DeFi Derivatives Enter New Era With Aster Dominating $70B Market Surge

The decentralized finance (DeFi) derivatives market just posted its most explosive week to date, fueled by a newcomer whose reward system is reshaping trading behavior.

BNB Chain-based Aster has rolled out an aggressive points program tied to trading, minting, and holding on its exchange. The promise of a future airdrop has ignited frenzied activity across the platform, with community members quick to compare the current mania to past crypto incentive booms like 2018’s fee-mining rush and the DeFi summer of 2021. Some users are already warning newcomers that high volumes don’t necessarily equal sustainable growth.

Records Fall Across the Sector

Against this backdrop, perpetual DEX activity has gone parabolic. Earlier this week, sector-wide trading volumes climbed from $52 billion on Tuesday to $67 billion on Wednesday, before smashing through the $70 billion ceiling on Thursday. Aster commanded more than half of that action, clearing nearly $36 billion in a single day. Competitors such as Hyperliquid and Lighter, despite logging over $10 billion apiece, were left in the dust.

Aster’s Meteoric Rise

Since launching, Aster has quickly built up market depth. Within days, its open interest surged to $1.25 billion and total value locked more than doubled, surpassing $2 billion. What began with sub-$500 million daily turnover on launch week ballooned to volumes measured in the tens of billions, transforming the newcomer into the dominant force in decentralized perpetuals almost overnight.

What Comes Next?

The pace of growth has some analysts questioning how much of the activity is genuine demand versus short-term incentive farming. Still, the numbers signal that decentralized perpetuals are entering a new era. If Aster can sustain even a fraction of its current momentum once the rewards taper, the platform may establish itself as a long-term heavyweight in DeFi derivatives.

For now, one thing is clear: incentive-fueled or not, perpetual DEXs are setting records that edge them closer to rivaling centralized exchanges in scale and liquidity.