The arrival of Perp DEX season: New forces like Avantis and Aster rise, while established giants face pressure.

In the past week, emerging decentralized perpetual futures exchanges (DEX) tokens have shown strong upward momentum, while tokens from established platforms have fallen, indicating that capital is rotating within the derivatives trading sector. Despite a decline in the total locked value (TVL) across the market, the native tokens of new platforms like Avantis and Aster have seen astonishing gains, attracting significant liquidity as they quickly capture market share.

1. The performance of the new generation DEX is impressive

In the past 7 days, the tokens of the new generation platform have performed particularly well:

· Avantis (AVNT): The AVNT Token has risen by 72.41%, from $1.25 to the current $2.12. The token reached a peak of $2.66 on September 22, an increase of 320% from its issuance price of $0.4880 two weeks ago. Additionally, according to data from DefiLlama, Avantis's TVL grew by 27% from September 14 to September 22, increasing from $17.7 million to $22.6 million.

· Aster (ASTER): The performance of ASTER has been more eye-catching, with an increase of 146% during the same period, rising from $0.5623 to $1.39. The token peaked at $1.96 on September 21, a 250% increase from its issuance price on September 18. Notably, its TVL surged an astonishing 228% from September 14 to September 22, increasing from $370.1 million to $1.21 billion. This surge may be related to CZ's public support for the decentralized exchange on social media X, providing it with a high-profile endorsement.

2. Growth of Established Platforms Faces Setbacks, Capital Rotation Becomes Apparent

In stark contrast to the strong performance of new forces, the tokens of established decentralized perpetual futures platforms experienced a fall during the same period:

· Hyperliquid (HYPE): In the past 7 days, the HYPE Token has fallen by 9.3%, from $53 to $47.62. Its TVL has also decreased by 3.3%.

· Jupiter (JUP): JUP Token fell 8% during the same period, from $0.5067 to $0.4657. Its TVL also decreased by 5.6%.

This starkly different performance indicates that as traders seek emerging platforms with growth potential, liquidity is rotating from existing protocols to newcomers.

3. Market Overview and Future Outlook

Despite the strong performance of tokens from emerging platforms, the entire Perptual Futures DEX market is experiencing a pullback, with its TVL dropping from a historic high of $6.1 billion on September 13 to $5.1 billion. This makes the rise of emerging platforms even more notable.

The decentralized perpetual futures trading sector is rapidly developing, with exchanges competing for market share by improving user experience, reducing fees, and offering innovative trading features. However, whether Avantis and Aster can maintain their TVL or if capital will flow back to established platforms after the hype subsides remains to be seen.

Conclusion

The decentralized perpetual futures market is undergoing a vibrant transformation. The tokens of emerging platforms have achieved significant rises in a short period, demonstrating traders' strong interest in higher-risk and higher-return assets, as they shift capital from mature, but slowing-growth platforms to more imaginative newcomers. However, whether this capital rotation can be sustained will depend on whether Avantis and Aster can convert the hype into a sustainable user base and solid liquidity. The coming months will be a critical test to determine whether these new platforms become fleeting "internet celebrities" or can challenge the existing market landscape and become true industry leaders.