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"For the past year, Hyperliquid has dominated onchain derivatives trading. Nobody's come close to touching their market share or technology.
But recently, one of the biggest names in crypto has been tweeting about Aster like it's the second coming of DeFi. With billions behind it and some truly unhinged features, could Aster threaten Hyperliquid’s reign?
Today, we find out."
~ Coin Bureau
The video provides an honest review comparing two major on-chain derivatives trading platforms, Hyperliquid and Aster, highlighting their vastly different approaches to decentralized finance. Hyperliquid was founded by a former high-frequency trader who, despite initial claims of bootstrapping and rejecting venture capital, built a vertically integrated system: its own Layer 1 blockchain, Hypercore, and custom HyperBft consensus, allowing for exceptional speeds of up to 200,000 orders per second. This architecture aims for aggressive, on-chain transparency. In contrast, Aster is backed by major crypto entities, including Binance co-founder CZ's family office, and employs a horizontal integration strategy, aggregating liquidity across multiple chains like Ethereum, Solana, and BNB. The video frames Hyperliquid as a technically pure "Formula 1 car" designed for efficiency, while Aster is the aggressively marketed "Swiss Army knife" aiming for mass appeal.
In terms of features and adoption, Hyperliquid is the current market leader, dominating with billions in TVL and strong, deflationary tokenomics for its HYPE coin, which utilizes a substantial portion of protocol fees for buybacks and burns, tying its value directly to trading volume. The platform offers traditional perpetual futures and social trading vaults. Aster, leveraging its powerful backing, has focused on innovative and unique features, including 24/7 stock perpetuals for assets like Apple and Tesla, as well as a highly speculative 1001x leverage option. Its ASA token has been distributed via a massive, rolling airdrop schedule designed for long-term engagement. While Hyperliquid is lauded for its superior engineering and genuine revenue generation, Aster is recognized for its aggressive growth, market influence (often fuelled by CZ's tweets), and product innovation. Ultimately, the video suggests that while Hyperliquid may be the better-built DEX today, Aster's strategy of powerful distribution and unique product offerings might matter more for long-term success in the competitive crypto landscape.
0:00 Intro
1:09 Origins and Money
3:57 The Exchanges
9:34 The Native Cryptos
15:44 Adoption, Potential and Risks
17:58 What Could Kill Them
19:50 The Verdict
Source - Coin Bureau YouTube: https://www.youtube.com/watch?v=rTcAGxSJicw
Disclaimer: This video is provided for informational purposes only, and not offered or intended to be used as legal, tax, investment, financial, or any other advice.
