The cryptocurrency landscape is witnessing a significant shift in protocol revenue generation, with emerging decentralized platforms challenging the long-standing dominance of stablecoin issuers. Aster, a relatively new perpetual decentralized exchange (DEX), has recently surpassed Circle in daily protocol revenue, indicating a broader trend of decentralized finance (DeFi) protocols becoming more adept at capturing trading fees. This development signifies a potential recalibration of liquidity and innovation flows within the digital asset ecosystem.
Aster’s Ascent in Protocol Revenue
Since late September, Aster has consistently outpaced Circle in terms of protocol revenue. On September 24, Aster recorded $12.03 million in revenue, exceeding Circle’s $7.71 million, which aligns with its typical daily earnings. This trend continued the following day, with Aster generating $16.33 million while Circle’s revenue remained around $7 million. This sustained divergence suggests Aster’s rapidly growing user base and transaction volume.
Aster, positioned as a competitor to existing perpetual DEXs like Hyperliquid, has experienced rapid growth, attracting both individual traders and institutional interest. Its impressive revenue streak is attributed to factors such as significant whale activity, its proprietary private order book, increasing adoption of DeFi services, and notable endorsements, including one from former Binance CEO Changpeng Zhao (CZ). This dynamic marks a significant development in the ongoing competition among decentralized perpetual trading platforms.
Stablecoin Giants Maintain Top Positions
Despite Aster’s impressive performance, Tether continues to hold the leading position in protocol revenue by a considerable margin. Stablecoin revenue streams typically derive from transaction fees, lending interest, and treasury operations. Tether’s persistent dominance in this area is further solidified by its strong market position and investor interest from firms like SoftBank and Ark Invest.
Reports indicate that Tether, currently a private entity, is exploring a significant fundraising round, potentially securing between $15 billion and $20 billion through a private placement. This could potentially value the El Salvador-based company at approximately $500 billion, although these figures represent top-end targets and the final valuation will depend on the stake offered. Tether’s Chief Executive, Paolo Ardoino, has confirmed that the company is indeed considering fundraising from select high-profile investors, though details remain confidential.
In a strategic move to bolster its presence in the United States, a market increasingly seen as favorable to cryptocurrency, Tether appointed former White House crypto policy executive Bo Hines as a strategic adviser in August. This move signals Tether’s commitment to expanding its operations and influence within key global markets.
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