Aster continues meteoric rise to news highs, USDF grows 4x in a week
Aster climbed to a new file high on Tuesday after the decentralized derivatives platform overtook Hyperliquid in buying and selling quantity for the second day in a row.
DefiLlama knowledge reveals that on Sept. 24, Aster, previously ApolloX, dealt with greater than $23 billion in perpetual futures trades, greater than double Hyperliquid’s $10 billion on the identical day.
Despite the surge, Hyperliquid still leads on a month-to-month foundation, recording almost $300 billion in transactions over the previous 30 days in contrast with Aster’s $48 billion.
The buying and selling burst fueled a sharp rise in Aster’s token, which climbed to a new high of $2.40 and pushed its absolutely diluted valuation to round $20 billion.
Total worth locked on the platform additionally spiked, leaping from $366 million a week in the past to $1.78 billion, a acquire of almost 400%.
Aster has defied recent market movements to grow to be one of many best-performing property over the previous week. The platform has drawn important curiosity after Binance founder Changpeng ‘CZ’ Zhao expressed strong support on social media.
Stablecoin progress and L1
Aster has additionally expanded the availability of its USDF stablecoin, issued with custody help from Ceffu.
Messari knowledge reveals the availability grew 4x in dimension to 262 million tokens over the previous week, and if the tempo holds, the determine might attain $1 billion quickly.
Meanwhile, the platform’s each day income surged to $9 million on Sept. 24, rating it forward of Circle and second solely to Tether.
In a current interview, Aster CEO Leonard mentioned Aster is working inside exams for a proprietary Layer 1 blockchain, shifting past its preliminary construction that relied on a number of networks.
The developments come amid an industry-wide growth in perpetual futures buying and selling. In August, on-chain derivatives quantity totaled $765 billion, surpassing the whole market throughput recorded in 2023.
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