ASTER, Hyperliquid Lead By DEX Volume As Bobby Ong Backs The Sector

As cryptocurrency gains more dominance, traders are increasingly leaning toward decentralized finance (DeFi) as it catches up with centralized finance (CeFi). In the past month, the DEX category surged in terms of prices and volume traded on the platforms.

The co-founder and CEO of CoinGecko and GeckoTerminal said that DEXs had established their role in the crypto economy. As traders looked to bet on the tokens, Bong Ong’s bold statement received both backing and backlash. He was heavily invested in Hyperliquid (HYPE), Aster (DEX), and Uniswap (UNI).

Perp DEX Volume In September

These narrative tokens were the leaders in the month of September in terms of gains and volume. ASTER was at the forefront, commanding a daily volume of $43 billion. Hyperliquid came in second, despite being launched first.

The last week of the previous month saw the majority of this increase in volume on ASTER. The total Perp DEX volume breached the $9 trillion mark.

The data showed that ASTER had capitalized properly on its early hype and CZ backing. Again, activity on BNB chain was booming, further adding to this outperformance against Hyperliquid.

However, this seemed like a chase by Binance, which was countering Hyperliquid. However, Bobby Ong backed the sector to perform similarly to CEX tokens.

CoinGecko Founder Says “DEX Category Is Here To Stay”

Bobby Ong believes that decentralized exchanges as a category are here to stay, pointing to the blistering development of both spot and perpetual exchanges.

He observed that whereas the DEXs were previously cumbersome due to poor liquidity and user interface, the current platforms now compete with centralized exchanges. “UX is great; it’s awesome.

Turnover is high, expenses are low. It is just as good as an exchange with no end, such as Binance Futures, as he clarified.

The CEO highlighted Hyperliquid as one of the success stories from its exceptional performance in this cycle in terms of growth. Bobby Ong noted HYPE had the largest open interest in terms of perp DEXs. He added that Hyperliquid was fifth in open interest and eighth in trading volume out of all exchanges.

This rush highlighted the structural shift in crypto trading, with DEXs such as Hyperliquid swiftly capturing market share from centralized participants. Centralized exchanges were discovering this, and they were becoming frightened, he added. This implied that the on-chain trading trend was driving CEXs to introduce competing products, such as ASTER, to keep up with the competition.

The comments supported the idea that better design, liquidity, and accessibility had not only rendered DEXs viable alternatives but also critical pillars of the contemporary crypto market.

Are ASTER, HYPE, and UNI Worth a Gamble?

In terms of their potential, the three stood a chance as some of the tokens to bet on while noting the risk associated with chasing narratives. At the same time, narratives can be rewarding in crypto, and the recent gains by ASTER, just after its launch, showed what could happen.

ASTER was consolidating between two zones, and if the current held, traders could target higher zones. The altcoin had similarly paused its uptrend to HYPE. HYPE was trading at $43, a 26% discount from its peak. Uniswap was at $7.80, a few months after breaking above $10 with zeal.

Altogether, Hyperliquid, ASTER, and UNI were great tokens to ape if the DEX sector hype continues. In the meantime, traders needed to watch the risk involved in chasing narratives and their potential.