Squiffs _ & Olivia Capozzalo
September 24, 2025

gm, Defiers!

Today’s big story:

While the perp DEX mania this year has been dominated by Hyperliquid, competitors are quickly gaining momentum.

In other news:

Swarm to launch tokenized stocks on Plasma
Base activity hits all-time high
HEMI rallies over 200% ahead of Binance listing
UNI holders slam lack of rev share as Uniswap metrics soar
1inch leads the way for cross-chain DeFi [SPONSORED]

Read more below! But first, please give our sponsors some love; they make this newsletter possible.

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Flare’s first FAsset, FXRP, is now live on mainnet, starting with FXRP, a 1:1 representation of XRP. The launch gives XRP holders access to DeFi tools, including lending, liquidity, and soon liquid staking. FXRP can be minted directly or swapped on SparkDEX, BlazeSwap, and Enosys, with incentives offering up to 50% APR. The protocol has undergone multiple audits, bug bounties, and continuous monitoring. FXRP marks the beginning of Flare’s XRPFi ecosystem and a new chapter for XRP utility

Learn more

We’re back! Here’s what you need to know in web3 today

📈 Markets in the Past 24 Hours

TICKER	VALUE	24H
Bitcoin	$112,958	0.02 %
Ethereum	$4,158.58	-0.82 %
XRP	$2.88	0.55 %
BNB	$1,011.96	0.46 %
Solana	$212.26	-3.11 %

Today’s Big Story

Competitors Come for Hyperliquid’s Pie as Perp DEX Meta Heats Up

2025 has been the year of the perp DEX, led by Hyperliquid, with total decentralized perpetual derivatives volumes exploding since Hyperliquid launched its token in November 2024.

There has been nearly $4.5 trillion traded in the on-chain perpetuals market since the Hyperliquid TGE — that’s 10% higher than the cumulative perpetual swap volumes between 2021 and November 2024.

Cumulative perp volumes. Source: DefiLlama

As a result of its huge churn of volume and revenue, aided by its 99% token buyback structure, Hyperliquid (and the HYPE token) has been DeFi’s big breakout in 2025.

However, success breeds competition. Now, Hyperliquid is being challenged for the first time since its TGE by the likes of Lighter and Aster. And in their wake, a slew of traders and farmers are looking to capitalize on the opportunity.

Lighter has been on most perp traders’ and DeFi farmers’ watchlist since it launched in Q1, but excitement surrounding the protocol is ramping up, led by its parabolic OTC points market, which has moved from $10 per point to $40 per point in a matter of weeks.

However, the surprise contender that has really shaken up the space comes in the form of Aster, a perp DEX offering derivatives, spot, and tokenized stock trading, and incubated by YZi Labs — previously Binance’s venture arm. The firm rebranded and announced its independence from the top CEX this January, but is still in part spearheaded by Binance co-founder CZ.

Aside from YZi Labs’ official support for Aster, CZ started tweeting about the DEX on his personal account exactly a week ago, and has been beating the drum for the Hyperliquid competitor non-stop since, sending its token on a massive 40x run from roughly 5 cents to nearly $2.30 per token.

ASTER 1-week price chart. Source: CoinGecko

The campaign is bolstered with points and airdrop incentives, and has created a full blown perp DEX mania, with whales un-staking and bridging their HYPE to Aster, while Lighter makes new all-time highs in TVL almost everyday.

Hyperliquid’s Dominance Slips

While the market is scrambling to find “the next Hyperliquid,” Hyperliquid itself is struggling. The HYPE token has plummeted from its freshly minted all-time high of $59 per token down to $45 in less than a week.

HYPE 1-week price chart. Source: CoinGecko

The competition is closing in on Hyperliquid quickly, with Aster recently flipping the long-dominant DEX in 24-hour perp volumes, despite being well behind in weekly and monthly volumes.

Perp DEXs by 24-hour volume. Source. DefiLlama

Meanwhile, HYPE holders are starting to get a little shaky on social media, and traders are doing everything they can to get a slice of the next great wealth generation event.

Squiffs, resident degen at The Defiant

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🎬WATCH

$100 Million DeFi DAT Chooses ETH | Ryan Zurrer

On the latest episode of The Defiant Podcast, Vinny sat down with crypto pioneer Ryan Zurrer to explore the strategy behind Game Square, the Jerry Jones-backed media powerhouse that bet $100 million on Ethereum instead of Bitcoin.

Ryan, who co-wrote the MakerDAO whitepaper and now leads Dialectic, shares why Ethereum dominates 5 out of 6 real-world crypto use cases, from stablecoins to DeFi, and how it’s emerging as the financial substrate of the future. The conversation dives deep into the evolution of DeFi, the lessons learned from past crypto cycles, and the importance of decentralization and fair launches in building sustainable ecosystems.

Top News in the Past 24 Hours

Swarm to Launch Tokenized Stocks on Plasma Mainnet Regulated DeFi platform Swarm is set to launch nine tokenized equities on Plasma when the blockchain’s highly anticipated mainnet launches tomorrow. Why it matters: Plasma is a high-profile project and investors have shown massive interest in the upcoming platform and its native token.
Base Activity Hits All-Time High on Airdrop Speculation Coinbase’s Ethereum Layer 2 network Base recently teased a native token for the first time since its launch in 2023, and activity on the chain is soaring as users rush to become eligible for the airdrop. Why it matters: Despite the activity spike, the number of active addresses on Base is declining, indicating that new users and capital are not meaningfully entering the ecosystem.
HEMI Rallies More than 200% Ahead of Binance Listing Bitcoin programmability layer Hemi launched its eponymous token at the end of August, and after a quiet start, HEMI has soared over the last two weeks. Hemi is co-founded by Jeff Garzik, an early Bitcoin core contributor, and the protocol centers around connecting the Bitcoin and Ethereum ecosystems. Why it matters: While listings often cause price pumps, the rally may also indicate demand for the growing Bitcoin DeFi sector.
Feature: UNI Holders Slam Lack of Rev Share as Uniswap Sees Record Volumes Uniswap, the second-largest DEX by trading volume, is nearing $1 trillion in yearly volumes, but holders of the platform’s UNI token are not reaping the benefits of its success.