$ASTER: From Underdog to Market Leader - $ASTER has expanded 3x+ in FDV since our initial note ($5B → $16.8B), with a sharp step up from $13.8B in our second coverage. - TVL has nearly 2.5x’d over the same period ($430M → $530M → $1B), underscoring accelerating onchain adoption. - 7D DEX perp market share climbed to 15.5% (from 4.7% → 5.4%), a clear sign of traction. - In the past 24hrs, $ASTER flipped $HYPE to become the largest perp venue with 35% share and $16B vol vs. $HYPE’s 21% and $9.6B. - This flippening extends to revenue, $ASTER is now the 3rd largest protocol behind only Tether and Circle, generating $6.8M in the past 24hrs, while $HYPE sits 4th at $2.7M. Just 10 days ago, $ASTER’s daily revenue was $280K, a ~24x jump, with most of the surge in the last 4 days. - Liquidity is consolidating on $BNB since $ASTER launch, off $357M onchain transfer vol, $130M (36%) went to $BNB. Inflows were led by $40.6M from $SOL, $36.4M from $ARB, $26M from $ETH, $15M from $BASE, $5.7M from...
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