Hyperliquid has recently been the undisputed on-chain of Perps, and for months he has been taking the lion’s share of revenues, generating billions in volume and deleting the competition with low fees and liquidity. But beware of the horizon, new faces have appeared that want to dethrone the champion and win part of the cake for themselves. Aster, Avantis and Lighter – each of them has their own aces in his sleeve. The question is, who will win this battle?
The king is still on the throne, but the crown shakes
Hyperliquid is currently a cash for making money. With a volume of USD 200 billion in September and USD 2.7 trillion in all history, this is not just any player. Their hypercore and hyperevm are a combo, which gives CEX speed and Defi flexibility. This is what they started with their own Stablecoin USDH, which has a chance to mix up, cutting off from USDC and USDT. Sounds like a plan for dominance? Sure, but wolves have appeared who want to bite a piece of this prey. The Hype token hit after ATH, falling over 20%, and whales like Machi Big Brother refute positions with millions of losses. The upcoming unlocking of tokens (already in October) can pour the market with supply, which does not bode well.
Aster – BNB Chain counterattacks
Aster is a new player who got on the stage like a meteor. He started last Thursday and a few days jumped into the top 10 protocols in terms of Defillam’s revenues. Their token aster? He went up strongly, and the community is crazy, as if it was another Memecoin in 2021. On my X for several days I have only seen Aster and BNB, which recently hit his new ATH. What drives this hype? First of all, support from CZ – the founder of Binance, who in the world of crypto is like Midas, because what he touches, turns into gold. Aster works on BNB Chain, which gives them access to a huge ecosystem and liquidity.
Last week, they surpassed Hyperliquid in daily revenues (10m vs 3m USD) and volume (13.5b vs 9.6b USD) – this is not an accident. Their interface is intuitive, low fees, and rumors with potential listing on Binance CEX only turn up the atmosphere. If this happens, the aster can explode and knock out subsequent levels. But as always there is a small catch – the project is fresh, and the hype can be short -lived if they do not provide something more than promises. Yesterday CEO of Aster confirmed that they are also planning to start their own blockchain, which can be another big step that will attract new investors.
Avantis – 500x lever and Tesla on blockchain?
Avantis is another gem, but this time with Base, which enters the ring with an offer that Hyperliquid is not yet. Their advantage? You can play not only for crypto, but also on traditional actions, such as Tesla, Apple, Nvidia and many others. For this levar up to 500x – yes, five hundred times! This is a level of risk that attracts detegs, what Va Banque plays and dream of fast profit. From the start two weeks ago, the Avnt Token has grown 5x, and the community on X, Telegram and Discord grows faster than the Followersi celebrities on the thicket. Avantis focuses on the DEFI and Tradfi hybrid, which is rare in the world of Dex.
Their interface is simple and intuitive, and the ability to trade shares without intermediaries is a magnet for traders who want to bypass traditional stock exchanges. But there is also the other side of the coin, because such a jack is a double -edged sword. One bad move and liquidation sweeps the account to zero. In addition, Base, although fast, is still a young ecosystem, and the competition in the form of Hyperliquid has more fluidity and recognition. Avantis is a risky, but exciting option for those who like to play more risky.
Lighter – a quiet player without a token
Lighter is Enigma. He works as native L2, without its own token (still), and yet on Monday he pierced the aster in a 24-hour volume, challenging even hyperliquid. Their strength? Scalability, low costs and technology that works like a Swiss watch. In a world where gas fees can eat profits, Lighter offers cheap transactions and instant performance.
Without a token, they do not yet have the speculative fuel that drives the asteria or Avantis, but rumors about the upcoming Airdropie are already circling the X. If Lighter fires their token, we can see another gigantic start that we have not seen since the time of Uniswap. For now, this is a project for the patient – there is no flash, but the foundations are solid. In a world where Hype often wins with technology, Lighter plays long distance. The question is whether the market will give them time before Aster and Avantis scoop all their attention.
War of Dex? What’s going on here?
The Perp Dex market is now a real boiler. Hyperliquid still has an advantage with USD 6,48b on TVL (for comparison Aster has $ 1.3b, and Avantis and Lighter are far behind). But numbers are not everything, because Aster has impetus and binance support, which in crypto is like having an army. Avantis tempts the detegs with an extreme left and a unique offer, and Lighter lurks in the shade, ready to attack as soon as he fires the token. The narrative of “Perp Dex Wars” warms X to red, and investors see in this new gold fever.
Each of these projects attracts a different type of players. Aster to Hype and Momentum, Avantis is a risk and variety, Lighter is technology and patience. Hyperliquid? They play for everything, but the pressure is growing. Buybacks Hype and USDH can save them, but the upcoming unlocking of tokens (as much as 30% supply per year) is a ticking bomb. If the market is scared, hype can get on the head.
Who will win this race?
Hyperliquid is still a king, with technology and liquidity, whose new players can only envy. But Aster has the best chance to throw them a glove, because the support of CZ, the BNB ecosystem and potential listing on binance are rocket fuel. Avantis is for the brave, and their 500x levar and Tradfi offer is a magnet for detegs, but also the risk of crash if the market shakes. Lighter is a black horse, they are still in the shade without a token, but their tech is solid, and Airdrop can change the rules of the game.
In my opinion? Hyperliquid will not give the throne without blood, sweat and tears, but the aster may press them in a short term, especially if Binance releases the token to the spot. Avantis is an option for risks, and Lighter for those who play for a long distance. What to do? Follow Defilllam volumes, look at TVL and whale movements at X. Don’t be carried away by Fomo and remember that everything can happen in the crypto, and each of these projects has its pros and cons. Choose a favorite, but play with your head, because there are no certainty in this war.
