Since the launch of the ASTER token on September 17, its price trend has been remarkably astonishing, becoming the focus of the cryptocurrency market. After Binance founder Zhao Changpeng (CZ) publicly supported it, the price of the ASTER token skyrocketed by over 9900% in just a few days, soaring from an issuance price of $0.02 to $2, with a market capitalization briefly exceeding $3.3 billion.
As of September 22, ASTER's 24-hour trading volume exceeded $55.2 million, and its Total Value Locked (TVL) reached $1.164 billion, successfully surpassing competitors like Hyperliquid and ranking among the top decentralized exchanges (DEX).
The success of ASTER is not only attributed to CZ's endorsement but is also closely related to its innovative trading model, low fees, and high capital efficiency. However, the market also faces challenges such as liquidity depth, selling pressure after airdrops, and competition from platforms like Hyperliquid.
Aster is a decentralized perpetual contract exchange formed by the merger of Astherus and APX Finance at the end of 2024. Astherus focuses on multi-asset liquidity and yield protocols, while APX Finance provides the infrastructure for decentralized perpetual contract trading. The merger aims to address the inefficiencies of separating yield generation from trading activities in DeFi, creating a seamless ecosystem that connects yield and trading.
Aster's core innovation lies in its "Trade & Earn" model, which allows users to use yield-generating assets as collateral for perpetual contract trading, achieving multiple income sources from capital. At the same time, Aster offers 24/7 non-custodial trading, supporting perpetual contracts for cryptocurrencies and traditional stocks like Apple and Tesla, serving as a bridge between traditional finance and DeFi.
To some extent, Aster can be considered a competitor to the centralized exchange Binance. However, Aster's development is supported by the Binance ecosystem. Specifically, YZi Labs incubated Aster and invested in its predecessor, Astherus. A spokesperson for BNB Chain also confirmed that Aster received guidance, exposure, and technical support through this program. Additionally, CZ himself publicly endorsed Aster on social media during the token issuance period, expressing recognition of the project.
The rapid rise of ASTER and the launch of its innovative products have made it a major competitor to Hyperliquid, and this competitive pressure is directly reflected in the downward price movement of the HYPE token. Since September 18, the price of HYPE has dropped from nearly $60 at its historical peak to around $48, a decline of nearly 20%.
However, in addition to the external competitive pressure brought by ASTER, the HYPE token also faces challenges from internal structural factors. First, according to the tokenomics arrangement, Hyperliquid's HYPE will enter a 24-month linear unlocking period starting November 29, releasing approximately $500 million worth of tokens each month, which means that supply in the market will continue to increase, creating significant selling pressure. Secondly, another risk that investors are concerned about is the potential sell-off by Arthur Hayes.
Previously, Arthur Hayes had "called out" HYPE, claiming it was expected to surge 126 times. However, this past Monday, just a month after holding HYPE tokens, he sold all 96,628 tokens he held, worth about $5.1 million, realizing a profit of approximately $823,000. Meanwhile, the whale wallet "0x316f" also withdrew $122 million worth of HYPE on Monday, with these tokens originally purchased at around $12 each. Blockchain data platform Lookonchain pointed out that this whale has approximately $90 million in unrealized profits after holding the tokens for nine months and is likely "taking profits."
According to CoinGecko data, Hyperliquid still has a long way to go to surpass Binance, currently with a daily trading volume of $790 million, while Binance reaches $34 billion. However, its growth rate is alarming.
In 2023, Hyperliquid quietly launched with almost zero publicity, without a press conference or large-scale marketing. Founder Jeff Yan simply opened the platform and waited for market reactions. Surprisingly, the platform achieved a daily trading volume of over $1 billion within just 100 days. Since then, growth has accelerated: on January 19, 2025, the daily trading volume set a record, reaching $21 billion; in July, the platform's monthly trading volume soared to nearly $320 billion, a 47% increase from June's $216 billion. This level means that Hyperliquid's trading volume accounted for 11.89% of Binance's, setting a historical high, while Binance's perpetual contract trading volume was approximately $25.9 trillion.
Latest data also shows that Hyperliquid's cumulative trading volume has surpassed $2.3 trillion, with open contracts reaching $15.2 billion. In the decentralized perpetual contract space, its market share has exceeded 70%, approaching one-tenth of Binance's scale.
Therefore, for Binance, supporting ASTER is a combination of "defense + offense."
On the defensive side: maintaining the track and mitigating threats.
Capital binding: Once ASTER grows into a leading platform, Binance will also benefit indirectly due to capital relations, avoiding being completely marginalized.
Strategic depth: With ASTER, Binance can lay out its decentralized track in advance, thus maintaining a buffer space in the confrontation with competitors like Hyperliquid.
On the offensive side: locking in traffic, the reverse absorption of ASTER's potential lies not only in the growth of trading volume but also in its ability to attract users inclined towards decentralization. Through early investment and ecosystem binding, Binance can:
Occupy the entry point: making ASTER a "DEX outpost" of the Binance ecosystem, ensuring that even if users leave CEX, they still remain within Binance's sphere of influence.
Resource synergy: Binance can provide ASTER with liquidity, branding, and compliance experience, thereby enhancing its own influence in the decentralized market.
Profit sharing: Once ASTER experiences explosive growth, Binance not only retains part of the market but can also achieve "offensive profits" through equity or token dividends.
In the short term, the HYPE token is under downward pressure, affected by the competition from ASTER, token unlocking, and large holder sell-offs. However, the subsequent performance of ASTER itself remains uncertain; its ability to maintain high growth, stabilize liquidity, optimize user experience, and remain resilient in the face of potential market fluctuations and regulatory scrutiny will directly determine its long-term position in the decentralized exchange ecosystem.
Related: After Arthur Hayes exits, Hyperliquid whale withdraws $122 million worth of HYPE tokens.
Original article: “Traffic, Capital, and Sentiment: Binance's Strategy Behind ASTER's Surge and Hyperliquid's Crisis”
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