For those unfamiliar, the decentralized exchange (DEX) officially launched on March 31, following the merger and rebrand of Astherus, a derivatives trading protocol, and APX Finance, a DeFi perpetuals platform. In June, the project relaunched as Aster Chain, a crypto derivatives platform backed by CZ-affiliated YZi Labs (formerly Binance Labs). The platform also maintains strong ties with PancakeSwap on BNB Chain, aiming to challenge Hyperliquid, currently the top decentralized perpetuals exchange with a market cap near $16 billion.
Yesterday, Aster held the Token Generation Event (TGE) for its ASTER token, which will power its ecosystem, and immediately listed the token on Aster Spot, the platform’s spot trading arm. APX holders can now convert their tokens directly into ASTER.
The tokenomics outline a total supply of 8 billion ASTER, with 704 million tokens (8.8%) airdropped to community members fully unlocked at launch. This airdrop is part of a larger 53.5% allocation (4.28 billion ASTER) reserved for community incentives and rewards. Remaining allocations include ecosystem development, treasury, team and advisors, and liquidity and listings.
ASTER debuted at $0.16 and surged nearly 675% to an all-time high of $1.27 within nine hours. After some selling from airdrop recipients, the token has stabilized around $0.70 at press time.
The rally coincides with Aster’s rapid growth as a trading platform. Since relaunching, the DEX has processed over $500 billion in cumulative trading volume, ranking it as the second-largest perpetuals DEX globally. The platform also boasts over 1.2 million unique wallets and $400 million in total value locked (TVL) across multiple chains, according to Dune Analytics.
CZ Endorsement Sparks Speculation
Hours after the token launch, former Binance CEO Changpeng Zhao (CZ) shared a chart of ASTER on X, generating renewed attention and fueling speculation. “Well done! Good start. Keep building!” CZ wrote in his Sep. 17 post.
Following CZ’s endorsement, investor interest in ASTER has surged, with hopes the project could replicate the success of other CZ-backed initiatives. For example, MYX Finance, another DEX supported by CZ, saw a 1,500% rally within just two days of its launch.
Additionally, pseudonymous analyst Crypto Thannos encouraged his 77,000+ followers to accumulate ASTER and hold until October, when token withdrawals go live and potential listings on Binance and other tier-1 exchanges could serve as major price catalysts.
