Perpetual decentralized exchanges (DEXs) on BNB Chain achieved an unprecedented daily trading volume of $67 billion on September 24, 2025, setting a new record for the second consecutive day. This surge was largely driven by the viral ascent of Aster DEX, which saw its ASTER token rally over 2,200% from $0.06 to $2.3 within a week, alongside Hyperliquid and Lighter each clearing over $10 billion in volume.
Data from Dune Analytics revealed that BNB Chain captured 48% of the total volume, with BSC accounting for $33 billion. The growth is part of a broader trend, as perpetual DEXs processed $2.6 trillion in trades throughout 2025, up 138% year-over-year, and now hold a 26% market share compared to less than 10% in 2023. However, concerns over wash trading have emerged, with critics pointing to Aster's volume-to-TVL ratio of 19 and allegations that 96% of ASTER supply is controlled by six wallets, possibly linked to market manipulation.
Institutional interest bolstered the momentum, as Franklin Templeton, managing $1.6 trillion, deployed on BNB Chain for real-world assets (RWAs), pushing BNB to an all-time high of $1,080. Analysts project BNB could target $2,000 if the DEX expansion continues, with Bitwise's Max Shannon estimating annual volumes could reach $20-30 trillion within five years. Yet, risks persist, including regulatory scrutiny and the sustainability of incentive-driven activity.
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