derpDEX Star Project Analysis:
In the second half of 2025, the landscape of derivative DEX has basically settled—Hyperliquid dominates the top, capturing most of the market.
Latecomers wanting to break through can only pursue differentiation. The three companies worth paying attention to now are: Aster, Avantis, Drift.
$ASTER : Backed by Binance, directly offering 1000x leverage, it is a traffic harvesting machine for those who dare to bet in the short term. In the future, it plans to develop its own public chain; if it can succeed, it will transform from a liquidity provider into a complete ecosystem. The risks are high, but so are the rewards.
$AVNT : The approach is quite unique, with zero-fee contracts that only charge a fee when the user makes money, which is a deadly temptation for high-frequency traders.
Additionally, with the RWA narrative (bringing real assets on-chain), the scope is greatly expanded, following the path of a "strategist."
$DRIFT : An established Solana derivative project, relying on the Trident liquidity system, with technology as its biggest selling point. The approach is not flashy, but steady and reliable. As institutions start to enter the market, it may become the longest-lasting "endurance stock."
Summary:
Aster = Traffic Strategy → Gambler's Paradise
Avantis = Narrative Strategy → Strategist's Choice
Drift = Technical Strategy → Tech Enthusiast's Heaven
Whether it can shake Hyperliquid is another question, but these three paths have already pointed out the direction for the future of derivative DEX.
Personally, I am more optimistic about Avantis: the traffic strategy is hard to sustain, the tech faction needs time to slowly develop, while "narrative + mechanism innovation" is more likely to attract funds and attention. Especially with RWA, once it works, it could open up a market larger than trading.
