Aster Overtakes Circle to Become Second-Largest Protocol by Daily Earnings – Here’s How It Happened (2025 Update)
- The Rise of a Perp DEX Juggernaut
- Why Aster’s Revenue Engine Is Red-Hot
- The Stablecoin Titans Strike Back
- The Perps War Heats Up
- Your Aster Questions, Answered
The Rise of a Perp DEX Juggernaut
Move over, Circle – there’s a new revenue heavyweight in town. Since September 24, 2025, Aster has consistently outperformed the USDC issuer in daily protocol earnings, snapping the longstanding Tether-Circle dominance. CoinMarketCap data shows Aster raking in $12.03M on its breakout day versus Circle’s $7.71M, with gains accelerating to $16.33M by September 25. This isn’t just a flash in the pan; Aster’s 7-day fee volume now dwarfs rival Hyperliquid by 2.6x.
Why Aster’s Revenue Engine Is Red-Hot
Three factors fuel Aster’s meteoric rise: 1) A surge in whale activity leveraging its private order book (perfect for discreet large trades), 2) CZ’s public endorsement – the ex-Binance CEO called it "the most innovative perp DEX since 2024," and 3) Broader DeFi adoption as traders flock to decentralized alternatives. "Institutional players are clearly testing the waters," notes a BTCC analyst. "Aster’s fee structure rewards liquidity providers disproportionately – that’s catnip for yield hunters."
The Stablecoin Titans Strike Back
Don’t count Tether out yet. The OG stablecoin still leads by millions daily, thanks to its treasury operations and lending interest. Rumor has it Tether’s eyeing a $20B private placement at a staggering $500B valuation – though Paolo Ardoino’s keeping details under wraps. Meanwhile, Circle’s holding steady at its $7M/day baseline. "Stablecoins have deeper moats," admits one trader. "But Aster proves DeFi can compete on fees alone."
The Perps War Heats Up
This isn’t just about rankings – it’s a seismic shift in crypto economics. For years, stablecoins monopolized revenue streams. Now, protocols like Aster are proving trading fees can rival yield generation. Hyperliquid better watch its back; Aster’s already outpacing it, and with CZ’s clout behind it, this could be round one of a protracted battle. One thing’s certain: the 2025 "perps war" just got a lot more interesting.
Your Aster Questions, Answered
How did Aster surpass Circle in daily earnings?
Aster’s combination of whale-friendly features, viral endorsements, and aggressive LP incentives drove a perfect storm of adoption starting September 24, 2025.
Is Tether still the revenue leader?
Absolutely. Despite Aster’s gains, Tether maintains a multi-million dollar daily lead through stablecoin-related activities.
Could Aster threaten Hyperliquid’s market share?
Early signs suggest yes – Aster’s 7-day fees already triple Hyperliquid’s. But the perp DEX space evolves fast; staying on top requires constant innovation.
