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HYPE
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Yesterday, I posted that Plasma/XPL is first targeting half of Tron’s market cap, and many in the comments refuted my point, saying, "Plasma has 0 gas, it doesn’t make money," and "Tron is based on black and gray markets, it can’t migrate over." Let me share my perspective.
What the market needs is just a benchmark "anchor." You only need to know that Plasma is targeting the stablecoin public chain market of Tron + Eth, which is at least a market worth over 4 billion USD annually. Specifically, whether the final transfer has 0 gas and whether it generates 4 billion, 10 billion, or 40 billion in revenue by expanding market scale and providing derivative services, who knows?
However, in the past few days, market sentiment has been completely lifted by Aster. Aster is the darling of BN, and it peaked with a hype of 50% fdv. Similarly, XPL, as Tether's "son," has a relationship with Tether just like Aster does with Binance; the market's hot money will quickly react to this relationship. Those who missed out on Aster's hot money will all rush to XPL.
So, whether the derivative service revenue is higher than Tron’s gas, or whether the black and gray markets will migrate to Plasma, what significance does that have in the short term? You just need to know: 1. This is a huge market, a fdv of several billion is not high, 2. XPL is Tether's Aster, and the market, having just gone through Aster, can easily imagine this, 3. Just as Aster benchmarks against Hype, XPL also benchmarks against Tron, both having valuations of several hundred billion as "anchors."
The rest is just letting the market's imagination run wild.


憨厚的麦总
I chased Plasma when it opened at around 0.8, with an FDV of 8 billion and a considerable airdrop. Normally, I wouldn't chase a new coin like this. But I thought about one issue: USDT spends over 700 million dollars a year on transaction fees in Tron, and it will be even more for Ethereum (gas is more expensive). Assuming the total USDT gas fee market is 2 billion dollars a year, now that USDT has launched its own Plasma chain to capture this revenue, is an 8 billion FDV still expensive?


📊 Data: Aster's perpetual contract trading volume surpassed $100 billion in the past seven days.
DeFiLlama @DefiLlama data shows that the perpetual contract DEX Aster @Aster_DEX has exceeded $100 billion in trading volume over the past seven days, currently reaching $101.706 billion, surpassing Hyperliquid @HyperliquidX ($34 billion) and Lighter @Lighter_xyz ($5 billion), ranking first in the entire network for perpetual contract #DEX trading volume.
Additionally, Aster's fee revenue in the past seven days reached $39.56 million, surpassing UniSwap @Uniswap ($28.95 million), Jupiter @JupiterExchange ($27.76 million), and Hyperliquid @HyperliquidX ($21.26 million), ranking third in the entire network for protocol fee revenue, only behind Tether and Circle.


The more I research, the more I feel that HL is impressive. HyperCore (matching) + HyperEVM (interface) + Builder Core (distribution) seamlessly connect everything at once. This is not something that aster can achieve just by burning money in the short term. This product mechanism is not only suitable for perpetual contracts but also for on-chain stock trading, which will be a very large market in the next bull market.
Currently, the visible challenges are external high-pressure competition, compliance, and half of the tokens will be linearly unlocked over the next two years, amounting to 23.8%.
Let's keep observing; the current price is still too high. I hope there will be more FUD later 😂 If HL can undergo a rebirth, it will be the SOL of the next bull market.
About Hyperliquid (HYPE)
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Latest news about Hyperliquid (HYPE)

BNB Chain to Slash Fees as Aster Spurs On-Chain Exchange Wars
BNB Chain is preparing to cut fees and speed up block times, with Aster overtaking rival HyperLiquid in both revenue and token momentum.
Sep 25, 2025|CoinDesk

Hyperliquid's Newly Launched USDH Stablecoin Sees Over $2M Volume in Early Trading
USDH, backed by cash and U.S. Treasury securities, aims to reduce dependency on external stablecoins.
Sep 24, 2025|CoinDesk

Aster Leads Hyperliquid in Revenue as DEX War Heats Up: Crypto Daybook Americas
Your day-ahead look for Sept. 24, 2025
Sep 24, 2025|CoinDesk
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