CoinDesk
Sep 24, 2025
16 0

Aster Surpasses Hyperliquid with $7.2M Revenue in DEX Competition

Crypto Market Highlights:

  • Bitcoin rebounded from lows of $111,000 to $112,800 but remains under key moving averages. Liquidity analysis suggests potential for a deeper pullback.
  • The CoinDesk 20 Index fell by 0.7% to 4,027 over the past 24 hours.

Decentralized Exchange Competition:

  • Aster surpassed Hyperliquid in daily revenue, generating $7.2 million compared to Hyperliquid’s $2.79 million. Aster's market cap surged from $931 million to $3.74 billion, while Hyperliquid's dropped from $14.88 billion to $11.73 billion.
  • ASTR surged 37% over 24 hours, leading the top 100 tokens by market cap, while HYPE was among the worst performers.

Solana Launchpad Activity:

  • Launchpad activity on Solana has declined, with volume at a four-month low of $117 million. Active wallets fell below 100,000, and daily token project graduates dropped to 88.

Market Movements:

  • BTC increased by 0.66% to $112,769.17, and ETH rose 0.14% to $4,183.16.
  • DXY rose 0.32% to 97.57; Gold futures decreased 0.34% to $3,802.60; Silver futures fell 0.48% to $44.40.
  • Nasdaq futures gained, providing positive cues to the crypto market.

Developments and Events:

  • DFINITY holds its Internet Computer event unveiling Internet Identity 2.0.
  • Hedera (HBAR) mainnet upgrade scheduled.
  • Griffin AI (GAIN), PayPal USD (PYUSD), Ethena USDe (USDE), and Aster (ASTER) listing on various exchanges.

Technical Analysis:

  • XRP maintained support at $2.70, but a break could lead to increased selling pressure.

Crypto Equities Performance:

  • Notable movements include Coinbase Global (COIN) closing at $320.07 (-3.58%) and Galaxy Digital (GLXY) at $33.14 (-1.63%).

ETF Flows:

  • Spot BTC ETFs: Daily net flows of -$103.8 million; cumulative net flows at $57.21 billion.
  • Spot ETH ETFs: Daily net flows of -$140.8 million; cumulative net flows at $13.72 billion.

While You Were Sleeping:

  • Bitcoin "buy the dip" sentiment increases, but risks remain as analysts warn of potential drift towards $107,000 due to liquidity trends.
  • Ripple and Securitize collaborate to enable RLUSD as a redemption bridge for BlackRock and VanEck tokenized funds.
  • HSBC invests in Elliptic, enhancing blockchain analytics capabilities.