The decentralized perpetual contract market is currently a hot track, with newcomer Aster rising to a 20% market share in DEX within three weeks, while the veteran Hyperliquid has dropped from 95% to 70%. A brief tweet today ignited the battlefield and prompted a direct response from CZ himself.
CZ Responds to Aster's Impressive Performance
Since its launch on May 15th, Aster has exceeded $400 million in daily trading volume, with platform TVL reaching $300 million and user numbers approaching 520,000. Researchers calculated that Aster's Perp trading volume proportion has reached 19%, closely trailing Hyperliquid's 71%, indicating rapid fund and user migration.
Many observers attribute Aster's breakthrough to multiple responses from Binance's former CEO CZ. Facing community suggestions that he was shilling Aster, the big brother stated on X platform:
I'm not shilling. Yzi Labs has invested in hundreds of projects, such as Vana, OneKey, Sign, Aster, etc.
Even though CZ emphasized this was merely portfolio exposure, Aster has still attracted significant liquidity due to the Binance ecosystem's halo.
Hyperliquid's Double Pressure
The veteran Perp DEX Hyperliquid still holds about 70% market share, but the community has criticized its referral reward model and fee structure as overly concentrated, and the airdrop expectations have been market-absorbed. Aster's 1001x leverage and cross-chain support have provided a new playground for traders seeking high leverage and airdrops.
CZ's recent dark pool Perp DEX concept attempts to bring traditional finance's hidden matching into the on-chain world, reducing MEV front-running and large order slippage. Market professionals believe that if the dark pool mechanism materializes, it could reshape liquidity distribution rules and push the competition between Aster and Hyperliquid into a new phase.
Further Reading: Binance CZ Calls for Developing "Dark Pool" DEX: Even a 10 Billion Whale Would Be Sniped
Currently, Aster is planning to build its own Layer 1, while Hyperliquid is adjusting its rate and reward mechanisms, with both sides preparing for the next round of technological upgrades.
