tl;dr
In a stunning reversal, emerging DeFi platforms Avantis (AVNT) and Aster (ASTER) outshine established players like Hyperliquid and Jupiter, with AVNT jumping 66% and ASTER soaring 146% as traders flee to newer, riskier projects.
**Newcomers Outshine Established Players: Avantis and Aster Surge as DeFi Liquidity Shifts**
In a striking shift within the decentralized finance (DeFi) derivatives market, tokens from emerging perpetual trading decentralized exchanges (DeXs) have outperformed their more established counterparts, sparking speculation about where capital is flowing in this fast-evolving sector.
**Avantis and Aster Lead the Charge**
Avantis (AVNT) and Aster (ASTER) have become the stars of the show, with their native tokens posting jaw-dropping gains over the past week. AVNT surged 66% in seven days, climbing from $1.25 to $2.05. The token hit a peak of $2.64 on Sept. 21—a 320% jump from its $0.4880 launch price just days after debut. Meanwhile, ASTER rocketed 146%, jumping from $0.5623 to $1.39, with a high of $1.96 on Sept. 21, marking a 250% gain since its Sept. 18 launch.
The surge isn’t just about price. Avantis’ total value locked (TVL) jumped 27%, reaching $22.6 million, while Aster’s TVL exploded 228%, soaring to $1.21 billion. These figures, sourced from DefiLlama, highlight a growing appetite for newer protocols despite broader market retracements.
**A Boost from Binance’s CZ?**
The rally may owe part of its momentum to a high-profile endorsement. Binance founder Changpeng Zhao (CZ) recently tweeted support for Aster, a move that could have amplified visibility for the fledgling protocol. While no direct link is confirmed, such attention often fuels speculative fervor in crypto markets.
**Established Platforms Take a Hit**
While newcomers basked in the spotlight, veterans like Hyperliquid (HYPE) and Jupiter (JUP) faced declines. HYPE dropped 9.3% to $47.62, and JUP fell 8% to $0.4657 over the same period. Their TVLs also tanked, by 3.3% and 5.6% respectively. This divergence suggests traders are shifting capital toward newer platforms, betting on potential growth rather than stability.
**A Market in Flux**
The broader perpetual DEX market has seen a 16% retracement from its Sept. 13 peak of $6.1 billion in TVL to $5.1 billion as of Sept. 22. Yet, Avantis and Aster’s performances indicate that liquidity is migrating toward innovation. Newer protocols are luring users with improved user experiences, lower fees, and novel features, challenging the dominance of older players.
**The Question Remains: Sustained Growth or a Passing Fad?**
As the sector evolves, the sustainability of these gains is uncertain. Will Avantis and Aster maintain their TVL numbers, or will capital flow back to established platforms once the hype fades? The DeFi space has always been volatile, but this shift underscores a broader trend: investors are increasingly willing to take risks on unproven but innovative projects.
For now, the story is clear: in the world of decentralized derivatives, the underdogs are stealing the spotlight. But as with all crypto cycles, the next chapter could be written by the very platforms that once led the charge. What’s your take? Will the newcomers hold their ground, or will the old guard reclaim their throne?