Aster continues meteoric rise to news highs, USDF grows 4x in a week
Aster climbed to a brand new document excessive on Tuesday after the decentralized derivatives platform overtook Hyperliquid in buying and selling quantity for the second day in a row.
DefiLlama information exhibits 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.
Regardless of the surge, Hyperliquid nonetheless leads on a month-to-month foundation, recording practically $300 billion in transactions over the previous 30 days in contrast with Aster’s $48 billion.
The buying and selling burst fueled a pointy rise in Aster’s token, which climbed to a brand new excessive of $2.40 and pushed its totally diluted valuation to round $20 billion.
Whole worth locked on the platform additionally spiked, leaping from $366 million every week in the past to $1.78 billion, a acquire of practically 400%.
Aster has defied current market actions to turn out 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 sturdy assist on social media.
Stablecoin progress and L1
Aster has additionally expanded the provision of its USDF stablecoin, issued with custody assist from Ceffu.
Messari information exhibits the provision grew 4x in measurement to 262 million tokens over the previous week, and if the tempo holds, the determine might attain $1 billion quickly.
In the meantime, the platform’s every 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 stated Aster is operating inner exams for a proprietary Layer 1 blockchain, transferring 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 your entire market throughput recorded in 2023.
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