In the fast-paced world of crypto, where decentralized exchanges (DEXes) are reshaping how we trade, a recent discussion on The Rollup podcast has everyone buzzing. Andy from The Rollup and Dan Matuszewski, co-founder of CMS Holdings, dove into what former Binance CEO Changpeng Zhao (CZ) might be thinking about the explosive growth of Hyperliquid—a leading perpetual futures DEX.

The conversation kicked off by referencing a tweet from back in May 2025, where Andy posed a provocative question: If you were CZ watching Hyperliquid smash through $8B in open interest, what would you do? Fast forward to now, and it seems CZ has answered with the launch of Aster, a new perp DEX on the BNB Chain that's quickly positioning itself as a serious rival.

Hyperliquid, known for its on-chain, transparent markets, has been a game-changer in DeFi (decentralized finance). It allows traders to engage in perpetual contracts—futures that don't expire—without the need for traditional intermediaries. This has been huge for meme token enthusiasts, as platforms like this often list volatile assets that can lead to massive gains (or losses) in leveraged trading.

In the clip, Dan breaks it down simply: Competitors like Binance could either cry foul over the lack of KYC (know your customer) and AML (anti-money laundering) requirements on these DEXes and lobby regulators, or they could innovate. CZ chose the latter, backing Aster, which has introduced features like hidden orders to enhance trading privacy and efficiency.

And boy, has Aster taken off. According to recent reports, the ASTER token has rallied an astonishing 1500% in just a week, pushing its market cap over $2.3 billion Coingape. It's already hit $2B in total value locked (TVL) even before its full token launch, with 24-hour trading volumes soaring to $434 million Cointelegraph.

But can Aster dethrone Hyperliquid, which boasts an $18.9 billion market cap and dominates in open interest? Early signs are promising—Aster has surpassed Hyperliquid in daily trading volume at times, logging over $552 million Crypto.ro. Features like hidden orders are drawing traders who want to keep their strategies under wraps, potentially giving Aster an edge in the competitive perp DEX space.

For meme token traders, this rivalry is golden. Both platforms support trading on hyped assets, meaning more liquidity and opportunities to ride the waves of viral tokens. However, as Dan points out in the discussion, fees (or the 'vig') are likely to drop across the board as competition heats up, which is great news for everyday users.

While ASTER recently dipped 35% from its all-time high of $1.97 U.Today, the momentum is still strong. Backed by YZi Labs and CZ himself, Aster is storming the charts and could very well flip the script on Hyperliquid's dominance Yahoo Finance.

This thread highlights a pivotal moment in crypto: the shift towards more efficient, decentralized trading hubs. If you're into meme tokens or DeFi, keeping an eye on Aster and Hyperliquid could pay off big time. What's your take—will Aster overtake the king, or is Hyperliquid here to stay?