Aster, a multi-chain derivatives platform, has surpassed Hyperliquid in total value locked (TVL) within the decentralized finance (DeFi) perpetual contract market. Aster's TVL surged from $660 million to $1.005 billion, outpacing Hyperliquid's $5 billion. This growth was accompanied by a 1,650% increase in Aster's native token, ASTER, reaching $0.528. Despite Aster's rapid ascent, Hyperliquid continues to lead in daily trading volume, averaging $12.8 billion. Aster's expansion is largely attributed to airdrop-driven user acquisition, with 330,000 wallets joining on the first day and a total of 2 million users by September 2025. However, there are concerns about the sustainability of this growth, as critics suggest many accounts may be airdrop farmers. Meanwhile, Hyperliquid has focused on organic growth, increasing its active traders from 31,000 in 2024 to 300,000, supported by its custom Layer 1 blockchain capable of processing 200,000 orders per second.