Opinion: Aster, Hyperliquid, and the New Meta of DEX Perps

For several weeks, we knew that the “DEX Perps War” would eventually break out. The only unknown was what would trigger it. The answer came this week: Aster. Since then, everyone has been on the hunt for the next Hyperliquid competitor capable of performing like Aster. So, what should we make of this frenzy? Are there longer-term opportunities emerging? And how does this meta affect the leader, Hyperliquid? Here’s our take in this analysis.