TLDR
- DefiLlama delisted Aster perpetual futures data citing volume integrity issues with near-perfect Binance correlation
- ASTER token fell 10% after the announcement, down nearly 20% from its $2.27 weekly peak
- The exchange lacks transparent order-level data needed to verify legitimate trading activity
- Large investors purchased $3.16 million worth of ASTER tokens despite the negative news
- Phase 2 airdrop remains scheduled for October 10 as the platform faces mounting scrutiny
The Aster decentralized exchange is facing questions about its trading data after DefiLlama removed the platform’s perpetual futures volumes from its analytics dashboard. The move triggered a sharp selloff in the ASTER token and raised concerns about the exchange’s reported activity.
DefiLlama co-founder 0xngmi stated that Aster’s perpetual trading volumes show an almost perfect 1-to-1 correlation with Binance’s centralized exchange. This matching pattern appeared suspicious to the analytics platform. The data suggests Aster’s volumes may not reflect genuine decentralized trading activity.
The DeFi analytics provider compared trading data across multiple exchanges. Competitor platform Hyperliquid showed natural variation from Binance volumes. Aster’s data, however, mirrored the centralized exchange with unusual precision across different trading pairs.
Missing Transparency Raises Red Flags
DefiLlama cannot determine if wash trading is occurring on Aster. The exchange does not provide detailed order book data showing individual trades. Without access to information about who creates and fills orders, the analytics platform cannot verify the legitimacy of reported volumes.
The delisting will remain in effect until Aster provides more granular trading data. DefiLlama stated it needs lower-level information to confirm whether the platform’s activity is authentic. Aster has not responded to requests for comment about the data concerns.
Token Price Tumbles on News
The ASTER token dropped 10% in the 24 hours following the delisting announcement. The cryptocurrency now trades around $1.83, falling from a weekly high of $2.27 reached on October 4. The decline erased nearly 20% of recent gains.
ASTER previously hit an all-time high above $2.30. Analysts had projected the token could reach $10, representing a 480% gain from current levels. Those bullish forecasts came before the integrity concerns emerged.
Whale Accumulation Continues
Despite negative headlines, large cryptocurrency holders are still buying ASTER. Blockchain data shows wallet address 0xfE5A purchased 1.69 million tokens worth approximately $3.16 million. The whale deposited nearly $3 million in stablecoins to the platform before withdrawing ASTER tokens.
Some investors appear to view the price drop as a buying opportunity. The continued whale activity suggests certain market participants remain confident in the platform’s future despite the DefiLlama delisting.
Platform Background and Binance Connection
Aster launched in September as an alternative to Hyperliquid, another perpetual futures DEX. The platform gained traction partly due to Binance co-founder Changpeng Zhao’s public endorsement. CZ praised the project last week as it experienced rapid growth.
Open interest on Aster increased over 33,500% during late September. Daily trading volume reached $60 billion on September 25, according to data DefiLlama collected before removing the platform. Multiple ASTER tokens were transferred to Binance wallets after CZ’s endorsement, sparking speculation about a potential exchange listing.
The platform’s Phase 2 token airdrop is scheduled for October 10. The timing puts additional pressure on Aster to address the data integrity concerns before the distribution event.
