Aster, the new perpetual dex between rise and caution

Aster, a DeFi protocol, has emerged in recent weeks as the phenomenon of the moment. In just days, it surpassed Hyperliquid in trading volume and now attracts a major share of perpetual contract liquidity. Its ASTER token, launched recently, saw a spectacular surge fueled by the “CZ effect”: a congratulatory message from Binance founder Changpeng Zhao, widely seen as a massive vote of confidence.

The protocol stands out with a hybrid architecture: a simple mode executable in one click with high leverage, and a professional mode integrating an order book and advanced tools. It also allows yield-generating assets to be used as collateral while continuing to earn returns, aiming for strong multi-chain interoperability.

Within weeks, Aster recorded billions of dollars in volume, TVL growth beyond $1.8 billion, and impressive cumulative fees. The team, from YZi Labs (formerly linked to Binance Labs), benefits from strong technical expertise and powerful networks. USDT and USDC flow heavily through the protocol, boosting liquidity.

But the meteoric rise also brings concern. After spectacular peaks, the ASTER token experienced violent corrections. Its distribution remains highly concentrated, exposing the market to sudden sell-offs by large holders. Upcoming unlock periods could intensify this pressure.

Moreover, success rests heavily on media hype and the implicit effect of CZ, fueling speculation. Analysts warn that adoption must go beyond a temporary trend to ensure sustainable growth.

Finally, high-leverage derivatives are under regulatory scrutiny in many countries—a risk factor if global expansion continues. Aster must prove the strength of its governance, the security of its contracts, and the resilience of its economic model.

UsdH, Hyperliquid’s native stablecoin now available

Hyperliquid has officially launched USDH, its native stablecoin, now live for direct trading on the platform. The first open pair, USDH/USDC, marks a new phase for the ecosystem, which aims to reduce reliance on external stablecoins and retain more value internally.

The issuance of USDH came through an on-chain governance vote. Validators selected the Native Markets team to lead the project, impressed by its proposal to redistribute a portion of reserve revenues to support HYPE token buybacks and ecosystem development.

This stablecoin is designed to operate directly on the HyperEVM chain, enabling fast, low-cost, fully integrated transfers. Its reserves will consist of liquidity and U.S. Treasuries, monitored transparently via oracles. This design seeks to reinforce stability and trust while creating recurring revenue for the platform.

In its first hours, USDH registered trading volumes in the millions of dollars, proof of strong trader interest. Hyperliquid clarified that USDC will continue to be supported, at least initially, to ensure a smooth transition.

With USDH, Hyperliquid takes a strategic step. By capturing more of the value generated on its network, the platform strengthens financial autonomy and positions itself as a serious competitor to traditional stablecoins, while opening new opportunities for its community.

Kraken targets 500 million for IPO

Crypto exchange Kraken is preparing to raise $500 million to strengthen its treasury and consolidate its position ahead of a possible initial public offering. The operation, which could value the company at around $15 billion, would mark a key step in its growth and institutionalization strategy.

This raise is unique: it will not rely on a single lead investor. Kraken will manage the process itself, gathering multiple funds and involving co-CEO Arjun Sethi—a signal of internal confidence in the group’s trajectory.

The fundraising aligns with an expansion drive. Kraken recently acquired NinjaTrader for about $1.5 billion, expanding its reach into traditional financial markets. The launch of xStocks, its tokenized stock platform, follows the same logic of bridging crypto and traditional finance.

Financially, Kraken shows strong performance with quarterly revenues in the hundreds of millions and consistent profitability. These strengths are critical to attract institutional investors and secure a successful IPO.

Still, the company must navigate evolving regulatory frameworks and market conditions, which will determine the timing and terms of a 2026 listing. By strengthening capital now, Kraken seeks to reassure partners, secure diversification projects, and establish itself as a central force in global digital finance.

A simple “gm” from Sam Bankman-Fried sparks FTT surge

An unexpected event shook the crypto markets: a one-word post, “gm” (good morning), from Sam Bankman-Fried’s X account sent FTT’s price soaring 32% within minutes. The sudden rally surprised many, given that the former FTX founder is currently incarcerated, making a direct post unlikely.

Hours later, clarification came: a friend is managing his online communications. But the impact was already felt. Trading volumes skyrocketed, fueling speculative buying frenzy and showing the enduring allure of the FTT token, despite its platform being defunct.

This abrupt move highlights the extreme sensitivity of crypto markets to emotion and symbolism. Even unfounded hopes of a “comeback” or FTX revival were enough to reignite investor enthusiasm. The price later corrected partially, underscoring the speculative nature of the move.

The episode underscores the lingering myth around Sam Bankman-Fried and his fallen empire. Despite FTX’s collapse, the community remains fascinated by the founder’s fate and perceives even the smallest signals as a potential rebound. It’s further proof that in crypto, a simple narrative spark can still ignite markets.