DeFi Platforms Redefine Onboarding, Challenging Bitcoin’s Retail Dominance

Bitcoin is no longer the sole gateway for retail investors seeking exposure to the cryptocurrency market, as decentralized finance (DeFi) platforms are rapidly emerging as alternative onboarding channels. The rise of perpetual decentralized exchanges (perp DEXs) like Aster and Hyperliquid has introduced high-leverage trading, yield-bearing collateral, and institutional-grade features to retail users, reshaping the onboarding landscape. These platforms are capitalizing on demand for self-custody and advanced trading tools, with Aster’s 24-hour trading volume recently surpassing $35.868 billion—triple Hyperliquid’s $10.094 billion—according to DeFiLlama dataAster Volume Surges as Perp DEX Activities Hit Record Highs^[1]. This shift underscores a broader trend where DeFi’s innovation is challenging traditional onboarding methods, including Bitcoin’s dominance in retail adoption.

Aster, a BNB Chain-based perp DEX, has become a focal point in this transition. Launched in September 2025, its native $ASTER token surged over 2,700% in a week, driven by strategic tokenomics, airdrops, and endorsements from figures like Binance’s former CEO, Changpeng Zhao (CZ). The platform’s features, such as 1,001x leverage, MEV-free trading, and tokenized stock perpetuals (e.g., Apple, Tesla), have attracted both retail and institutional traders. By September 24, Aster’s TVL reached $1.93 billion, with 1.2 million user wallets, including 330,000 new accounts in the first 24 hours post-token generation event (TGE)A Look at ASTER’s Dramatic Rise: Possible Reasons …^[2]. Hyperliquid, while maintaining long-term dominance with $66 billion in seven-day volume, has seen its market share challenged by Aster’s rapid adoption and competitive fee structure (0.01% for makers, 0.035% for takers)Perp DEX Volume Hits Record $67B as BNB’s Aster Overtakes …^[3].

The growth of these platforms is also fueled by token incentives and community-driven governance. Aster’s Genesis Stage 2 rewards program allocates 4% of its 8 billion token supply to users via Rh points, with multipliers for team-based participation. This model, combined with 5% fee discounts for $ASTER holders, has driven daily trading volumes to $3.13 billion, split between centralized exchanges ($1.09 billion) and DEXs ($1.84 billion)A Look at ASTER’s Dramatic Rise: Possible Reasons …^[2]. Similarly, Hyperliquid’s HYPE token, despite a 5.85% 24-hour price drop, remains a key player with $605.8 million in daily volume. Analysts attribute this to the platforms’ ability to blend CEX-like usability with DeFi’s transparency, attracting traders disillusioned with centralized exchange outages and regulatory uncertaintiesPerp DEX Volume Hits Record $67B as BNB’s Aster Overtakes …^[3].

Market dynamics further highlight the diversification of onboarding channels. DeFiLlama reported $67.134 billion in perp DEX volume over 24 hours in September 2025, a surge from $739.599 billion in the prior 30 daysAster Volume Surges as Perp DEX Activities Hit Record Highs^[1]. Platforms like Lighter, EdgeX, and Paradex also reported multi-billion-dollar volumes, indicating a fragmented yet expanding ecosystem. This growth is supported by BNB Chain’s renewed activity, which overtook Solana in daily fees post-Aster’s launch, signaling a shift in liquidity back to the BNB ecosystemAster DEX Sets Three Records in September - BeInCrypto^[4]. The competition between perp DEXs is intensifying, with Aster briefly overtaking Hyperliquid in daily revenue ($7.2 million vs. $2.79 million) and open interest surging from $3.72 million to $1.3 billion in a weekAster Leads Hyperliquid in Revenue as DEX War Heats Up: Crypto …^[5].

The implications for retail onboarding are profound. As DeFi platforms offer features like hidden orders, yield-bearing collateral (e.g., asBNB, USDF), and multi-chain support, they cater to a broader audience, from novice traders to institutional participants. This diversification reduces reliance on Bitcoin as the primary onboarding vehicle, aligning with a market increasingly driven by utility and innovation rather than speculative hype. However, challenges remain, including regulatory scrutiny of synthetic assets and potential sell pressures from token unlocks. For now, the rise of perp DEXs exemplifies how DeFi is redefining accessibility, positioning itself as a parallel onboarding path to Bitcoin’s traditional role.