Aster adds FHE and DOLO, how the second-largest Perp DEX can strengthen its competitiveness through ecosystem expansion

Aster Expands Its Ecosystem Once Again. On January 15, according to data monitoring, the second-largest perpetual contract trading platform by market cap added two new tokens, FHE (Mind Network) and DOLO. Behind this move is Aster’s strategy to maintain platform activity by continuously enriching its asset pool in response to competition from Hyperliquid.

Aster’s Platform Position and New Token Listings

FHE Fundamentals

The newly listed FHE is the token of Mind Network, a project launched in 2022, operating on the Ethereum platform. According to the latest data, FHE is currently priced at $0.067524, ranking 703rd in the cryptocurrency market cap list. Recent performance shows that this token has been relatively active — a 24-hour increase of 52.75%, a 7-day increase of 65.44%, and a 41.50% decline over 30 days, indicating short-term momentum.

FHE’s circulating supply is 351 million tokens, accounting for 35.1% of the total supply of 1 billion. The 24-hour trading volume is approximately $253 million, a 223% increase from the previous day, indicating significant market attention on this newly listed asset.

Aster Platform’s Competitive Landscape

This move by Aster should be viewed within the broader Perp DEX ecosystem. According to the latest data, Aster ranks second among perpetual contract trading platforms, only behind Hyperliquid. The specific comparison is as follows:

Although Aster lags behind Hyperliquid in TVL and open interest, its trading volume remains in the second tier, demonstrating a stable user base and active trading.

The Deeper Logic of Ecosystem Expansion

Strategic Partnership with Binance

Listing new tokens is just a surface-level move. More importantly, Aster recently partnered with Binance Wallet to launch a new feature supporting leveraged contract trading within the wallet. This means users can conduct diversified contract trading without leaving the Binance ecosystem. This integration not only enhances user convenience but also represents a key step for Aster to capture trading entry points within Binance’s ecosystem.

Strategic Significance of Aster Code

According to related information, Aster is set to launch Aster Code in Q1 — an infrastructure layer aimed at developers. Reports indicate that projects like Genius Terminal are already building on Aster Code and have received investment and guidance from CZ. This suggests that Aster is evolving from a simple trading platform into an infrastructure provider for the ecosystem.

A True Reflection of Market Activity

It is worth noting that Aster’s recent market performance has been quite active. Taking spot trading activity of the B token as an example, the token generated a unilateral trading volume of $309 million on Aster Exchange, with a single-day record of $93 million on January 11. On January 12, it accounted for about 90% of the global 24-hour spot trading volume. This indicates that Aster is not only a trading platform but also a liquidity hub capable of supporting major market events.

Summary

The addition of FHE and DOLO by Aster reflects the strategic efforts of this second-largest Perp DEX across multiple dimensions: enriching asset pools to attract traders, integrating with Binance to secure entry points, and developing Aster Code to build a developer ecosystem. In the short term, these measures help maintain platform trading activity; in the long term, Aster is evolving from a trading platform into an ecosystem infrastructure provider. Given that Hyperliquid has already established a clear advantage, whether Aster can reverse the situation through these differentiated ecosystem initiatives remains to be seen and warrants ongoing attention.