Aster Overtakes Circle to Become Second-Largest Protocol by Daily Earnings

Aster has emerged as the second-largest protocol by daily earnings, surpassing Circle and trailing only Tether. Since September 24, Aster's revenue has consistently exceeded Circle's, breaking the duopoly previously held by the USDC issuer and Tether. On its debut day, Aster generated $12.03 million in protocol fees compared to Circle's $7.71 million.

The Aster DEX, a new perpetual futures exchange positioned as a competitor to Hyperliquid, has demonstrated explosive growth. Its revenue streak includes a $16.33 million haul on September 25, while Circle remained stagnant at $7 million. Whale activity, a private order book, and broader DeFi adoption have fueled Aster's rise, along with an endorsement from former Binance CEO Changpeng Zhao.

Tether maintains its lead, but Aster's 7-day fees now outpace Hyperliquid's by 2.6x. The protocol's rapid ascent underscores shifting dynamics in decentralized finance, where innovation and institutional interest are reshaping revenue hierarchies.