Decentralized exchange Aster has surpassed Hyperliquid in daily trading volume. According to DeFi Llama, the platform’s volume reached $20.8 billion over the past 24 hours, compared to its competitor’s $9.7 billion.
The BNB Chain-based DEX also outperformed the platform in terms of fee revenue generation: $9.2 million versus $2.7 million over the past 24 hours. Aster took second place among protocols, also surpassing Circle, the company behind USDC.
However, the platform still trails its competitor in TVL, at $1.8 billion. At the time of writing, the volume of value locked on Hyperliquid exceeds $6.5 billion.
Following Aster’s success, BNB Chain surpassed Solana in daily transaction fees for the first time. Until mid-September, the network’s daily transaction fees rarely exceeded $500,000, while those of its competitor remained stable at around $1.2 million.
Aster emerged from the merger of APX Finance and Astherus in March. The platform gained attention in the crypto community after the launch of its eponymous token on September 17.
A key feature of the platform is its hidden orders feature, which allows for invisible limit orders to be placed in the order book. This distinguishes Aster from the transparent mechanisms of most on-chain exchanges.
However, the main catalyst for its popularity was a post by Binance founder Changpeng Zhao (CZ), in which he congratulated the DEX on the release of its native coin.
As a result, ASTER’s price increased more than tenfold in just a few days, peaking at $2. The asset’s market capitalization surpassed $3.7 billion.
On September 24, the token reached a new all-time high of above $2.30. This was prompted by the announcement of a 5% discount on spot trading fees on Aster.
Some users previously suggested that Zhao himself initiated the creation of a DEX within the BNB Chain ecosystem in response to Hyperliquid’s success. They cited the fact that Aster received funding from YZi Labs, Binance’s venture arm, in late 2024.
Following the deal with US authorities, CZ was permanently banned from managing the trading platform. However, he still plays a key role in YZi Labs’ operations, interacting with the founders of the projects funded by the organization and offering mentoring services.
On September 24, Binance founder Trust Wallet, a non-custodial wallet, also announced plans to launch futures trading in partnership with Aster.
Despite the hype and strong performance, Aster has faced accusations of manipulation. On September 20, an on-chain analyst nicknamed tracer reported that Binance sold millions of ASTER coins in real time.
“A huge manipulation,” he said.
According to a crypto trader named cyclop, 96% of the ASTER supply is controlled by six wallets, which he associates with a single entity.
“There’s no value: the token’s daily trading volume against Bitcoin is only $500,000, and 50% of that is just phantom liquidity. Meanwhile, its market capitalization is in the billions of dollars,” he noted.
cyclop warned that the price of ASTER is determined by insiders who control virtually the entire supply of the coin.
However, many market experts have taken a more cautious stance. According to an investor who goes by the pseudonym ionicXBT, CZ’s support and the coin’s concentration on Binance are what make the project promising.
A similar opinion is shared by an expert nicknamed Whale.Guru, who called ASTER undervalued.
Gleb Kostarev, CEO of the Telegram project Blum, stated that Aster’s story is not a story of manipulation, but an example of how the “mechanics of success in the crypto industry” actually works.
“What’s important isn’t the name or even the product, but the ultimate intentions of those making the decision. Examples like Broccoli, Mubarak, and TST are living proof (they didn’t disrupt the market),” he explained.
The expert interpreted Binance’s focus and support as natural and significant factors in the platform’s popularity.
“In crypto, capital and the right timing are crucial. The main marketing here is the token itself. If it grows, positivity and loyalty are built, but if it falls, the product will be buried, no matter how great it is,” Kostarev concluded.
As a reminder, BNB Chain validators proposed reducing the gas from 0.1 to 0.05 Gwei and shortening the block interval from 750 to 450 ms in the face of competition from Base and Solana.
Источник: cryptocurrency.tech
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