Wallets & Perp DEX Rerating: Why TrustWallet Could 5×

The crypto market is entering a rerating phase — and this time, it’s about wallets and perpetual DEXs. Infrastructure assets with tens of millions of users and billions in turnover are still priced like mid-cap altcoins. That gap is closing fast.

The Core Shift

The next growth chain looks straightforward:

Wallet → Perp DEX → Fee Flow → Token Utility and Buyback.

In this setup, user traffic turns into transaction fees, and fees convert into on-chain value. The clearest current case is the connection between Trust Wallet and Aster. Aster is a rebrand and upgrade of ApolloX, merged with Astherus. It’s built on the same technology stack as Hyperliquid but adds better execution speed, a polished interface, and aggressive market expansion. This isn’t a new startup — it’s an evolved, proven engine.

The Market Context

In September, perpetual DEX volume exceeded $1 trillion for the first time, according to DeFiLlama and The Block. Aster and Hyperliquid were the main drivers behind this growth.

Hyperliquid alone processed $277 billion in 30-day volume, with $14.4 billion in open interest and a $13.5 billion token valuation. Those numbers set a clear benchmark for the sector.

When perpetual markets reach that scale, liquidity tends to flow into high-traffic wallets — because wallets control the user entry point.

Trust Wallet: The Undervalued Giant

Trust Wallet, owned by Binance since 2018, has quietly built a massive base:

• Over 210 million installs

• More than 17 million monthly active users

• $30+ billion in stored assets

• Around $1 billion in monthly swap volume

• A current market cap near $610 million

That valuation looks absurdly low compared to its reach.

For reference, Phantom was valued at $3 billion with 15 million active users — roughly $200 per active user. Applying that same metric to Trust Wallet gives an implied value of $3.4 billion, or about 5.5× higher than today’s market cap.

Even by a simple “per install” measure, Trust trades at only $2.8 per download, far below typical consumer-fintech valuations.

MetaMask charges around 0.875% for in-wallet swaps, while Trust emphasizes transparent network fees. Even light monetization, combined with Aster integration for perpetual trading, could create a clear cash flow loop for token utility and buybacks.

MetaMask and Phantom as Benchmarks

MetaMask reports over 30 million monthly active users and is preparing an on-chain rewards program worth $30 million in Linea tokens — widely interpreted as preparation for its own token launch.

Using the same $200-300 per user benchmark, MetaMask’s token could reach a $6-9 billion valuation range.

Phantom’s Series C funding of $150 million at a $3 billion post-money valuation (with 15 million MAU) defined today’s wallet-layer multiplier of about $200 per active user.

Aster vs. Hyperliquid

Aster isn’t a cosmetic rebrand — it’s a complete upgrade. The merger of ApolloX and Astherus improved liquidity, execution, and volume routing. In September, Aster ranked among the leaders in monthly perp DEX volume, occasionally surpassing Hyperliquid in 30-day metrics reported by The Block and Unchained.

Paired with a wallet like Trust, this forms a powerful loop:

wallet traffic → trading volume → fees → token rewards → growth → more traffic.

Valuation Scenarios

• Current TWT market cap: ~$610M

• Active users: ~17M

• Value per user: ~$36

• Fair value at $200/MAU: ~$3.4B (~5.6×)

• Fair value at $300/MAU: ~$5.1B (~8.3×)

And that’s without including Aster-related trading flow inside the wallet.

With the perpetual DEX market already exceeding $1 trillion monthly, even a 1-2% share at 2-5 basis points in fees could generate tens of millions of dollars in monthly on-chain revenue — a model that directly benefits token holders.

The Coming Repricing

Three catalysts are setting up a full sector rerating:

1. A public token valuation for MetaMask will set the first wallet-layer benchmark.
2. Sustainable on-chain income from Aster and Hyperliquid will validate perpetual DEX profitability.
3. Wallets like Trust and Phantom will start monetizing each in-app transaction, creating real yield layers.

Conclusion

The rerating of wallets and perpetual DEXs is already underway. Aster represents the next-generation evolution of ApolloX and a direct challenge to Hyperliquid. MetaMask is about to set the market reference point. Phantom has already established a $200-per-user baseline.

And Trust Wallet, with its Binance roots, mass adoption, and deep liquidity, remains the clearest undervalued opportunity. The fundamentals are aligned — users, assets, transaction flow, and infrastructure. Once perpetual trading moves inside the wallet, the valuation gap closes fast.

Research by RateXAI Labs