Perpetual Decentralised Exchange (DEX) Aster ($ASTER) has grabbed headlines by surpassing Circle ($USDC) in daily revenue, earning a place as the second-largest revenue generator after Tether ($USDT).
Earlier today, Aster had $8.56 million in revenue, compared to Circle’s $7.72 million, while Tether led the pack with a reported $21.99 million.
Aster’s revenue grew as ASTER reached a new all-time high (ATH) at $2.33, an increase of 3.4% in the past 24 hours, indicating investor enthusiasm and rising platform adoption.
This increased revenue marks a substantial leap for Aster, whose revenue was at $280,000 just 10 days ago, representing a 24x increase in revenue.
Aster’s Revenue Surge and Market Growth
The growth of Aster is due to the standout trading rewards program and the arrival of high-leverage trading across blockchain.
By rewarding users and utilizing active leverage, Aster has carved out a niche in the saturated decentralized perpetual futures exchange.
The ASTER token has also grown in adoption, trading at $2.31 and a staggering 24-hour volume of $2.75 billion, with a circulating supply of 1.7 billion tokens and a market cap of approximately $3.74 billion, making it one of the fastest-growing projects in decentralized finance.
Backing from CZ and Bolsters Momentum
Notably, Aster’s rise has been influenced by strong endorsements and partnerships.
On September 18th, Binance co-founder CZ praised Aster on the X platform, posting a chart of ASTER and stating, “Well done! Good start. Keep building!”, UnoCrypto reported.
This endorsement, combined with the backing from YZi Labs, has enhanced the project with some legitimacy, resulting in a 400% increase in the value of ASTER earlier this month.
Additionally, momentum has spilled over into the DEX space, with competing token HYPE peaking at over $60. It adds a competitive edge to an already competitive on-chain derivatives market.
Aster Chain Development and Multi-Billion-Dollar Potential
In the near future, Aster’s growth path will be supported by the upcoming launch of Aster Chain, a dedicated layer one blockchain that is currently in internal testing.
CEO Leow Luen Jie commented that the chain aims for privacy through zero-knowledge proofs and rapid execution for derivatives trading with sub-second finality and fees.
This strategy allows Aster to compete directly with companies such as Hyperliquid while targeting institutional investors looking for confidentiality and efficiency.
With ASTER’s fully diluted valuation (FDV) at $13.8 billion, with a total value locked (TVL) of $530 million and a growing market share of DEXs, analysts see tremendous opportunity.
In particular, if Aster were to capture 10-20% of Hyperliquid’s market, the price of ASTER could be pushed into the multi-billion-dollar range, especially given Aster’s close connection to Binance and emerging role in the on-chain central limit order book (CLOB) wars.