Aster Dominates Hyperliquid in Revenue as DEX Battle Intensifies: Crypto Daybook Americas

Aster just flipped the script—outpacing Hyperliquid in the revenue race as decentralized exchange competition hits fever pitch.

The DEX Arms Race Escalates

Protocols are deploying everything from liquidity incentives to novel tokenomics. Traders flock to platforms offering the lowest slippage and fastest execution—Aster's recent surge suggests they're hitting the right notes.

Revenue Metrics Tell the Story

While traditional finance still debates blockchain adoption, decentralized exchanges are quietly building war chests. The revenue gap between top contenders keeps narrowing—until this week's shakeup.

Market Dynamics Shift Rapidly

One month's leader becomes next month's contender in the hyper-competitive DEX space. Platform loyalty lasts about as long as a meme coin rally—users follow the yields and innovation.

As Wall Street still tries to figure out custody solutions, decentralized exchanges are demonstrating real revenue generation—the ultimate metric that even skeptical traditional investors can't ignore.

What to Watch

• Crypto
  • 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).
• Macro
  • Sept. 24, 10 a.m.: U.S. August New Home Sales Est. 0.65M.
• Earnings (Estimates based on FactSet data)
  • None scheduled.

Token Events

• Governance votes & calls
  • None.
• Unlocks
  • Sept. 25: Venom (VENOM) to unlock 2.28% of its released supply worth $7.98 million.
• Token Launches
  • 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.

Conferences

• Day 2 of 2: Korea Blockchain Week 2025 “Impact” Conference (Seoul)
• Day 2 of 3: Blockchain Real Estate Summit (virtual)
• Sept. 24: Bitcoin Palooza (New York)
• Sept. 24: Fintech Revolution Summit Vietnam (Ho Chin Minh City)
• Sept. 24: Global Blockchain & Crypto Symposium 2025 (London)
• Day 1 of 2: Connected Britain 2025 (London)
• Day 1 of 2: ETHSofia (Sofia, Bulgaria)
• Day 1 of 2: Nordic Fintech Week (Copenhagen, Denmark)

Token Talk and Derivatives Positioning

• Metamask Token Hype Builds, While Aster Open Positions Surge 46%: Crypto Markets Today

Market Movements

• BTC is up 0.66% from 4 p.m. ET Tuesday at $112,769.17 (24hrs: -0.24%)
• ETH is up 0.14% at $4,183.16 (24hrs: -0.39%)
• CoinDesk 20 is up 0.18% at 4,034.77 (24hrs: -0.62%)
• Ether CESR Composite Staking Rate is down 5 bps at 2.85%
• BTC funding rate is at 0.0071% (7.7668% annualized) on Binance
• DXY is up 0.32% at 97.57
• Gold futures are down 0.34% at $3,802.60
• Silver futures are down 0.48% at $44.40
• Nikkei 225 closed up 0.3% at 45,630.31
• Hang Seng closed up 1.37% at 26,518.65
• FTSE is down 0.12% at 9,212.27
• Euro Stoxx 50 is down 0.14% at 5,464.60
• DJIA closed on Tuesday down 0.19% at 46,292.78
• S&P 500 closed down 0.55% at 6,656.92
• Nasdaq Composite closed down 0.95% at 22,573.47
• S&P/TSX Composite closed down 0.48% at 29,815.63
• S&P 40 Latin America closed up 1.17% at 2,957.33
• U.S. 10-Year Treasury rate is down 1 bps at 4.108%
• E-mini S&P 500 futures are up 0.17% at 6,726.25
• E-mini Nasdaq-100 futures are up 0.31% at 24,905.00
• E-mini Dow Jones Industrial Average Index are unchanged at 46,654.00

Bitcoin Stats

• BTC Dominance: 58.47% (-0.04%)
• Ether-bitcoin ratio: 0.03708 (-0.28%)
• Hashrate (seven-day moving average): 1,063 EH/s
• Hashprice (spot): $50.01
• Total fees: 2.79 BTC / $314,619
• CME Futures Open Interest: 142.21K BTC
• BTC priced in gold: 29.9 oz.
• BTC vs gold market cap: 8.38%

Technical Analysis

• XRP's daily chart shows that sellers once again failed to establish a foothold below $2.70 on Tuesday.
• The level has emerged as strong support over the past two months.
• Therefore, a potential break below the same could see more selling by holders, deepening the sell-off.

Crypto Equities

• Coinbase Global (COIN): closed on Tuesday at $320.07 (-3.58%), +1.12% at $323.64 in pre-market
• Circle Internet (CRCL): closed at $130.97 (-4.85%), +2.92% at $134.80
• Galaxy Digital (GLXY): closed at $33.14 (-1.63%), +1.39% at $33.60
• Bullish (BLSH): closed at $69.49 (+0.58%), +0.73% at $70
• MARA Holdings (MARA): closed at $17.71 (-3.49%), +1.3% at $17.94
• Riot Platforms (RIOT): closed at $17.07 (-2.46%), +2.64% at $17.52
• Core Scientific (CORZ): closed at $17 (-0.99%), unchanged in pre-market
• CleanSpark (CLSK): closed at $13.91 (+1.24%), +2.01% at $14.19
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $42.9 (-2.43%)
• Exodus Movement (EXOD): closed at $28.55 (-3.84%), +1.58% at $29

• Strategy (MSTR): closed at $327.78 (-2.43%), +1.25% at $331.88
• Semler Scientific (SMLR): closed at $32.66 (+1.87%), unchanged in pre-market
• SharpLink Gaming (SBET): closed at $17.01 (+2.41%), -0.41% at $16.94
• Upexi (UPXI): closed at $6.17 (+1.65%), -1.46% at $6.08
• Lite Strategy (LITS): closed at $2.63 (+1.94%)

ETF Flows

Spot BTC ETFs

• Daily net flows: -$103.8 million
• Cumulative net flows: $57.21 billion
• Total BTC holdings ~1.32 million

Spot ETH ETFs

• Daily net flows: -$140.8 million
• Cumulative net flows: $13.72 billion
• Total ETH holdings ~6.62 million

Source: Farside Investors

While You Were Sleeping

• Bitcoin 'Buy The Dip' Calls Surge, But Liquidity Trends Point to $107K as Potential Magnet (CoinDesk): Despite rising “buy the dip” chatter, analysts warn bitcoin may drift toward $107,000, where a major liquidity cluster sits, after losing support at key moving averages.
• Ripple, Securitize Bring RLUSD to BlackRock and VanEck Tokenized Funds (CoinDesk): Ripple’s stablecoin will serve as a 24/7 redemption bridge for BlackRock’s BUIDL and VanEck’s VBILL tokenized funds, with swaps enabled through Securitize smart contracts.
• Elliptic Lands HSBC Investment, Extending Big Bank Backing in Blockchain Analytics (CoinDesk): HSBC’s financial crime chief will join Elliptic’s board as the bank invests in the London-based firm to fund hiring and expansion amid rising demand for digital asset risk-monitoring tools.
• Trump, in Rhetorical Shift, Says Ukraine Can Retake All Its Land (Reuters): Trump said on Truth Social after meeting Zelenskiy at the U.N. on Tuesday that Ukraine could reclaim all occupied land, though U.S. policy remains unchanged.