Aster's $1B TVL Challenges Hyperliquid's DeFi Dominance

Reports indicate that Aster’s native token ($ASTER) skyrocketed by 1,650% within its first day of trading after the project’s token generation event (TGE) on September 17, 2025. During this period, the platform’s total value locked (TVL) surpassed $1 billion, trading volume reached $345 million, and 330,000 new wallets joined the network. This explosive debut has established Aster as a strong competitor to Hyperliquid, a top decentralized perpetual exchange (perp DEX). Supported by YZi Labs (previously Binance Labs), the launch featured an airdrop of 70.4 million tokens (8.8% of the total supply), which significantly boosted liquidity and community involvement.

The TGE represented a major milestone for Aster, moving the project from its testing stage to a fully functional ecosystem. The airdrop

allowed participants to claim their tokens through the Aster wallet without incurring fees, with eligibility determined by previous engagement in the Genesis program. Most users received token allocations valued from several hundred to several thousand dollars; for example, a $300 USDT deposit resulted in about 2,360 $ASTER (worth $470) within the first 24 hours. The combination of this airdrop and new Stage 2 incentives—including a 20% referral reward and bonuses for trading volume and position holding—drove a 150% increase in trading activity after the TGE.

Aster’s momentum was further fueled by endorsements from prominent figures in the crypto industry. Changpeng Zhao (CZ), former CEO of Binance, praised the project on X, describing it as a “strong beginning” and emphasizing its privacy-oriented features, such as “hidden orders” that protect against front-running and MEV exploits. CZ’s post, which received over 6,900 likes and 1 million views, greatly enhanced Aster’s reputation and reach. The project also expanded collaborations with platforms like

and Trust Wallet, while Binance revealed plans to list $ASTER through a 1:1 APX-to-ASTER swap scheduled for October.

Aster’s tokenomics are designed to prioritize community rewards, allocating 53.5% of the 8 billion total tokens to public distribution. This includes 8.8% for the initial airdrop and 20% for ecosystem incentives. After the TGE, the token’s fully diluted valuation (FDV) hit $1.58 billion. Analysts estimate the price could reach $2–$5 by 2026, based on a 30x price-to-sales (P/S) ratio. Unlike competitors such as Hyperliquid, which maintains a more centralized approach, Aster’s governance model is focused on long-term value creation rather than short-term speculation.

From a technical perspective, Aster’s infrastructure supports multiple blockchains, including

, BNB Chain, , and , enabling seamless cross-chain trading without the need for bridges. The platform offers both a Simple Mode for quick trades and a Pro Mode for advanced features, catering to a wide range of users from retail to institutional. Innovative offerings like yield-generating margin (USDF stablecoin) and round-the-clock trading of tokenized stocks (such as Tesla and Nvidia) broaden its appeal beyond standard crypto derivatives. Additionally, Aster employs zero-knowledge proofs and oracles to guarantee privacy and reliable, tamper-proof pricing data.

Market trends indicate that Aster is well-positioned to capture a substantial portion of the

DEX market. As of September 2025, the platform reported $449.8 million in TVL, a cumulative trading volume of $517.2 trillion, and a total of 695,559 traders. While Hyperliquid currently leads with 70% of the DeFi perps market and $1.25 billion in annualized revenue, Aster’s multi-chain approach, integration of traditional assets, and community-focused ownership model make it a strong contender for underserved market segments. Analysts foresee a potential 10x increase for $ASTER, noting its $1.5 billion FDV compared to Hyperliquid’s $55 billion valuation.

Aster’s rapid ascent reflects the increasing appetite for privacy-first, community-led DeFi solutions. With a 20% share of the perp DEX market and a TVL of $374 million as of September 2025, its swift adoption signals a capacity to challenge established players. Ongoing partnerships, greater institutional participation, and regulatory compliance could further reinforce its standing in the $500 billion DeFi sector.