2026-01-04 15:25:38

After Lighter launched TGE, the landscape of the perpetual contract track has clearly been changing. The once-dominant approach of Hyperliquid now seems outdated. Currently, the three hottest Perp projects in the market—Hyperliquid, Aster, and Lighter—are increasingly close in trading volume and market share, making the competition a true three-way stalemate.

The interesting point here is: although these three projects have similar daily trading activity and market share, their circulating market caps are quite different. They are not even in the same order of magnitude.

Based on the ratio of annualized return to circulating market cap, Aster appears to have a more attractive cost-performance ratio.

But don’t forget the risk warning—no matter how strong the project team is, they cannot escape market correction. If you were to make a long-term value investment among these three options, which one would you lean towards?

LIT-8,2%

HYPE-0,87%

ASTER-4,44%

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probably_nothing_anon

· 1h ago

Aster's valuation is indeed a bit outrageous, but I still trust Hyperliquid's moat a little more.

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OnchainUndercover

· 01-06 04:37

Aster's cost performance is indeed worth considering, but it's a gamble on when the market will give it a valuation boost.

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0xLostKey

· 01-06 03:27

A three-legged stool, huh? Sounds nice, but it really depends on who lasts the longest. Aster's cost performance is indeed worth considering, but low market cap is a double-edged sword. A slight dip might make it hard to escape, friend. For the long term, it's safer to bet on Hyperliquid, even if it's not as sexy. Perpetual contracts are just betting on market sentiment. Even the best projects have to obey the cycle. I just want to know which of these three can survive the next bear market.

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AltcoinTherapist

· 01-04 15:55

Aster's cost performance is indeed top-notch, but I'm still hesitant. I'll wait for the market correction before making a move.

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GhostChainLoyalist