Aster Surges 33,500% in Open Interest, Tops Hyperliquid in Daily Volumes

Aster, a decentralized permanent exchange in the BNB chain, saw a surge in open interest at nearly 33,500% within a week and challenged its top rival, high lipids.

On Wednesday, Coinglass data showed Aster’s public interest increased from $3.72 million on Friday to $1.25 billion at the time of writing. The surge in active contracts shows that traders are loaded onto the platform and are challenging their biggest competitor, Hyperquid.

Open profit refers to the total number of unresolved contracts that have not been resolved. It is used as a key indicator to measure liquidity for projects and market convictions. Aster’s surge in open profits showed that traders were willing to deploy capital on the platform.

In addition to open interest, the total value of Aster is locked (TVL). Another important indicator of distributed finance (DEFI) has also increased. On Wednesday, Defillama data showed Aster’s TVL was $1.855 billion, up 196% from $625 million on Friday.

Aster passes through high lipids in a 24-hour volume

Defillama data also showed Aster had smashed through its daily permanent trading volume on Wednesday, surpassing around $24.7 billion in the last 24 hours.

This surpassed Aster’s 24-hour performance, Hyperliquid, the strongest competitor, recorded only about $10 billion on Wednesday. Players like EdgeX and Lighter continued in the daily volume range of $8.25 billion and $6.18 billion, respectively.

While Aster surpassed Hyperliquid’s daily volume performance, distributed exchanges (DEX) still commands deeper fluidity over the long term.

High lipids remain on the chart for their permanent volumes of 7 and 30 days. Over the past week, Hyperliquid has recorded $66 billion, nearly $300 billion over the past 30 days.

Related: Machi Big Brother ends $25 million hype with a loss of $4 million when rivals eat high fat market share

CoinMarketCap and BNB Chain Support Push Aster Up

On Friday, a spokesman for the BNB chain told Cointelegraph that Aster received support and support from YZI Labs (formerly Binance Labs). This includes mentorship, ecosystem exposure, and access to technical and marketing resources.

Crypto Data Platform CoinMarketCap has supported Aster through the CMC Launch program, a LaunchPad that features a new project.

CMC launch lead Jin Chu told Cointregraph that the campaign supporting Astor has produced major revelation.

This included over 5 million reach through 400 million homepage banner impressions, over 3 million tweet impressions, newsletters, app notifications and media coverage.

“The campaign recorded over 1.5 million views at live events, 1.5 million landing page clicks and over 500,000 clicks on Astor’s project page,” added Chew.

Binance acquired CoinMarketCap in April 2020 for a private amount. But when asked if YZI Labs or Binance had his hand on Aster, who was chosen for the launch of CMC, Chu said no.

He told CointeLegraph that the project was selected based solely on its merits, in line with CMC launch eligibility criteria, including innovation, market potential and community traction.

“Binance and Coinmarketcap are separate entities with independent operations,” Choo told Cointelegraph. “Binance has no control or impact on how CoinmarketCap is managed and operated, such as how project promotions are carried out.”