Missed the big pump of Hyperliquid? Aster may become the next billion-dollar DeFi giant.

In the field of derivatives trading for Crypto Assets, the success story of Hyperliquid has become legendary. However, with the explosive issuance of the Aster Token (ASTER), the market is witnessing the rise of another potential giant. Established just a year ago, Aster has quickly risen from a Newbie in the derivatives space to an industry challenger, with an astonishing pump on the first day of its token listing, prompting investors to ponder: is this the next DeFi opportunity that one would regret missing?

Aster's Explosive Growth: The Data Tells It All

On September 17, Aster officially issued its token ASTER and landed on the large CEX Alpha platform the next day. This issuance immediately caused a stir in the market:

· The price surged by 1650% within 24 hours after the Token Generation Event (TGE)

· Daily trading volume reached 310 million USD

· The platform's total trading volume has surpassed 1.5 billion US dollars.

· Nearly 330,000 new wallets joined the Aster network

· Total Value Locked (TVL) exceeds 1 billion USD

These data are not coincidental. Aster has adopted an audacious community strategy, allocating 53.5% of the total token supply for one of the largest airdrops in the DeFi space, aimed at rewarding early supporters and accelerating ecosystem development.

Unique Advantages of Aster: Why It Has the Potential to Surpass Competitors

Aster did not appear out of nowhere. It was born from the strategic merger of the multi-asset liquidity protocol Astherus and the perpetual contract trading platform APX Finance, supported by YZi Labs. This background provides Aster with a solid foundation and rich industry resources.

Since its establishment, Aster has achieved remarkable accomplishments:

· Cumulative processing of over $500 billion in transaction volume

· Accumulated 1.8 million user addresses

· Generate $49 million in revenue

The three core advantages give Aster the potential to become the next Hyperliquid:

1. Multi-chain architecture and innovative features

Aster runs on multiple blockchains, including Ethereum, BNB Chain, Arbitrum, and Solana, providing greater accessibility. This multi-chain strategy not only expands the user base but also reduces the risk of a single blockchain.

The privacy order feature introduced by the platform allows traders to hide their positions, which is extremely rare in decentralized trading, providing professional traders with an experience similar to that of centralized exchanges. Crypto analyst Michael Chen pointed out: "Aster's privacy order feature addresses a key pain point in DeFi trading, allowing large traders to trade without worrying about being front-run."

2. Excellent Performance and Low Cost

Aster has achieved millisecond-level transaction execution and zero Gas fees, directly competing with centralized exchanges in terms of speed and cost. This high efficiency not only enhances the user experience but also allows the platform to handle a higher transaction volume, laying the foundation for future growth.

3. Product Innovation and Diversification

Aster has broken the boundaries of traditional Crypto Assets trading by offering perpetual contracts linked to US stocks such as Tesla and Apple. This "stock perpetual contract" product allows traders to access investment opportunities around the clock without relying on traditional brokers, significantly expanding the platform's market potential.

To ensure the accuracy of price information, Aster integrates with Pyth Network to provide precise price data, enhancing the reliability and security of the platform.

The Success Path of Hyperliquid: Can Aster Replicate It?

To understand the potential of Aster, we need to analyze the key factors behind Hyperliquid's success. Hyperliquid is known as the "on-chain CEX" or "AWS of Liquidity," and its success is built on several core pillars:

· Technical Architecture and Performance

Hyperliquid has developed a high-performance Layer-1 blockchain specifically designed for trading, utilizing a dual-layer architecture of HyperCore and HyperEVM. Its central limit order book (CLOB) achieves sub-second transaction confirmation and a processing capacity of up to 200,000 transactions per second, providing users with an experience close to that of centralized exchanges.

Although Aster is not an independent L1 chain, its multi-chain architecture and efficient order processing system also achieve millisecond-level transaction execution, comparable in performance to Hyperliquid.

· User Experience and Liquidity

Hyperliquid has extremely deep liquidity and trading volume, with a monthly perpetual trading volume of approximately 31.9 billion USD in July 2025, accounting for 65% of the total chain's perpetual trading volume. Its user interface adopts a traditional order book + K-line chart design, supporting advanced limit orders, take profit and stop loss functions.

Aster has quickly caught up in this regard, with its TVL surpassing 1 billion USD and offering professional trading tools similar to Hyperliquid. DeFi researcher Sarah Wong stated: "Aster's user interface and trading experience are now close to the level of centralized exchanges, which is key to attracting traditional traders into DeFi."

· Community Development and Team Background

Hyperliquid was founded by former traditional finance high-frequency trading expert Jeff Yan, and the core team consists of about 11 members, known for their high-speed iterations as an elite small team. Their approach of "no VC, no reserved private placement" has enhanced community trust.

In contrast, Aster is backed by YZi Labs, which has strong industry resources and technical support. This background provides Aster with the funding and network needed for rapid expansion, which may be a key factor in its ability to achieve such accomplishments in a short period of time.

Decentralized Derivatives Market: Huge Growth Potential

According to DeFiLlama data, the decentralized derivatives market is developing rapidly, with trading volume reaching nearly $630 billion by August 2025. Although Hyperliquid still dominates, the market is large enough to accommodate multiple successful players.

Crypto Assets analyst David Lee pointed out: "The decentralized derivatives market may be one of the fastest-growing areas in DeFi. With the influx of institutional funds and the gradual clarification of the regulatory environment, this market could grow more than 10 times in the next 3-5 years."

Missed Aster? Other Perp DEX projects worth关注

If you have already missed the early opportunity of Aster, there are several other unissued Perp DEX projects in the market worth paying attention to:

1. edgeX

Background: Incubated by Amber Group, the trading experience is close to CEX.

Interaction mechanism: Weekly points, weight = trading volume + activity level, minimum 10U to participate.

Highlights: Q4 expected TGE, past fault compensation of 120% reflects the project's vision.

Suitable for: small capital long-term point accumulation, the highest cost-performance ratio.

2. Paradex

Background: Incubated by the Paradigm team, the platform token $DIME use case has been announced.

Interactive mechanism: XP quarterly system, points for holding, trading, and market making; zero transaction fees

Highlights: TGE is expected by the end of the year to early next year.

Suitable for: zero-cost environment, suitable for frequent trading

3. Backpack

Background: Founded by the former core team of FTX, it has compliance licenses and a total financing of 37 million US dollars.

Interaction Mechanism: Quarterly Points System, S3 launched, trading volume weight increased

Highlight: Expected TGE at the beginning of next year

Suitable for: long-term players, steady and solid.

4. Lighter

Background: a16z endorsement, trading volume consistently ranks second.

Interaction mechanism: Points black box, the weight of transaction volume points may be relatively low, the off-market price of points has been炒至 $30/point

Highlights: Invitation code system, high threshold but potential returns are high

Suitable for: users who can obtain an invitation code

5. StandX

The large CEX system background, relatively early, will have internal testing launched later.

6. Based

Hyperliquid frontend, dealer model, trading = double points, plus additional airdrop

Conclusion: Can Aster Become the Next Hyperliquid?

Aster's explosive growth and robust infrastructure position it as a potential next DeFi giant. Its multi-chain architecture, innovative features, and strong institutional support provide it with a unique competitive advantage.

However, becoming the "next Hyperliquid" requires more technology and funding. The success of Hyperliquid lies in its championing of the "blockchain spirit"—openness, transparency, decentralization, and user sovereignty. Whether Aster can similarly win the hearts and trust of the community will be key to its long-term success.

For investors, the period from Q4 2025 to early 2026 will be a phase of concentrated redemption for multiple unreleased token projects. Whether choosing Aster or other emerging Perp DEX, the key is to understand the project's technical foundation, team background, and long-term vision, rather than just chasing short-term price fluctuations.