New DeFi player sees explosive growth in trading volumes and TVL
Aster, a decentralized perpetuals exchange built on BNB Chain, has shaken up the DeFi landscape with a meteoric rise in both open interest and trading activity, surpassing established rival Hyperliquid in daily volumes.
Open interest explodes 33,500% in one week
According to CoinGlass data, Aster’s open interest jumped from $3.72 million last Friday to $1.25 billion by Wednesday, representing a staggering 33,500% increase in less than seven days. Open interest, which measures the total number of unsettled contracts, is a key gauge of market conviction.
“This level of growth signals traders are deploying significant capital into the platform,” noted one market analyst. “It shows confidence not just in the product but also in its liquidity depth.”
In parallel, Aster’s total value locked (TVL) surged to $1.85 billion, up 196% from $625 million just days earlier, according to DefiLlama.
Daily trading volume surpasses $24B
DefiLlama data further showed that Aster topped daily perpetual trading volumes at $24.7 billion on Wednesday, outpacing Hyperliquid’s $10 billion. Other competitors, including edgeX ($8.25 billion) and Lighter ($6.18 billion), trailed behind.
Despite losing the daily battle, Hyperliquid still leads in long-term activity, with $66 billion in weekly volumes and nearly $300 billion over 30 days.
Ecosystem support drives momentum
Aster’s rapid ascent has been supported by both BNB Chain and CoinMarketCap. A BNB Chain spokesperson confirmed that the project received mentorship, technical resources and ecosystem exposure through YZi Labs.
Meanwhile, CoinMarketCap amplified Aster through its CMC Launch program, driving major visibility. Campaign highlights included 400 million homepage impressions, three million tweet impressions and over 500,000 direct clicks to Aster’s project page, according to CMC Launch lead Jin Choo.
Choo emphasized that Aster was chosen “based on innovation, market potential and community traction,” stressing that CoinMarketCap operates independently from Binance, despite its 2020 acquisition.
With surging open interest, daily trading volumes, and TVL, Aster has quickly established itself as a serious contender in the DeFi perpetuals market. While Hyperliquid retains dominance over longer time frames, Aster’s growth trajectory suggests a new phase of competition among decentralized exchanges.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.