A milestone has been achieved in the decentralized finance (DeFi) world with Aster, a Binance Chain-based decentralized perpetuals exchange, briefly crossing $2 billion in total value locked (TVL). The achievement comes hot on the heels of the launch of its native token, APX, according to data from DeFiLlama. While the $2B figure represents a significant leap forward, the TVL dropped sharply to $545 million the same day, although it later rebounded to $655 million, nearly doubling its previous stable range of $300M-$400M.
Aster’s Growing Trading Activity
The introduction of the APX token sparked a whirlwind of trading activity. Aster managed to log $434 million in 24-hour trading volume, catapulting it to prominence as one of the top-performing decentralized finance derivatives platforms. However, while these numbers are impressive, Aster still trails behind its rival, Hyperliquid, which boasts a TVL of $670 million, a daily trading volume of $800 million, and $15 billion in open interest.
Speculation Around Binance Co-Founder’s Involvement
Intriguingly, Binance co-founder Changpeng Zhao (CZ) congratulated Aster via social media, fueling speculation about his involvement in the project. Some community members have suggested that Aster was launched as a response to Hyperliquid’s growing dominance in the space. Despite this buzz, CZ is under a U.S-imposed lifetime ban from managing Binance as part of a 2024 plea deal, a factor that has led him to distance himself publicly from the ecosystem. Binance’s CEO, Richard Teng, confirmed the regulatory ban last year.
Zhao, however, has remained active in the broader Binance ecosystem. Binance’s former venture capital arm, now known as YZi Labs, had invested in an earlier iteration of Aster, known as Astherus. YZi Labs, along with Binance’s BNB Chain, provided Aster with mentorship, ecosystem exposure, and technical resources as part of their startup incubation program. While Binance representatives stated they fully support Aster, no conclusive evidence connects CZ directly to the project’s management.
Challenges and Criticism
While Aster has achieved remarkable milestones, challenges have emerged. Some users reported issues with withdrawals, claiming funds were lost, and others noted platform functionality glitches. Despite this feedback, Aster appears poised to solidify its position in the DeFi landscape with support from the Binance ecosystem.
Trading Spotlight: Ledger Nano X for Secure Crypto Storage
For those keen on participating in Aster or other DeFi platforms, securing your crypto assets is critical. Consider investing in the Ledger Nano X, a premium crypto hardware wallet known for robust security. As DeFi continues to grow, safeguarding your investments has never been more important.
Final Thoughts
As Aster challenges established players like Hyperliquid, it signals the growing competitiveness within the decentralized finance space. While it remains to be seen whether Aster can maintain its momentum, its recent milestones, supported by Binance-backed initiatives, point to a promising future.
