BNB Chain is heating up. Two new perpetuals, $ASTER and $MYX, are eating into $HYPE’s once-dominant position. Just a month ago, HYPE held 86% of the market. That number has now slipped to 62% in September 2025. The shift signals a growing appetite for competition in the decentralized perps space, where liquidity, fees, and user trust drive market share. HYPE’s Market Share Erosion For most of the summer, $HYPE commanded near-total control. Its August dominance stood at 86%, making it the undisputed leader among decentralized perpetual exchanges. But in September, that dominance dropped to 62%. At the same time, new
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