The DeFi landscape is evolving at breakneck speed, with perpetual futures (perps), real-world assets (RWAs), multichain DEXs, and lending protocols shaping the next wave of on-chain finance. Among the rising contenders are $FIG (FILLiquid), $HYPE (Hyperliquid), $ASTER (Aster DEX), and $AVNT (Avantis)—each tackling liquidity, execution, and adoption in unique ways.

As of September 23, 2025, these tokens highlight DeFi’s maturation: deeper liquidity, faster execution, and institutional-grade integrations. $HYPE dominates Layer-1 perp trading, $ASTER is riding Binance-fueled momentum, $AVNT is pioneering RWA perps, and $FIG is carving a niche around Filecoin liquidity and cross-chain lending. Let’s break them down.

FILLiquid is a decentralized liquidity and lending hub born on the Filecoin Virtual Machine (FVM) and now expanding to BNB Chain, Solana, and Base. It enables $FIL depositors to earn yield while storage providers borrow liquidity using beneficiary addresses as collateral. With AI-driven risk scoring and a 65% token allocation to liquidity providers, $FIG focuses on utility over speculation. Unlike pure trading plays, FILLiquid is a cross-chain liquidity bootstrapper—reviving underutilized ecosystems like Filecoin while integrating DeFi-native staking and farming.

Hyperliquid is a sovereign Layer-1 blockchain optimized for DeFi. Its flagship perp exchange offers zero gas fees, sub-second finality, and fully on-chain order books powered by HyperBFT consensus. With $3.5B+ TVL and institutional adoption, Hyperliquid is the “blue-chip” of decentralized perps. $HYPE is central to governance, staking, and liquidity incentives, with burn mechanics offsetting emissions. Its mix of scalability and revenue dominance cements it as the benchmark in DeFi derivatives.

Backed by YZi Labs and hyped by Binance founder CZ, Aster evolved from APX Finance into a multichain perp DEX on BNB Chain, Ethereum, Solana, and Arbitrum. It supports 100x leverage, MEV-resistant execution, and innovative collateral like liquid-staking tokens (asBNB). Launched in September 2025, $ASTER crossed $1B TVL within weeks and is branded as a “Hyperliquid killer” thanks to its retail-friendly airdrops (53.5% of supply) and multi-chain liquidity reach.

Avantis is the leading RWA perp DEX on Base, enabling leveraged trades (up to 500x) across crypto, forex, commodities, indices, and equities. With backing from Pantera Capital and Coinbase Ventures, Avantis pioneered zero-fee perpetuals (ZFPs) and hit $20B+ cumulative volume since early 2024. Its 65,000-wallet airdrop in September 2025 supercharged adoption, while $AVNT drives governance, incentives, and ecosystem scaling with an RWA-first strategy.

Tokenomics dictate sustainability—whether through deflation, fair allocation, or emission pacing. Here’s the breakdown:

• $FIG: Simple, fixed-supply model, token burns—good for stability, but low liquidity risk.

• $HYPE: Strong token burns but faces heavy unlock pressure ($11.9B FDV risk).

• $ASTER: Airdrop-driven growth, but inflationary tokenomics may test long-term sustainability.

• $AVNT: Powerful growth narrative, but 60% untracked reserves raise red flags.

• $AVNT is the clear volume leader, rivaling CEXs.

• $ASTER pumped 1000%+ post-TGE with CZ’s backing.

• $HYPE remains the largest DeFi perp protocol by MCAP.

• $FIG lags in traction, constrained by Filecoin’s slower adoption curve.

$HYPE

• Institutional trust, unmatched speed, burn mechanics.

• $11.9B unlock overhang could cap price upside.

$ASTER

• Multichain reach, strong retail momentum, CZ endorsement.

• High FDV relative to TVL; sell-off risk post-airdrop.

$AVNT

• RWA perp pioneer, $20B+ volume, elite backers.

• 60% untracked supply and oracle dependencies.

$FIG

• AI risk management, LP-heavy allocation, cross-chain liquidity niche.

• Low liquidity/volume; Filecoin reliance bottlenecks growth.

• $HYPE → Blue-chip perp exposure, 2x potential to $100 if unlocks managed.

• $ASTER → Momentum play, 3–5x possible on Binance listings, but watch FDV.

• $AVNT → High-growth RWA narrative, 10x potential for risk-tolerant investors.

• $FIG → Long-tail bet on Filecoin adoption, 5–10x if AI integrations gain traction.

Suggested Allocation:

• 40% $HYPE (anchor)

• 30% $AVNT / $ASTER (growth)

• 10% $FIG (high-risk diversification)

• 20% Stables (hedge against volatility)

Bottom Line: The DeFi derivatives boom is far from over. $HYPE leads, $ASTER and $AVNT disrupt, and $FIG experiments with Filecoin’s liquidity layer. For informed investors, this mix captures both blue-chip resilience and high-risk asymmetry in the evolving DeFi landscape