set a new peak at $59.39 on September 18, 2025. The upward trend was propelled by institutional alliances, deflationary tokenomics, and heightened competition in the DEX landscape.

Hyperliquid’s upward momentum further accelerated after a strategic capital injection by

, the company behind the stablecoin. Circle’s purchase of HYPE tokens and the rollout of native USDC on Hyperliquid’s HyperEVM chain improved liquidity and made the platform more accessible for users. This collaboration removed the need for wrapped USDC, allowing frictionless cross-chain transfers and drawing in major institutional investors. The partnership also established Hyperliquid as a significant force in DeFi, with its total value locked (TVL) rising to $8.17 billion as of September 2025, a substantial leap from $352 million at the year’s outset.

Financial results highlighted the platform’s leadership. During the third quarter of 2025, Hyperliquid recorded $250 million in fee revenue, averaging $2.5 million daily and outperforming longtime competitors in the decentralized exchange sector. Its deflationary protocol, which commits 97% of fees to repurchasing and burning tokens, reinforced investor trust. So far, more than 25.7 million HYPE tokens worth $1.3 billion have been burned, reducing the active supply to 334 million. This approach has contributed to a substantial rise in HYPE’s value, up 530% from its yearly low and gaining 39% in the last month alone.

CZ’s presence also altered market competition. The former Binance head introduced ASTER—a token supported by YZi Labs and

, which surged by 350% in just a few days, reaching $0.50. This was widely viewed as a strategic response to Hyperliquid’s growing trading activity, which had started to challenge Binance’s dominance in derivatives. CZ’s public support for ASTER underscored the growing rivalry in DEX innovation, closely watched by institutions and retail investors alike.

Technical analysis of HYPE’s market performance confirmed strong bullish momentum. The token’s daily trading volume surpassed $836 million, with open interest rising to $1.51 billion. Large holders demonstrated confidence, as seen in a $5.7 million USDC purchase for 101,615 HYPE tokens at $56.19. Market experts observed that maintaining prices above $60 could lead to targets between $65 and $70, whereas falling below $40.00 might result in a 42% correction to $15. Nevertheless, the token’s steady upward channel and institutional backing indicated stability, with Circle’s possible validator participation and the introduction of the USDH stablecoin by Native Markets offering additional long-term prospects.

Despite the positive outlook, certain risks lingered. Overbought signals (RSI at 83.91) and the inherent volatility from leveraged positions could present challenges. Testing the $65–$70 resistance band would be necessary to validate a fresh bull phase. Meanwhile, the integration with Circle and the debut of USDH aimed to balance liquidity flows between USDC and Hyperliquid’s own stablecoin, supporting further ecosystem expansion.