$ASTER for the first year achieved what many protocols take years to do.
About $479M in fees and $1.49T in accumulated perpetuals volume—according to DefiLlama. Right now, Aster is already the second-highest perp DEX by fees, trailing only Hyperliquid.
And this is where it gets really interesting: the on-chain derivatives market is no longer a game dominated by a single leader.
Hyperliquid is still ahead by a huge margin. But if Aster keeps capturing volume and liquidity, the question won’t be whether it can compete.
The question is how close it can get to the leader?
About $479M in fees and $1.49T in accumulated perpetuals volume—according to DefiLlama. Right now, Aster is already the second-highest perp DEX by fees, trailing only Hyperliquid.
And this is where it gets really interesting: the on-chain derivatives market is no longer a game dominated by a single leader.
Hyperliquid is still ahead by a huge margin. But if Aster keeps capturing volume and liquidity, the question won’t be whether it can compete.
The question is how close it can get to the leader?
