Backed by CZ and major listings, Aster drew two million users, $520 billion volume, and overtook BSC-USDT balances
Hyperliquid’s $18.9 billion market cap dwarfed ASTER’s $1.6 billion. Yet, ASTER’s hidden orders and momentum hinted it could challenge HYPE’s dominance later.
The battle for decentralized exchange (DEX) dominance intensified as more users shifted trading to on-chain platforms.
On that note, a newly launched Aster [ASTER] DEX on Binance Smart Chain (BSC), parent chain to Binance Coin [BNB], premiered as a competitor to the Hyperliquid [HYPE].
ASTER led the top 100 crypto market with a 54% gain in 24 hours, while HYPE fluctuated by 0.32%.
Following a mention by Binance founder Changpeng Zhao (CZ), ASTER surged by more than 350% in one day and over 1,000% in a week, reaching $0.50 at its peak.
Market watchers questioned whether the token’s rally could rival Hyperliquid’s presence.
On top of that, discussions on X (formerly Twitter) highlighted whether it could sustain momentum or if the surge resembled a bubble.
Innovation and a growing user base have fueled Aster DEX’s rising dominance as an exchange.
It draws similarities from PancakeSwap [CAKE] in airdrop and farming percentages and tokenomics, as per Virtual Bacon. Perhaps the DEX is poised to become another “CAKE of 2021,” but with a focus on 2025.
The project gained CZ’s backing, which secured listings on Binance Alpha and Futures, MEXC, Gate.io, and HTX.
On-chain activity seconded the hype around ASTER.
About 2 million users had been onboarded, contributing about $520 billion in total trading volume, as per a crypto analyst. On the other hand, Hyperliquid added 683,898 users over the same period.
Even so, Arkham data showed Aster’s vault became the second-largest BSC-USDT holder after Binance’s hot wallet. Hyperliquid responded by launching USDH, signaling a contest over stablecoin liquidity.
In terms of development uniqueness, Aster was the first DEX to have hidden orders. The feature allowed for the placement of limit orders, completely concealed from the public order book.
Apart from its advantages, did this feature affect the transparency of blockchain technology?
At press time, ASTER’s market cap had peaked at $1.60 billion, while HYPE’s stood at $18.89 billion, making Hyperliquid roughly 11 times larger.
On the 15-minute chart, ASTER maintained its upward momentum, while HYPE showed signs of a mild recovery after a recent dip. Hyperliquid was trading at $56.54, just $4 below its peak, underscoring its resilience.
That left traders focused on whether Aster’s rise could outlast short-term hype. Despite momentum, it had not yet outperformed Hyperliquid’s entrenched liquidity and scale.
