New perp DEXs like Aster, Lighter, and edgeX are starting to attract liquidity. Our latest Enterprise Note compares volumes, address overlap, and capital flows between these new players and Hyperliquid. Full breakdown 👇
New perp DEXs like Aster, Lighter, and edgeX are gaining traction, but is it organic or mercenary capital? Vol-to-TVL is a quick metric for inflated activity Hyperliquid has stayed ~2.5 YTD, while newer perp DEXs are higher, implying some incentive-driven flow / wash trading
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