Defi Newcomer Aster Captures $29 Million in Fees Amid Token Frenzy

Aster, a decentralized exchange (DEX) specializing in high-frequency perpetuals trading, has surged to the top of the defi revenue charts. According to Defillama data, the protocol captured $28.79 million in fees over the past 24 hours, placing it first worldwide ahead of Tether, which recorded $22.21 million.

The milestone puts Aster ahead of major players like Circle and Uniswap, and nearly ten times above rival Hyperliquid. For a relatively new entrant, the scale of fee generation highlights both strong trading activity and the growing appeal of high-frequency decentralized markets.

The rapid rise comes on the heels of intense attention around Aster’s native token, ASTER. Since its September 17 launch at $0.02, the token skyrocketed over 7,000% to a peak of $2, briefly pushing its market cap above $3.3 billion. The rally was amplified by an endorsement from Binance founder Changpeng Zhao, prompting listings on Bitget, Bybit, and multiple decentralized exchanges.

However, controversy lingers. Analysts have flagged concerns over market manipulation, with claims of concentration of ASTER’s supply in just a few wallets. The combination of eye-popping fee generation and concentrated token ownership has put Aster under the microscope, even as it looks to cement itself as one of the most profitable protocols in defi.

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