Aster Sets New Record High in Trading Volume, Surpasses Hyperliquid
Aster, the decentralized derivatives platform, reached a new record high on Tuesday as it surpassed Hyperliquid in trading volume for the second consecutive day. According to data from DefiLlama, on September 24, Aster processed over $23 billion in perpetual futures trades, which was more than double the volume of $10 billion handled by Hyperliquid on the same day.
Even though Hyperliquid still leads in monthly transactions, with nearly $300 billion in trades over the past 30 days compared to Aster’s $48 billion, the recent surge in trading activity propelled Aster’s token to a new high of $2.40. This surge also pushed Aster’s fully diluted valuation to around $20 billion.
Furthermore, the total value locked on the platform experienced a significant spike, rising from $366 million a week ago to $1.78 billion, marking an impressive gain of nearly 400%. Aster has emerged as one of the top-performing assets in the past week, drawing considerable interest after receiving strong support from Binance founder Changpeng ‘CZ’ Zhao on social media.
Stablecoin Growth and Layer 1 Development
In addition to its trading success, Aster has also expanded the supply of its USDF stablecoin, which is issued with custody support from Ceffu. According to data from Messari, the supply of USDF has quadrupled in size to 262 million tokens over the past week, and at its current pace, it could soon reach $1 billion.
Moreover, Aster’s daily revenue surged to $9 million on September 24, surpassing Circle and ranking second only to Tether in terms of daily revenue generation. In a recent interview, Aster CEO Leonard revealed that the platform is conducting internal tests for a proprietary Layer 1 blockchain, indicating a shift from its previous structure that relied on multiple networks.
These developments come at a time when the entire industry is experiencing a boom in perpetual futures trading. In August, on-chain derivatives volume reached $765 billion, surpassing the total market throughput recorded in 2023.
As Aster continues to make waves in the decentralized finance space and expand its offerings, it remains a platform to watch for both traders and investors looking to capitalize on the growing trend of decentralized derivatives trading.