Aster Leads Hyperliquid In Revenue As Dex War Heats Up: Crypto Daybook Americas

What Happened

ASTR has surged 37% over 24 hours, the best performance among the top 100 tokens by market cap, whereas HYPE ranked among the worst performers. In recent months, Hyperliquid has lost market share to competitors like Aster and Lighter, making this an area investors should watch closely.

Meanwhile, data from CryptoRank shows Solana’s launchpad activity has sharply declined, with combined volume hitting a four-month low of $117 million. Active wallets have fallen below 100,000, and daily token project graduates – projects that have successfully completed their initial fundraising or token sale phases and moved on to public trading – have dropped to just 88, indicating reduced user engagement and fewer new launches.

Jeff Dorman, chief investment officer at Arca, challenged the idea of a broad crypto bull market, emphasizing that the 2025 rally is narrow and selective, focused on certain coins backed by exchange-traded funds (ETFs) and digital asset trusts (DATs) such as BTC, ETH, and SOL.

Sept. 24, 9 a.m.: DFINITY, the non-profit behind Internet Computer (ICP), holds its Internet Identity 2.0 AMA and Team Update event, unveiling its self-sovereign login solution. Sept. 24: Hedera (HBAR) mainnet upgrade (release v0.65). MacroSept. 24, 10 a.m.: U.S. August New Home Sales Est. 0.65M. Earnings (Estimates based on FactSet data)None scheduled. Sept. 24, 9 a.m.: DFINITY, the non-profit behind Internet Computer (ICP), holds its Internet Identity 2.0 AMA and Team Update event, unveiling its self-sovereign login solution. Sept. 24: Hedera (HBAR) mainnet upgrade (release v0.65). Sept. 24, 10 a.m.: U.S. August New Home Sales Est. 0.65M. None scheduled. Token Events Governance votes & callsNone. UnlocksSept. 25: Venom (VENOM) to unlock 2.28% of its released supply worth $7.98 million. Token LaunchesSept. 24: Griffin AI (GAIN) to list on KuCoin and Gate.io Sept. 24: PayPal USD (PYUSD) to list on BTSE. Sept. 24: Ethena USDe (USDE) to list on BTSE. Sept. 24: Aster (ASTER) to list on KuCoin. None.

Sept. 24: Hedera (HBAR) mainnet upgrade (release v0.65).

Sept. 24, 10 a.m.: U.S. August New Home Sales Est. 0.65M. Earnings (Estimates based on FactSet data)None scheduled. Sept. 24, 9 a.m.: DFINITY, the non-profit behind Internet Computer (ICP), holds its Internet Identity 2.0 AMA and Team Update event, unveiling its self-sovereign login solution. Sept. 24: Hedera (HBAR) mainnet upgrade (release v0.65). Sept. 24, 10 a.m.: U.S. August New Home Sales Est. 0.65M. None scheduled. Token Events Governance votes & callsNone. UnlocksSept. 25: Venom (VENOM) to unlock 2.28% of its released supply worth $7.98 million. Token LaunchesSept. 24: Griffin AI (GAIN) to list on KuCoin and Gate.io Sept. 24: PayPal USD (PYUSD) to list on BTSE. Sept. 24: Ethena USDe (USDE) to list on BTSE. Sept. 24: Aster (ASTER) to list on KuCoin. None.

None scheduled. Sept. 24, 9 a.m.: DFINITY, the non-profit behind Internet Computer (ICP), holds its Internet Identity 2.0 AMA and Team Update event, unveiling its self-sovereign login solution. Sept. 24: Hedera (HBAR) mainnet upgrade (release v0.65). Sept. 24, 10 a.m.: U.S. August New Home Sales Est. 0.65M. None scheduled. Token Events Governance votes & callsNone. UnlocksSept. 25: Venom (VENOM) to unlock 2.28% of its released supply worth $7.98 million. Token LaunchesSept. 24: Griffin AI (GAIN) to list on KuCoin and Gate.io Sept. 24: PayPal USD (PYUSD) to list on BTSE. Sept. 24: Ethena USDe (USDE) to list on BTSE. Sept. 24: Aster (ASTER) to list on KuCoin. None.

None. UnlocksSept. 25: Venom (VENOM) to unlock 2.28% of its released supply worth $7.98 million. Token LaunchesSept. 24: Griffin AI (GAIN) to list on KuCoin and Gate.io Sept. 24: PayPal USD (PYUSD) to list on BTSE. Sept. 24: Ethena USDe (USDE) to list on BTSE. Sept. 24: Aster (ASTER) to list on KuCoin. None.

Sept. 25: Venom (VENOM) to unlock 2.28% of its released supply worth $7.98 million. Token LaunchesSept. 24: Griffin AI (GAIN) to list on KuCoin and Gate.io Sept. 24: PayPal USD (PYUSD) to list on BTSE. Sept. 24: Ethena USDe (USDE) to list on BTSE. Sept. 24: Aster (ASTER) to list on KuCoin. None.

Token Launches

Market Context

Bitcoin (BTC) rebounded from Asian session lows of $111,000 to $112,800, repeating a pattern seen on Tuesday. However, the token remains below its 50- and 100-day simple moving averages (SMAs), with liquidity analysis and retail crowd sentiment signaling a potential for a deeper pullback. The CoinDesk 20 Index was down 0.7% over the past 24 hours, standing at 4,027.

Two notable developments have emerged. The competition between on-chain decentralized exchanges Hyperliquid and Aster has intensified, with Aster surpassing Hyperliquid in daily revenue. According to DefiLlama, Aster generated $7.2 million in revenue in the past 24 hours compared to Hyperliquid’s $2.79 million. This divergence is also reflected in their native tokens: ASTR’s market cap has soared from $931 million to $3.74 billion in seven days, while HYPE’s market cap has dropped from $14.88 billion to $11.73 billion.

In traditional markets, the U.S. dollar rose 0.4%, likely influenced by Federal Reserve Chairman Jerome Powell’s cautious remarks on rate cuts earlier in the week. Nasdaq futures showed gains, offering risk-on cues to the crypto market. Stay alert!

Why It Matters

By Omkar Godbole (All times ET unless indicated otherwise)

What to Watch

Details

Crypto

Macro

Earnings (Estimates based on FactSet data)

Sept. 24, 9 a.m.: DFINITY, the non-profit behind Internet Computer (ICP), holds its Internet Identity 2.0 AMA and Team Update event, unveiling its self-sovereign login solution.

Sept. 24, 10 a.m.: U.S. August New Home Sales Est. 0.65M.

None scheduled.

Token Events

Governance votes & calls

Unlocks

Sept. 24: Griffin AI (GAIN) to list on KuCoin and Gate.io Sept. 24: PayPal USD (PYUSD) to list on BTSE. Sept. 24: Ethena USDe (USDE) to list on BTSE. Sept. 24: Aster (ASTER) to list on KuCoin. None.

Sept. 24: PayPal USD (PYUSD) to list on BTSE.

Sept. 24: Ethena USDe (USDE) to list on BTSE.

Sept. 24: Aster (ASTER) to list on KuCoin.

None.