Platforms such as SushiSwap, PancakeSwap and Curve used yield farming and governance token incentives to draw in liquidity, resulting in rapid accumulation of funds onchain. The competition focused on attracting with total value locked (TVL). Uniswap emerged as a leader by establishing practices like liquidity mining and tokenized participation. In 2025, Hyperliquid, a decentralized exchange (DEX) built on its own blockchain, achieved significant growth, handling over $300 billion in trading volume and reaching daily activity close to $17 billion. Its success was partly due to a points-based rewards program, which culminated in an airdrop totaling 27.5% of its token supply, worth around $7 billion to $8 billion, leading to strong user participation.

Competing against Hyperliquid, Aster, a DEX on BNB Smart Chain, gained traction by occasionally reporting trading volumes in the tens of billions. Its connection to Changpeng “CZ” Zhao, the co-founder of Binance, has drawn market attention. Another challenger, Lighter, built on an Ethereum rollup, reported daily trading volumes exceeding $8 billion. This has shifted the competitive landscape into a three-way race for market share. According to Calder White of Vigil Labs, Aster’s growth appears driven by narrative tactics, whereas Hyperliquid has more organic engagement from serious traders, with both Aster and Lighter using similar points-to-airdrop strategies to boost liquidity.

Aster’s rapid expansion is bolstered by its connection to CZ, who advises Aster and has transformed it into a notable DEX. The exchange now offers tokenized stocks and plans for its own layer-1 blockchain, making it an innovative player with DEX design. A significant driver of Aster’s rise is its airdrop program, which recently distributed 320 million tokens worth $600 million, creating strong trading activity. Speculation exists that Aster might use part of its earnings for token buybacks, promising continued interest even after the airdrop period. Participants can earn large rewards through active trading, with substantial payouts possible for the most engaged users, although lasting trading commitment post-incentives remains uncertain.

Lighter stands out for its technical features, including a custom Ethereum layer-2 with very fast matching speeds. It provides zero trading fees for regular users while charging institutional ones, fostering rapid growth with its Lighter Liquidity Pool (LLP) program that offers around 60% annual percentage yield (APY). Access to this pool depends on users’ points balance, rewarding more active traders. The exchange has seen considerable trading volumes and is building anticipation for a future token launch, even though no token currently exists. An over-the-counter market for Lighter points is emerging, with prices significantly increasing since launch.

Examining open interest (OI)—the total value of open trades—provides insight into DEX value. Hyperliquid has $13.2 billion in OI and a market cap of about $15.2 billion, while Lighter has around $2.1 billion in OI, potentially leading to a market cap of about $1 billion-$1.1 billion upon token launch. If 15%-20% of tokens get allocated to the community, this could result in an airdrop valued at $750 million-$1.1 billion, marking a significant distribution similar to Hyperliquid’s.

There is increasing participation from institutional liquidity, with funds starting to allocate capital to onchain derivatives as concerns over slippage and compliance diminish. Hyperliquid’s focus on speed appeals to professional traders, Aster’s Binance ties draw attention from Asian markets, and Lighter attracts prop-trading firms seeking secure yields. Future competition in DEXs might pivot from airdrop strategies to whichever platforms can provide reliable support for larger capital investments. Despite heightened competition, Hyperliquid remains a benchmark in onchain derivatives, bolstered by its superior open interest and execution quality while continuing to innovate with features like HIP-3 and new token introductions.