The future for Hyperliquid appears to be dim. Indeed, the decentralized trading platform may encounter numerous challenges, some deemed “painful” by experts.
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Aster, a new DEX launched on the BNB Chain, has attracted significant market attention this week following a substantial price increase and high on-chain activity.
Traders and analysts note that the token’s surge has diverted capital from established competitors, while lively discourse from a prominent trader has intensified the situation.
Aster Overtakes Rivals in Volume and Revenue
Data from on-chain trackers indicates that Aster’s 24-hour perpetual trading volume has soared into the tens of billions, reporting figures around $23–$30 billion — more than double what Hyperliquid achieved in the same timeframe.
Reports suggest that the DEX is generating approximately $10 million in daily revenue, a number some sources claim is nearly four times Hyperliquid’s daily income.
Trader Assertions and Public Dispute
Crypto trader James Wynn, recognized for making significant leveraged trades and experiencing notable losses earlier this year, has publicly endorsed Aster and forecasted a gradual downturn for Hyperliquid.
Furthermore, CZ will not stop until $ASTER is #1.
He thrives on competition, enjoys creating, and is determined to win.
Hype may persist, but it will meet a slow and painful end, in my view.
With Aster already surpassing HL in volume. And with Aster being the superior… https://t.co/VhncTh28od
— James Wynn (@JamesWynnReal) September 24, 2025
Wynn’s remarks, shared across social media platforms, have been partly self-promotional and partly critical of Hyperliquid’s transparent order model. He contended that Aster’s hidden-order and MEV-mitigation features create a more secure environment for substantial investors.
According to reports, Wynn stated “Hype may persist, but it will face a slow and painful end,” a statement that has escalated the competition online.
Whales Acquiring and Major Withdrawals
On-chain data reveals significant wallets acquiring ASTER. Two major buyers are reported to have acquired approximately 118 million ASTER, valued at around $270 million, thought to account for about 7% of the circulating supply.
In the same period, a cluster of wallets withdrew 68 million ASTER (approximately $156 million), with one address transferring 50 million ASTER from an exchange.
These transactions indicate both aggressive accumulation and strategic repositioning by large holders.
Aster’s Product Offering Versus Hyperliquid’s Response
Reports highlight Aster’s advantages: MEV-free execution, hidden orders that maintain limit sizes confidential, and trading interfaces designed for both retail and professional users.
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This product narrative elucidates why some traders are reallocating capital. Hyperliquid has not remained idle; it has implemented strategies like a USDH stablecoin and other initiatives intended to bolster liquidity and expand its offerings.
Market data indicates that HYPE has declined from recent highs — with drops nearing 25% from its peak — as funds shifted into ASTER.
Featured image from SleepApnea.org, chart from TradingView
