Bluefin (BLUE) is making waves in the Perp DEX space. Fueled by growth in the sector and milestones, BLUE could be the next token to watch.
The Perp DEX landscape is heating up, and Bluefin (BLUE) is catching the wave. With Perpetual DEX platforms like Hyperliquid (HYPE) and Aster setting the pace, let's dive into what makes Bluefin stand out and why it might be the next token to watch.
Bluefin's Edge in the Perp DEX Competition
Bluefin has emerged as a leading perpetuals platform on Sui. September was a month of milestones for Bluefin. The Total Value Locked (TVL) peaked at $220 million before settling at $180 million, with 2.2 million accounts and over $78 billion in trading volume. Analyst Kyle Chassé pointed out that SUI's highest monthly perp volume since January was all thanks to Bluefin.
The TVL, measured in SUI tokens locked in the protocol, has also seen impressive growth, jumping from 20 million SUI to over 50 million. This increased lockup reflects stronger investor confidence in the project. As a result, BLUE's price doubled in September, climbing from $0.064 to $0.135.
The Bullish Sentiment Around BLUE
The combination of rising token prices and solid on-chain data has analysts predicting that BLUE could become the next investor darling. Investor Bellstoshi sees Bluefin as a native DeFi hub with 10x growth potential, offering spot swaps, perpetuals, lending, and vaults.
BLUE has already landed on the Binance Alpha list, fueling speculation of a potential Binance listing and sparking FOMO. Plus, the Bluefin governance team is considering a quarterly BLUE token buyback program, starting October 1, 2025, allocating 25% of protocol revenue to repurchase BLUE.
The Road Ahead
Kaleo, founder of LedgArt, believes the market will soon recognize BLUE's fundamentals, potentially driving prices back to late-2024 peaks. However, he cautions that the journey may not be easy, as BLUE would need to increase sixfold to revisit its all-time high of $0.8.
The Broader Perp DEX Landscape
While Bluefin is making strides, it's important to note the broader trends in the Perp DEX space. Aster, another decentralized perpetuals exchange, has recently topped DefiLlama’s protocol fee rankings, generating over $25 million in fees in a single day. Even though Hyperliquid boasts higher daily volume, Aster's spike in protocol fees highlights its growing presence.
Final Thoughts
Bluefin, with its BLUE token, is definitely one to watch in the evolving Perp DEX arena. With strong fundamentals, growing TVL, and potential catalysts like a Binance listing and token buybacks, BLUE could be set for an exciting ride. So, buckle up and enjoy the token wave!
