Binance Chain-based decentralized exchange Aster has overtaken rival Hyperliquid in 24-hour perpetual trading volume, with data showing Aster's volume at approximately $24.7 billion compared to Hyperliquid's $10 billion. This shift is attributed to a massive surge in open interest for Aster, which jumped from $3.72 million to $1.25 billion in less than a week—a increase of nearly 33,500%.
Aster's total value locked (TVL) also saw a significant rise, reaching $1.85 billion, up 196% from the previous week. The platform's native token skyrocketed 41.4% in 24 hours, boosting its market cap to $3.9 billion and positioning it as the 47th largest cryptocurrency. In contrast, Hyperliquid's HYPE token declined 6.2%, though it maintains a higher market cap of $12.1 billion.
Key drivers include vocal support from Binance co-founder Changpeng Zhao and a proposal from BNB Chain validators to reduce gas fees by half and accelerate block speeds, enhancing trader experience. Additionally, Aster benefited from the CoinMarketCap Launch program, which provided extensive exposure. Despite Aster's daily volume lead, Hyperliquid remains dominant in longer-term metrics, with $300 billion in 30-day volume.