[DISCUSSION] Solana Perp DEXs & Aster’s Surge — Is This the Next Big Phase?

Quick hits first:

Aster pushed ~$36B in perp volume in a single day, driving DEXs to ~$67B total across chains. Cointelegraph +1

It hit all-time highs for volume, even overtaking older names like Hyperliquid. The Defiant

A glitch in its XPL perpetual market briefly spiked price to $4, causing unexpected liquidations — but Aster reimbursed affected users. Cointelegraph

All this is happening as Solana’s ecosystem leans into ICM narratives again: tokenization, market microstructure, and building permissionless capital rails.

Here’s how I see the plays.

🚀 Why Aster’s Surge Matters

It claimed over half the daily perp DEX volume (~36B of ~70B). That’s not small. Cointelegraph

Rival platforms are getting left behind — Hyperliquid, Lighter are good, but Aster is rewriting expectations. Phemex +2 CCN.com +2

The glitch/reimbursement incident shows both risk and conviction: they messed up, but took action to protect users. That’s narrative capital. Cointelegraph

🔧 What It Means for Traders

Slippage and execution: With that volume, order books get deeper, but the margins tighten—so which DEX gives you the best fills?

Risk of reversal: Such intense volume spikes often reverse when incentives fade. Watch for volume decay.

Airdrop farming still alive: Many speculate that Aster’s volume surge is tied to upcoming trader incentives.

Glitch risks: The XPL error shows no platform is bulletproof. Position sizing and buffer zones matter more now than ever.

💡 Solana / ICM Signals from X

One X thread pushed Solana’s 2027 roadmap, calling market microstructures “the most important challenge” to enabling true ICM infrastructure on chain. Cointelegraph

Another thread described ICM as “anyone can tokenize ideas online without VC burden” — that meta is still growing. Binance

Aster’s emergence, combined with rising DEX volume, is seen by many as one of the earliest signs of ICM’s plumbing being battle-tested in real time. (X posts that call ICM “reality, not just hype”) X (formerly Twitter) +1

👉 Question for the thread: Do you see Aster as a sustainable perp DEX built for the long haul — or do you think this is a rewarded volume explosion destined to fade? Which DEX are you using right now for Solana perps (Drift, Zeta, Jup DEX, Aster)?

Drop your take.