Decentralized perpetuals exchange Aster has made a significant mark in the DeFi space, surpassing all protocols in generating over $25 million in fees within a 24-hour period. This impressive feat has positioned Aster at the top of DefiLlama’s protocol fee rankings, outpacing rivals like Hyperliquid by a substantial margin.
Despite having lower trading volume compared to Hyperliquid, Aster is gaining traction due to its unique feature known as “hidden orders” and its recent token launch. Backed by YZi Labs (formerly Binance Labs) and endorsed by Changpeng Zhao, the co-founder of Binance, Aster’s valuation has soared to $15.1 billion since its rebrand and token debut in September.
In terms of spot trading volume, Hyperliquid triples Aster according to DefiLlama data. Hyperliquid recorded $477.3 million in spot trading volume, while Aster logged $199.96 million, ranking it 13th overall. Although Aster does not appear on the aggregator’s daily revenue leaderboard yet, its presence is steadily growing.
Aster, previously known as APX Finance, underwent a rebrand in March after merging with Astherus. The platform has gained popularity for its multi-chain support, initially focusing on BNB Chain. What sets Aster apart from other perpetual DEXs is its “hidden orders” feature, allowing traders to place completely invisible limit orders for stealth execution strategies.
Following its token launch on September 17, Aster experienced a surge in new users and token price. Changpeng Zhao’s endorsement of the project further propelled its momentum, emphasizing that Aster competes with Binance but ultimately benefits BNB.
The native token of Aster, ASTER, is currently trading at $1.89, with a fully diluted valuation of $15.1 billion. Despite its recent spike in protocol fees, Aster remains a rising force in the on-chain derivatives space.
In a recent development, Aster reimbursed users in USDT after a price glitch in the XPL perpetual contract triggered forced liquidations. The exchange responded promptly, compensating affected traders for liquidation and trading fees. While the exact cause of the glitch is still under investigation, Aster remains resilient in its growth trajectory.
Despite facing challenges, Aster continues to gain momentum and distinguish itself in the competitive DeFi landscape. Its commitment to innovation and user protection sets it apart as a promising player in the decentralized exchange ecosystem.