Aster exploded 2000%+ in just one month. Now the question is simple: Are the others ready to follow with a 10x? → $HYPE vs $ASTER → $UNI vs $SUSHI → $DYDX vs $GMX 🟢 Hyperliquid vs Aster ✦ Hyperliquid: the OG in onchain perps ☞ Vision: Build a CEX-speed exchange directly into L1 ☞ Original Idea: HyperBFT consensus + native order book perps ☞ Tech Stack: HyperEVM, 200k+ orders/sec, instant settlement ☞ Evolution: From perps-only to full chain + DeFi layer ☞ Recent Behavior: The HyperEVM upgrade has scaled order flow, contributing to record volumes (e.g., $357B in August 2025) and revenue ($110M). It dominates ~38% of DeFi perps market share as of September 2025. Hyperliquid has one clear goal: bring exchange-level speed fully onchain. Instead of running on someone else’s chain, it is the chain. HyperBFT gives it lightning consensus, and HyperEVM means builders can plug apps directly into its liquidity. It feels less like a DEX and more like a high-speed trading venue with DeFi composability bolted in. ✦ Aster: the Challenger ☞ Vision: All-in-one perp and spot DEX ☞ Original Idea: Born from Astherus + APX merger ☞ Tech Stack: Multi-mode trading, perps, spot, staking ☞ Evolution: From niche DEX to full trading suite ☞ Recent Behavior: Rolled out 1001x leverage and a pro UI, driving volume spikes (e.g., $700M in 24-hour perp volume). Token swap from APX to $ASTER led to 600%+ pumps. Aster is playing a different game. Where Hyperliquid focuses on raw speed, Aster focuses on breadth. It merged two projects to build a one-stop shop: perps, spot, staking, and even yield products. Its 1001x leverage and slick UI show it’s aiming to capture both degen traders and serious pros. 👉 Comparison: Hyperliquid = raw speed and infra purity. Aster = accessibility, features, and aggressive retail pull. ⚪ Uniswap vs SushiSwap ✦ Uniswap: the OG of AMMs ☞ Vision: Permissionless swaps for everyone ☞ Original Idea: First AMM on Ethereum with CPMM pools ☞ Tech Stack: EVM-native, concentrated liquidity (v3), singleton + hooks (v4) ☞ Evolution: From simple pools to protocol infrastructure ☞ Recent Behavior: V4 launched in early 2025, introducing hooks and native ETH for efficiency and customization. Uniswap is the project that made DeFi possible. The constant-product AMM was such a simple idea but it changed everything. Since then, Uniswap has evolved into serious infrastructure concentrated liquidity in v3, and v4’s hooks system makes it modular in ways few competitors can match. It’s still the liquidity king. ✦ SushiSwap: the Challenger ☞ Vision: Community-owned, multi-chain alternative to UNI ☞ Original Idea: Forked Uniswap to expand cross-chain early ☞ Tech Stack: AMM + staking, lending, launchpad ☞ Evolution: From “vampire attack” to DeFi suite ☞ Recent Behavior: Continued focus on cross-chain growth and community governance, with 2025 updates emphasizing swap efficiency and LP tools. Sushi’s story is wild born as a fork that tried to steal Uniswap’s liquidity, then turned into its own multi-chain DeFi suite. Sushi doesn’t have Uniswap’s gravity, but it thrives by being flexible. It leans hard into community governance and cross-chain reach, which keeps it relevant even if UNI dominates Ethereum. 👉 Comparison: Uniswap = the gravity well of DeFi. Sushi = the nimble, community-driven survivor. 🔵 dYdX vs GMX ✦ dYdX: the OG of Perp DEXs ☞ Vision: Institutional-grade perpetuals onchain ☞ Original Idea: Order book perps via Ethereum + off-chain engine ☞ Tech Stack: Migrated to Cosmos appchain with PoS + CometBFT ☞ Evolution: From hybrid L2 to fully sovereign chain ☞ Recent Behavior: V4 migration completed, making it fully on-chain with 100% protocol revenue (in USDC) flowing to holders/stakers. dYdX built the first perp DEX people actually trusted. Its order book model felt familiar to traders coming from CEXs, and now it’s gone fully sovereign with its own chain. That’s a big step more control, more decentralization, and all revenue flowing back to token holders. It’s the name institutions know when they think “onchain perps.” ✦ GMX: the Challenger ☞ Vision: Retail-friendly perps with oracle pricing ☞ Original Idea: AMM-style perps with pooled liquidity ☞ Tech Stack: Chainlink oracles, GM pools, cross-margin system ☞ Evolution: From niche Arbitrum app to top perp DEX ☞ Recent Behavior: V2 rolled out GM pools for deeper liquidity and efficiency; recent exploit recovery plan via GLV vaults (upgraded from GLP). GMX went the opposite route no order books, just pooled liquidity with oracle-based pricing. It’s simple, efficient, and retail loves it. On Arbitrum and Avalanche, GMX became a poster child for alternative-chain DeFi. With v2, its GM pools make capital more efficient and keep LPs happy. 👉 Comparison: dYdX = order book depth and brand power. GMX = simplicity, efficiency, and retail stickiness. 🔚 Final Thoughts The OGs Hyperliquid, Uniswap, dYdX built the foundations. They’re trusted, liquid, and battle-tested. The challengers: Aster, Sushi, GMX aren’t just copies. They’re innovating: Breadth vs speed (Aster vs Hyperliquid) Community vs gravity (Sushi vs Uniswap) Oracles vs order books (GMX vs dYdX)