BNB Chain-based decentralized perpetuals exchange Aster briefly topped $2 billion in total value locked (TVL) on Thursday following the launch of its native token, before plunging sharply, DefiLlama data shows.
The post-launch spike in Aster’s APX token was short-lived, with TVL closing the day at $545 million. By Friday, the figure had rebounded to $655 million—still nearly twice its pre-token range of $300 million–$400 million.
The debut also fueled a surge in trading, with Aster recording $434 million in 24-hour volume, ranking it among the most active decentralized finance (DeFi) derivatives exchanges. Despite the momentum, Aster still trails its primary rival, Hyperliquid.
As per DefiLlama, Hyperliquid boasts $670 million in TVL, $800 million in daily trading volume, and $15 billion in open interest, compared to Aster’s $3.72 million.
Speculation grows over CZ’s role in Aster
Binance co-founder Changpeng “CZ” Zhao congratulated Aster on X with the message “keep building,” fueling speculation that he may be involved with the project. Some users pointed to recent changes in Zhao’s profile and suggested that Aster was created as a counter to Hyperliquid’s rising momentum.
One community member claimed Zhao might have launched Aster after realizing Binance’s business could be at risk. Another X user went further, saying Zhao was “obviously pissed about Hyperliquid” and that he is “back in charge” after removing the “ex-Binance” tag from his profile.
Despite the rumors, CZ remains prohibited from running Binance under a lifetime management ban imposed by U.S. authorities in 2024 as part of his plea deal. Binance CEO Richard Teng confirmed the restriction last year. Zhao has since characterized himself as “just a community member and a BNB holder.”
When BNB crossed $1,000 for the first time on Thursday, Zhao underscored that stance in a celebratory post on X.
Aster’s link to CZ and the Binance ecosystem
Even as Zhao distances himself publicly, Aster’s connections to the Binance ecosystem are documented.
Binance Labs—the exchange’s former venture capital arm and family office associated with co-founders CZ and Yi He—rebranded as YZi Labs in January. The announcement noted that Zhao would take an active role in coaching and mentoring the incubator’s startups.
In November 2024, YZi Labs revealed it had invested in Aster’s predecessor, Astherus. A BNB Chain representative told Cointelegraph that Aster received support from both BNB Chain and YZi Labs, including mentorship, ecosystem exposure, and access to technical and marketing resources. It remains unclear whether Zhao personally coached or mentored Aster.
“Additionally, Aster received investment from YZi Labs (formerly Binance Labs) as part of the incubation program,” the representative said. They also noted that Aster is now the top perpetual DEX on BNB Chain and affirmed their commitment to fully supporting the project.
“Derivatives are a crucial part of any DeFi ecosystem. We will keep supporting Aster, and we look forward to seeing more perpetual protocols emerge and grow to further enrich BNB Chain’s ecosystem.”
Despite hitting major milestones at launch, Aster faced criticism from some community members. One X user reported losing funds during a withdrawal, while another said the platform failed to function properly.
Cointelegraph contacted Binance, CoinMarketCap, Aster, and YZi Labs for comment but had not received a response by the time of publication.
