The DEX competition is getting much more interesting.

And $ASTER is one of the projects I think deserves more attention.

Aster isn't simply trying to be another spot exchange.

Its bigger thesis is around onchain derivatives and competing for the traders who currently dominate centralized exchanges.

That's a difficult market to enter.

Hyperliquid has already shown how strong the demand for decentralized perpetual trading can become.

So the question isn't:

“Can Aster become another DEX?”

The better question is:

Can Aster capture traders who already have plenty of alternatives?

That's where I'd focus my research.

→ Trading volume

→ Open interest

→ Liquidity

→ User retention

→ Revenue generated by actual trading activity

→ And whether traders stay after incentives disappear

A trading competition can bring users through the door.

It doesn't prove they'll stay.

For $ASTER, the interesting part will be whether short-term attention turns into persistent market share.

Because in the DEX race, **volume is easy to advertise.

Retained volume is much harder to build.**

That's the metric I'll be watching.