ASTER plunged 25% in a week as BitMEX CEO slammed perp DEX incentive models as fragile ‘pump-and-dump schemes.
While the broader cryptocurrency market appears to be recovering this week, the perpetual decentralized exchange (perp DEX) Aster token has seen a drop in demand.
ASTER declined 25% in value over the past week, facing a 6% daily drop and trading around $1.7.
This price drop comes as BitMEX CEO Stephan Lutz warns that the frenzy around popular perpetual DEXs like FTX and Bybit may not last long. He argued that their incentive-driven models are “too fragile to endure.”
According to Lutz, these platforms lure users with aggressive token rewards and fee rebates, creating a short-term boom rather than sustainable liquidity.
Rising Competition in the Perp DEX Race
In recent months, Perp DEXs have drawn significant attention, with platforms competing to attract traders through rebates, token incentives, and faster settlement times. Aster even overtook Hyperliquid in 24-hour trading volume last week, sparking a full-blown arms race among many.
According to DeFiLlama, the total 24-hour perp trading volume across leading platforms stands at nearly $95 billion. This figure surged approximately 40 times in the past year, indicating the sector’s rapid growth.
Perp DEX volume | Source: DeFiLlama
Competitors such as Lighter and edgeX are also entering the space, with substantial volume. Meanwhile, industry figures are also doubling down with Tron founder Justin Sun recently announcing plans to launch a new DEX.
Pump-and-Dump Scheme or Trillion-Dollar Future?
Still, Lutz believes that these businesses can’t survive in the long run. He called the incentive structures “pump-and-dump schemes,” warning that short-term token rewards may keep volumes high but won’t build lasting liquidity.
However, not everyone agrees. Analysts argue that perp DEXs could become very popular in the future, especially if migration away from centralized exchanges grows. Some forecasts suggest annual perp DEX volumes could reach $20–30 trillion within five years if adoption continues.
BitMEX co-founder Arthur Hayes recently predicted a 126x price rally for HYPE before liquidating his $5.1 million position on September 22 and rotating into the new crypto coin, ASTER.
SUBBD Reshaping Content Subscriptions with AI
While perp DEX tokens continue to face volatility, Subbd is quietly gaining momentum in the content subscription space. The project is targeting the $85 billion creator economy, introducing an AI-driven, tokenized platform designed to enhance the connection between creators and their audiences.
Subbd equips creators with Web3-powered automation tools to streamline content delivery, while offering fans access to exclusive, interactive experiences that go beyond traditional subscriptions.
SUBBD Token Details and Live Presale
At the heart of the Subbd ecosystem is its Ethereum-based token, SUBBD, which unlocks premium content, staking rewards, and advanced AI features across the platform. Token holders can stake their SUBBD to access benefits like private livestreams, behind-the-scenes updates, and special content drops.
Presale Snapshot:
- Current price: $0.056575
- Amount raised: $1.22 million
- Ticker: SUBBD
- Blockchain: Ethereum
The presale is already drawing investor interest, having raised $1.22 million to date. With just two days left before the next price increase, Subbd is positioning itself as one of the more promising early-stage crypto projects in the market.
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