Key Insights

• A new phase in DEX competition is emerging, focusing on trade speed, leverage, and robust infrastructure rather than just token rewards.
• Hyperliquid is currently at the forefront, boasting over $300 billion in monthly volume and significant institutional interest.
• Aster’s rapid ascent is fueled by airdrops, its connection to Binance, and appealing leverage for traders.
• Lighter is gaining ground with its Ethereum layer-2 structure and a unique zero-fee trading model.

Traditionally, platforms like SushiSwap and PancakeSwap attracted liquidity through yield farming and governance tokens. This early strategy prioritized attracting total value locked (TVL) over foundational speed and sophisticated infrastructure. Over time, Uniswap emerged as the clear leader.

Examining the DEX Liquidation Battles

Hyperliquid, a DEX using its proprietary blockchain, reported over $300 billion in trading during mid-2025 and achieved daily totals nearing $17 billion. Its effective liquidity and rapid transaction speeds have made it popular among traders. A key growth driver has been its points-based rewards system, which led to a significant airdrop to active user addresses, now valued at $7-8 billion.

Aster is rapidly contested in the market, with some days seeing trading volumes in the billions and connections to Changpeng “CZ” Zhao capturing market attention. Meanwhile, Lighter is challenging through a system that fosters exclusivity and rewards its users.

Aster’s Strategy for DEX Leadership

Aster capitalizes on CZ’s consultancy and is often dubbed as “Binance’s DEX.” The platform has introduced fractional stocks tradeable with high leverage and announced plans for a standalone blockchain. Its significant airdrop executed on October 5, 2025, distributed a large number of tokens to engage traders.

Rise of Lighter Through Airdrops

Lighter has positioned itself as a major player in DeFi with its technologically advanced zero-knowledge circuits aiming for high trading speed akin to centralized exchanges. Its zero-fee structure has prompted extensive trading, while anticipation for an impending token launch generates buzz and a speculative over-the-counter market.

Institutional Liquidity Join the Battlefield

The increasing participation from institutional investors represents a subtle but important twist in the DEX landscape. Platforms are adapting to showcase capabilities that meet the demands of significant funds seeking efficient trading environments.

Conclusion

Hyperliquid remains a benchmark with unmatched trading volume. However, as competition with Aster and Lighter intensifies, their strategies focused on incentives might prove equally impactful. The ultimate challenge will hinge on whether user engagement sustains after incentive-driven popularity diminishes.