Aster Surpasses Circle in Daily Revenue Rankings
Aster has officially broken the long-standing Tether–Circle duopoly in protocol revenue generation. On September 24, the perpetual DEX recorded $12.03 million in daily earnings, surpassing Circle’s $7.71 million baseline performance.
This revenue surge positioned Aster as the second-largest protocol by daily earnings, trailing only Tether. The breakthrough marks a major milestone for decentralized finance, signaling growing competition between DeFi protocols and established stablecoin issuers.
Rapid Growth Signals Strong Institutional Interest
Aster’s meteoric revenue climb has continued beyond the initial breakout. On September 25, it generated $16.33 million, again outperforming Circle’s steady $7 million figure. This trend has persisted, with Aster’s daily revenue rising steadily.
Institutional players and high-volume traders are increasingly attracted to Aster’s ecosystem. Its private order book and tailored features appeal to whales seeking efficient execution, fueling the platform’s revenue acceleration.
Whale Activity and Innovation Drive Aster’s Success
One of Aster’s key advantages lies in its ability to attract significant whale activity. Its structure allows for high-frequency and high-volume trading, boosting protocol fee generation.
Additionally, Aster leverages innovative design choices, including enhanced privacy mechanisms and competitive fee models. These features help it stand out in a crowded DeFi landscape, drawing both liquidity and attention away from centralized revenue leaders.
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Endorsement from CZ Strengthens Market Position
Aster’s rise has also been fueled by backing from influential figures. Former Binance CEO Changpeng Zhao (CZ) has publicly endorsed the project, lending it credibility and visibility within the crypto community.
This endorsement has amplified institutional confidence, encouraging larger participants to engage with Aster’s trading environment. As a result, the protocol’s daily and weekly revenue figures have seen sustained growth momentum.
Perpetual DEX “War” Reshapes Revenue Landscape
Aster’s emergence comes amid intensifying competition in the perpetual DEX sector, often referred to as the “perps war.” By outperforming Circle and rival Hyperliquid, Aster is reshaping how revenue is distributed across the DeFi ecosystem.
The protocol’s seven-day fees are now 2.6 times higher than Hyperliquid’s, underscoring its rapid rise. This shift highlights how innovative DeFi models can challenge centralized players for dominance in revenue generation.
Tether Maintains Lead Amid Fundraising Ambitions
Despite Aster’s surge, Tether remains the top revenue generator, benefiting from transaction fees, lending operations, and treasury yields. The company is reportedly exploring a private fundraising round that could value it at $500 billion.
Tether’s dominant stablecoin position and strategic investor interest from groups like SoftBank and Ark Invest keep it at the top. Still, the growing competition from protocols like Aster suggests that its lead may eventually face stronger challenges.
DeFi Protocols Challenge Centralized Giants
Aster’s breakout represents more than just strong revenue numbers; it signals a broader market shift. DeFi protocols are evolving to capture larger trading fees and liquidity flows, threatening the stable dominance of centralized issuers.
As these decentralized platforms mature, they may continue to erode the revenue share held by Tether and Circle. Aster’s rise shows how quickly the crypto revenue hierarchy can change when innovation meets strong market demand.
