- Aster surpassed Hyperliquid in daily trading volume after announcing another token airdrop.
- Aster reported $13.5 billion in trading over 24 hours, leading Hyperliquid‘s $9.6 billion, according to DefiLlama.
- Aster users can earn points by trading, which convert to tokens after the campaign ends on October 5.
- The Aster token surged about 2,000% since a relaunch and is currently valued at $3.3 billion.
- Aster‘s user-incentive strategy mirrors previous attempts in decentralized finance to compete with larger rivals.
Aster, a crypto trading platform, has overtaken Hyperliquid in daily trading volume. This shift follows Aster‘s announcement of a second token airdrop, which drew large numbers of traders to the platform.
According to data from DefiLlama, Aster registered $13.5 billion in trading volume within 24 hours, while Hyperliquid saw $9.6 billion in the same period. On Monday, Aster told users it had redesigned its airdrop points program to boost rewards.
Traders on Aster earn points with each transaction, which will be converted into platform tokens when the campaign concludes on October 5. The exchange’s token, relaunched on September 17, has increased nearly 2,000% since then and now has a market value of $3.3 billion, reports CoinGecko.
Aster is supported by YZi Labs, formerly known as Binance Labs, and is associated with Binance founders Changpeng Zhao and Yi He. YZi Labs changed its name after Zhao’s release from prison related to U.S. money laundering violations. Appraising his investment, Zhao promoted Aster on his official social media accounts as the project operates on the BNB Chain, an ecosystem linked to Binance.
Offering new users free tokens is a practice seen before in crypto exchanges. Hyperliquid previously used a similar campaign for its HYPE token launch.
This approach, known as a “vampire attack,” has roots in the decentralized finance sector. For example, Sushiswap rivaled Uniswap in 2020 by offering extra token incentives. While Sushiswap initially attracted strong interest, its volume later dropped as token demand declined. Now, Sushiswap handles roughly $2.3 billion in monthly trading, compared to Uniswap’s $108 billion.
Aster plans to launch a third airdrop program after the current one closes. Whether the platform can keep its lead over Hyperliquid remains uncertain.
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