Aster climbed to a brand new file excessive on Tuesday after the decentralized derivatives platform overtook Hyperliquid in buying and selling quantity for the second day in a row.
DefiLlama knowledge exhibits that on Sept. 24, Aster, previously ApolloX, dealt with greater than $23 billion in perpetual futures trades, greater than double Hyperliquid’s $10 billion on the identical day.
Regardless of the surge, Hyperliquid nonetheless leads on a month-to-month foundation, recording almost $300 billion in transactions over the previous 30 days in contrast with Aster’s $48 billion.
The buying and selling burst fueled a pointy rise in Aster’s token, which climbed to a brand new excessive of $2.40 and pushed its absolutely diluted valuation to round $20 billion.
Whole worth locked on the platform additionally spiked, leaping from $366 million per week in the past to $1.78 billion, a achieve of almost 400%.
Aster has defied current market actions to turn into one of many best-performing belongings over the previous week. The platform has drawn vital curiosity after Binance founder Changpeng ‘CZ’ Zhao expressed sturdy assist on social media.
Stablecoin development and L1
Aster has additionally expanded the provision of its USDF stablecoin, issued with custody assist from Ceffu.
Messari knowledge exhibits the provision grew 4x in measurement to 262 million tokens over the previous week, and if the tempo holds, the determine may attain $1 billion quickly.
In the meantime, the platform’s day by day income surged to $9 million on Sept. 24, rating it forward of Circle and second solely to Tether.
In a current interview, Aster CEO Leonard stated Aster is operating inner exams for a proprietary Layer 1 blockchain, shifting past its preliminary construction that relied on a number of networks.
The developments come amid an industry-wide increase in perpetual futures buying and selling. In August, on-chain derivatives quantity totaled $765 billion, surpassing the complete market throughput recorded in 2023.
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