Since being promoted by Changpeng Zhao, the Aster DEX has established itself as a leading player in the decentralized perpetual contracts market. This position has recently been reinforced by record volumes and the amount of fees generated by its activity.
Aster: $29 million in daily fees
Just a few weeks ago, no one had heard of the decentralized platform Aster. Then a post on Binance founder Changpeng Zhao’s X network caused its popularity and the appeal of its ASTER cryptocurrency to skyrocket.
Since then, the new star of DEXs specializing in perpetual contracts — based on the BNB Chain — has continued to break records. As proof, the price of the ASTER token has been at the top of the sector’s trends over the last 10 days, following an increase of more than 240% over this period.
This popularity is not limited to the price of ASTER. The decentralized Aster platform is currently experiencing record activity, placing it in first place in terms of fees generated in 24 hours, with a total of $29 million.
By way of comparison, the runner-up in the rankings for the same period is none other than the leader in stablecoins, Tether ($22.2 million), followed by its direct competitor Circle with $7.7 million. The Hyperliquid platform ranks fifth with $3.2 million.
Volumes that are breaking records
This increase in fees obviously coincides with a rise in activity on the Aster platform, which is currently recording record daily volumes that could eclipse the previously undisputed leader in the sector, Hyperliquid.
Over the last 24 hours, the amount displayed on the DefiLlama website shows an estimated daily volume of almost $43 billion, far exceeding Lighter’s $7.2 billion or Hyperliquid’s $5.6 billion. This result is also significant over the last seven days, with a total of $228 billion on the clock ($80.5 billion for Hyperliquid).
The arrival of the decentralized platform Aster is shaking up the decentralized perpetual contracts sector, which until now has been largely dominated by Hyperliquid. Could this be why Hyperliquid has just launched the Hypurr NFT collection for its early adopters, with a floor price currently exceeding $75,000?
Among the innovative features highly appreciated on the Aster DEX is its hidden orders option, which allows traders to place an order without revealing any information about its size or even its existence. This is a good way to maintain confidentiality while avoiding any possible influence on the market.
