Aster's daily revenue surpasses Hyperliquid by 3 times, and the XPL refund event demonstrates astonishing resilience.

Aster DEX quickly rebounded after experiencing abnormal Fluctuation events in XPL Perptual Futures, with a daily income reaching 16.17 million USD, ranking second in the encryption income list, just behind Tether, and surpassing its competitor Hyperliquid by more than three times. This astonishing performance not only demonstrates the platform's strong resilience but also reflects the explosive growth potential of the Decentralization derivatives trading market.

Aster Revenue Surge: From Crisis to Opportunity in 24 Hours

According to the latest data from Defillama, Aster's revenue surged to approximately $16.17 million in the past 24 hours, second only to the stablecoin giant Tether's $22.08 million, temporarily ranking second on the cryptocurrency revenue leaderboard. This achievement is particularly noteworthy as it occurred just after the platform experienced abnormal fluctuations in the price of XPL Perptual Futures.

What surprised the market even more is that Aster's daily revenue reached more than three times that of its competitor Hyperliquid. Data shows that during the same period, Hyperliquid's revenue was only 4.9 million dollars. This gap clearly demonstrates Aster's strong position in the field of decentralized derivatives trading.

Rapid recovery and full compensation after the XPL incident

(Source: Trading View)

Aster's income surge is even more significant because it occurred right after the platform had just dealt with the abnormal fluctuation event of the XPL Perptual Futures. Earlier this week, Aster detected abnormal behavior in the XPL Perptual Futures, leading the exchange to suspend related activities.

According to on-chain analyst Abhi's analysis, this incident originated from an index configuration error: the index price was hard-coded to $1, while the mark price ceiling was around $1.22. When the ceiling was removed without correcting the index, the price of XPL on the Aster platform soared to nearly $4, while prices on other exchanges stabilized around $1.3.

In response to this technical failure, Aster quickly took action, assuring the community of the safety of user funds and committing to fully compensate the losses of affected traders. The platform stated in an official announcement: "The compensation for the XPL violation incident has now been fully distributed. All affected users have received compensation directly credited to their accounts in the form of USDT. Thank you for your patience and understanding during this process."

This quick and transparent crisis management approach has earned market trust, and affected users reported that their funds were recovered within a few hours. However, a few users also reported a decrease in trading points, asking, "Why do I have over a hundred thousand fewer trading points than yesterday? Can points still be deducted? What is the reason for this?" a user inquired on social media.

Aster and Hyperliquid: Market Competition in Decentralization Derivatives Trading

The competitive landscape between Aster and Hyperliquid is particularly noteworthy, as both represent different development paths in decentralized derivatives trading.

· Differences in Technical Architecture and Market Positioning

Aster DEX operates on the CEX chain, which inadvertently makes it a market competitor to Hyperliquid, publicly supported by the founder of CEX. The two platforms have clear differences in technical architecture and market positioning:

Aster: Focused on multi-chain deployment, currently operating mainly on CEX chain, offering up to 300 times leverage trading.

Hyperliquid: Utilizing a self-developed L1 chain, emphasizing high performance and low latency trading.

This differentiated strategy allows the two platforms to attract different types of traders, but Aster's recent revenue data indicates that its market strategy may be more aligned with the current encryption market demands.

· User rise and market share

(Source: Dune)

Data from Dune Analytics shows that Aster has not only surpassed Hyperliquid in terms of revenue but has also performed well in user growth. Currently, the total number of trading users reported by Aster has exceeded 2.57 million, with nearly 468,000 new accounts added in just the past 24 hours.

This explosive rise reflects the strong demand in the market for decentralized derivatives trading platforms, especially those that can provide an experience similar to centralized exchanges while maintaining the advantages of decentralization.

· Whale Accumulation: A Confidence Signal from Institutional Investors

In addition to impressive income and user data, the whale activity of Aster's native token has also attracted market attention. Market analyst Mario Nawfal reported that a large holder recently accumulated 55 million ASTER tokens within two days, worth approximately $115 million.

This type of large-scale accumulation is often seen as a manifestation of confidence in the long-term development prospects of the platform. Especially after the XPL event, such significant investments further highlight institutional investors' recognition of Aster's technological strength and market position.

Market Speculation and Future Development

The large-scale accumulation of whales has sparked many speculations in the market regarding the future development of Aster:

Possible token economic model update: accumulation by large holders may signal upcoming improvements to the token economic model.

New features or product line expansion: the platform may plan to launch new trading functions or product lines.

Potential strategic cooperation: Possible partnerships with other major encryption projects or financial institutions.

Regardless of the circumstances, this level of institutional confidence has provided strong support for Aster in the highly competitive decentralized derivatives trading market.

Future Prospects of Decentralization Derivatives Trading

Aster's revenue surge and rapid user growth reflect a broader market trend: Decentralization derivatives trading is moving from the early adoption phase to the mainstream market.

· Technical Challenges and Risk Management

Although the XPL incident was handled quickly, it also highlighted the technical challenges faced by decentralized derivatives trading platforms. Configuration errors, oracle failures, or smart contract vulnerabilities can all lead to severe market disruptions.

As these platforms attract more users and capital, establishing stronger risk management systems and failure recovery mechanisms will become crucial. Aster's quick response capabilities demonstrated during the XPL event provide a positive example for the industry.

· Regulatory Considerations and Compliance Development

With the popularity of decentralized derivatives trading, regulatory attention will also increase. Platforms need to find ways to adapt to the regulatory requirements of different jurisdictions while maintaining the spirit of decentralization.

The development paths of platforms like Aster and Hyperliquid will provide valuable experience for the entire industry, especially in terms of user protection, market integrity, and compliance operations.

Conclusion: Market Resilience Demonstrated in Crisis

Aster's revenue surged to $16 million after the XPL event, showcasing not only the platform's technical resilience and market trust but also reflecting the strong demand and development potential of the entire decentralized derivatives trading market.

As the number of users continues to rise and whales actively accumulate platform tokens, Aster seems to have established its leadership position in the field of decentralized derivatives trading. However, technical challenges and regulatory uncertainty remain issues that need ongoing attention and resolution in this field.

For investors and traders, the competition between Aster and Hyperliquid will drive innovation and progress throughout the industry, ultimately benefiting users seeking a more efficient and secure decentralized trading experience.