Aster set a new record by raking in $14.33 million in fees in just the last 24 hours.
According DefiLama, this figure immediately placed it in second place globally in terms of fee capture, second only to Tether, which recorded $22.18 million in the same period.
Even more surprising, Aster managed to overtake Circle, which recorded $7.7 million, and Uniswap, which recorded $4.19 million.
This comparison shows a wide gap, especially when considering Hyperliquid, whose fee income is nearly ten times lower than Aster’s. The question arises: how can a relatively new protocol achieve such rapid growth?
Incentives drive activity, but doubts about durability remain
This sharp increase is no coincidence. Data from the past week shows Aster has collected over $69 million in total fees. This figure puts it comfortably ahead of Circle and Uniswap, which have long been widely recognized by crypto market participants.
Many observers attribute this to Aster’s strategy of aggressively encouraging activity through a reward point system and airdrops.
Traders enticed by the program flocked to take advantage of the opportunity. Some even resorted to arbitrage strategies between exchanges to maximize their points. As a result, transaction volume surged, directly impacting the recorded fee levels.
On the other hand, this situation also raised concerns about sustainability. If activity is driven primarily by incentives, will these fee levels be sustainable once the hype subsides?
Aster faces scrutiny over token control and trading practices
However, Aster’s success has not been without scrutiny. The high concentration of ASTER token ownership in a handful of large wallets has been a serious concern. This situation has raised concerns about potential market manipulation.
Furthermore, there are allegations that some trading volume is driven by wash trading, an activity that focuses more on incentive-seeking than organic transactions.
Furthermore, many question whether Aster can maintain its dominance if incentives are reduced. Moreover, the crypto market is known for its rapid volatility, where momentum can be lost in a matter of days.
Nevertheless, it cannot be denied that Aster has achieved success that puts it on par with top players.