Binance founder Changpeng Zhao has backed Aster (ASTER), a brand new decentralized derivatives platform that goals to problem Hyperliquid’s dominance within the sector.
In a Sept. 19 put up on X, Zhao revealed that Aster had develop into the most important holder of BSC-USDT, other than Binance’s personal sizzling pockets.
In line with Arkham Intelligence information, Aster’s pockets holds $131 million in USDT, trailing Binance’s $236 million.
That replace got here simply someday after he praised the undertaking’s Token Technology Occasion (TGE), describing it as a robust starting and urging its builders to proceed constructing.
His seen help added momentum to a token launch already drawing industry-wide consideration.
What’s Aster?
Aster first launched as ApolloX in 2021 earlier than merging with Astherus in late 2024, marking its rebrand and new route, culminating on this week’s TGE.
This occasion allowed ApolloX’s APX holders to swap their tokens for ASTER, rewarding long-time traders who had waited for the transition. Aster is backed by YZi Labs, a enterprise capital agency related to Zhao.
That construction, mixed with Zhao’s backing, helped gasoline investor enthusiasm.
In line with CryptoSlate’s information, ASTER jumped greater than 800% this week to $0.81593, with its market capitalization climbing to $1.3 billion.
In the meantime, the ripple impact prolonged throughout the market, with APX additionally rallying over 600% through the reporting interval.
Blockchain analytics agency Lookonchain highlighted that one early APX backer noticed their $226,000 stake develop into greater than $2 million following the merger and token conversion.
Decentralized derivatives
Past investor enthusiasm, Aster has rapidly positioned itself among the many largest decentralized derivatives platforms.
Knowledge from DeFiLlama reveals the platform processed $1.4 billion in buying and selling quantity inside 24 hours of its launch, rating it among the many most energetic exchanges within the sector.
Nonetheless, the size of competitors is stark, with Hyperliquid, its essential rival within the sector, dealing with about $10 billion in quantity over the identical interval.
The disparity illustrates Aster’s uphill problem, whilst Zhao’s endorsement and early buying and selling information give the undertaking a stronger foothold than most newcomers.
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