
Special Feature | Challenging the CEX throne: The battle for Perp DEX is in full swing
From HyperLiquid's monopoly to Aster's breakthrough, how will the on-chain derivatives track reconstruct the old landscape dominated by CEX?
2025-09-25
Hyperliquid: King of Perp DEX
Deconstructing the Panorama of HYPE Valuation: How does Hyperliquid support a market value of tens of billions?
The 12-person team earns an average of $3 million per day, and $300 million in buying is on the way.
2025-07-30
finance
invest
Coinbase
With a TVL of $3.5 billion and an order book depth exceeding that of CEX, Hyperliquid holds a 73% market share.
All indicators continue to rise, while the price-to-earnings ratio is only 15.
2025-08-15
exchange
DeFi
With a price-to-sales ratio of only 12 times, is HYPE, which just hit a new high, still undervalued?
Calculated by price-to-sales ratio (P/S), HYPE is the cheapest asset among mainstream public chains, with a price-to-sales ratio of 12 times, 90% lower than similar assets.
2025-08-28
DeFi
Behind the Hyperliquid craze: How to break the five major traps of Perp DEX?
Hyperliquid has ignited the Perp DEX craze, and the five major mechanism vulnerabilities it exposed are driving the reconstruction of the next-generation protocol.
2025-09-04
DEX
Seven Reasons to Be Optimistic About Hyperliquid: The Evolutionary Path from DEX to L1 Ecosystem
Just as the Solana ecosystem exploded in late 2023, the Hyperliquid ecosystem is in a similar early stage of explosion.
2025-09-09
DEX
深入聊聊Hyperliquid的成功之道与隐忧
今年来看到的最好的项目。
2025-09-22
DEX
HYPE's Sword of Damocles
It is probably no coincidence that Changpeng Zhao launched Aster two months before HYPE was unlocked.
2025-09-23
DEX
DAT
Burning Half of $HYPE? A Radical Proposal Sparks a Debate on Hyperliquid's Valuation
Does a project on a chain serve big money or grassroots crypto natives?
2025-09-23
DEX
Aster
Binance creates two more “mini-Binance” platforms
Through Alpha and Aster, Binance is building an on-chain empire.
2025-09-22
exchange
Binance
With a 1,650% increase at the start, is Aster taking over Hyperliquid's narrative torch?
Perpetual contracts are just the starting point for Aster. Its real ambition is to become the core infrastructure on the BNB Chain and to take on traffic from traditional markets and multi-chain ecosystems.
2025-09-19
DEX
BNB
BNB Chain
Observation on the ASTER craze: The token is soaring, and the ecological ambition has just begun
Popularity is the entrance, and whether you can retain users is the test.
2025-09-23
exchange
futures contract
DEX
Aster S2 Sprint Guide: $700 million airdrop, how can retail investors break through?
With scripts flying everywhere, do retail investors still have a chance?
2025-09-24
BNB
airdrop
Perp DEX track rookie
深度分析Perp DEX:Hyperliquid、Aster、Lighter、edgeX(1)
Hyperliquid扛起了“区块链精神”的旗帜——公开、透明、去中心化、用户主权。就像当年的币安扛着这面旗帜去反传统金融一样。
2025-09-20
DEX
PERP
After a 6000% surge, where is the "next Aster" in the perpetual contract DEX track?
Hot new markets don't have just one or two winners.
2025-09-21
DEX
airdrop
CEX goes left, DEX goes right: Why is Perp DEX's "third way" igniting the crypto market?
Neutral Exchange is a "spirit fusion technique" resulting from the long-lasting liquidity tug-of-war between CEX and DEX.
2025-09-22
DEX
深度分析Perp DEX:Hyperliquid、Aster、Lighter、edgeX(2)
目前Hyperliquid是要领先Aster一代的,像5代机对4代机的领先,但是在全方位体系化作战中,4代机未必一定会输,最终拼的是生态协同作战。
2025-09-23
DEX
PERP
CZ calls for orders in the Perp DEX era, these tools will help you seize the opportunity
They can help you get ahead of the curve.
2025-09-25
DEX
airdrop
Jia Yueting reviews Aster, and takes stock of 5 under-discussed Perp DEXs
An early-stage upstart decentralized contract exchange worth participating in.
2025-09-25
DEX
Solana
airdrop
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