HYPEvsASTER: Who is the future of Perp DEX? Rocket or Submarine?

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Short term (6–12 months): $ASTER is more explosive but carries higher risks.

Advantages: Backed by BNB Chain + CZ's implicit endorsement, ensuring traffic and exposure;

Extreme incentives (1001x leverage, high buyback, airdrops) quickly attract new users, with trading volume repeatedly surpassing Hyperliquid;

In a “challenger” position, market sentiment is easily stirred to hype the “disruptive narrative.”

Risks: Buyback tokens are only partially destroyed, and airdrops create future selling pressure;

Users primarily engage in short-term speculation, OI (open interest) is far below HL, lacking deep stickiness;

If trading volume declines, the buyback engine will quickly stall.

📌

Suitable audience: High-risk takers, trend traders, and funds that believe in the “CZ narrative.”

✅

Medium to long term (1–3 years): $HYPE has a more solid fundamental basis and higher win rate.

Advantages: 97% of protocol revenue used for buybacks + 100% destruction, the deflationary mechanism is real and sustainable;

Although the team unlocks a lot, the actual sell-off is minimal, and some even buy back, showing a strong willingness to defend the price;

Users are mainly professional traders and institutions, with OI exceeding $9.3 billion, and ecosystem health is high;

Technology is mature (order book + low latency), validated through multiple bull and bear cycles.

Disadvantages: Lacks a “breakout narrative,” growth tends to stabilize, weak attraction to retail investors;

In marketing and incentives, it is not as aggressive as Aster, and short-term trading volume may be suppressed.

📌

Suitable audience: Value investors, DeFi native users, and those who believe in the “cash flow discounting” logic.

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Key decisive factor: Watch for market style switches.

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Final conclusion:

If you bet on the “next hundred-fold dark horse” — choose $ASTER.

It has the chance to leverage CZ + BNB ecosystem + high leverage narrative at the beginning of a bull market to create an independent trend. But if you want to “cross through the bull and bear's underlying assets” — choose $HYPE.

Its token economics are more honest, destruction is more thorough, and users are more genuine, being the closest existence to “cash flow assets” in the Perp DEX track.

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In summary:

ASTER is a rocket, fast but with limited fuel; HYPE is a submarine, deep but able to endure storms.