Can ASTER Dethrone Hyperliquid? DeFi Token's $1B TVL Challenges Derivatives Giant

The cryptocurrency market’s quest to identify which asset will reach $1 first has intensified as traditional favorites like Cardano’s ADA and Dogecoin (DOGE) show mixed results. ADA remains below $1, while DOGE’s price trajectory appears distant from the target. Meanwhile, a DeFi token, ASTER, has surged 3.5x in recent weeks, positioning itself as a potential early contender. The ASTER token, native to the Aster decentralized exchange (DEX), has experienced a meteoric rise following its token swap from APX, driven by strategic incentives, institutional backing, and on-chain activity.

ASTER’s price surged 1,650% within its first 24 hours of trading, reaching $0.528 and generating $345 million in trading volume. This explosive growth was catalyzed by a 1:1 token migration from APX, which Binance accelerated by suspending APX trading to facilitate the swap. The platform’s total value locked (TVL) ballooned from $660 million to $1.005 billion in a single day, with over 330,000 new wallets joining the network. Binance’s involvement, including CZ’s public endorsements, amplified market confidence, while liquidity incentives and airdrops further fueled adoption.

The migration process, which began on September 17, 2025, saw APX holders swap their tokens for ASTER at a 1:1 ratio, with early adopters benefiting from favorable rates. On-chain data reveals significant whale accumulation, with one wallet purchasing 3.59 million ASTER tokens worth $2.11 million. This activity, coupled with a 25.79% APY on BNB Chain and 21.28% on Arbitrum, has attracted yield-focused investors. Aster’s multi-chain strategy—supporting BNB Chain, Ethereum, Solana, and Arbitrum—adds to its appeal, offering hidden orders and stock perpetual contracts to diversify its user base beyond crypto-native traders.

Comparisons to Hyperliquid, the dominant perpetual DEX with $320 billion in monthly trading volume, highlight ASTER’s disruptive potential. While Hyperliquid maintains a 73% market share in decentralized derivatives, Aster’s TVL of $655 million and 1.85 million registered traders signal rapid adoption. Analysts note that Aster’s integration of traditional assets like Tesla and Nvidia perpetuals could attract a broader audience, challenging Hyperliquid’s crypto-centric focus. However, Hyperliquid’s established infrastructure and $18 billion market cap underscore the challenges ASTER faces in sustaining its momentum.

The token’s performance has also been bolstered by regulatory and institutional signals. Binance’s mentorship of Aster through its incubator program and CZ’s social media endorsements have drawn attention to its ecosystem. Meanwhile, the platform’s governance model, with over 50% token supply distributed via rewards and buybacks, aligns incentives between developers and users. Despite these strengths, volatility remains a risk, with ASTER’s price retreating to $0.6512 after hitting a peak of $0.78. Market observers caution that speculation-driven gains may not persist unless the platform delivers on long-term utility and liquidity.

[1] APX Holder Turns $226K Into $7M Amid ASTER Swap Surge (https://cointelegraph.com/news/apx-holder-226k-to-7m-aster-swap-surge)

[2] APX to ASTER Migration: Key Insights for Aster Holders and … (https://www.okx.com/learn/apx-aster-migration-insights)

[3] Aster Soars 105%, hits a new all-time high of $0.78 (https://ambcrypto.com/analyzing-4-major-reasons-why-asters-price-is-up-today/)

[4] Aster’s Explosive Debut: 1,650% Surge and $1B TVL in 24 Hours (https://cryptotale.org/asters-explosive-debut-1650-surge-and-1b-tvl-in-first-24-hours/)

[5] Binance Wallet Announced Temporary Suspension of APX (https://cryptorank.io/news/feed/0730e-binance-wallet-announced-temporary-suspension-of-apx)

[6] Hyperliquid vs. ASTER: How Leverage Is Shaping the Future of (https://www.okx.com/learn/hyperliquid-aster-leverage-trading)

[7] Aster Token Explodes 1,650% in First 24 Hours, Platform TVL … (https://cryptonews.com/news/aster-token-explodes-1650-in-first-24-hours-platform-tvl-surges-past-1b-is-this-the-next-hyperliquid/)