18 hours ago
Binance laminitis Changpeng Zhao has backed Aster (ASTER), a caller decentralized derivatives level that aims to situation Hyperliquid’s dominance successful the sector.
In a Sept. 19 post connected X, Zhao revealed that Aster had go the largest holder of BSC-USDT, isolated from Binance’s ain blistery wallet.
According to Arkham Intelligence data, Aster’s wallet holds $131 cardinal successful USDT, trailing Binance’s $236 million.
That update came conscionable 1 time aft helium praised the project’s Token Generation Event (TGE), describing it arsenic a beardown opening and urging its developers to proceed building.
His disposable enactment added momentum to a token motorboat already drafting industry-wide attention.
What is Aster?
Aster archetypal launched arsenic ApolloX successful 2021 earlier merging with Astherus successful precocious 2024, marking its rebrand and caller direction, culminating successful this week’s TGE.
This lawsuit allowed ApolloX’s APX holders to swap their tokens for ASTER, rewarding long-time investors who had waited for the transition. Aster is backed by YZi Labs, a task superior steadfast associated with Zhao.
That structure, combined with Zhao’s backing, helped substance capitalist enthusiasm.
According to CryptoSlate’s data, ASTER jumped much than 800% this week to $0.81593, with its marketplace capitalization climbing to $1.3 billion.
Meanwhile, the ripple effect extended crossed the market, with APX besides rallying implicit 600% during the reporting period.
Blockchain analytics steadfast Lookonchain highlighted that 1 aboriginal APX backer saw their $226,000 involvement turn into much than $2 cardinal pursuing the merger and token conversion.
Decentralized derivatives
Beyond capitalist enthusiasm, Aster has rapidly positioned itself among the largest decentralized derivatives platforms.
Data from DeFiLlama shows the level processed $1.4 cardinal successful trading measurement wrong 24 hours of its launch, ranking it among the astir progressive exchanges successful the sector.
However, the standard of contention is stark, with Hyperliquid, its main rival successful the sector, handling astir $10 cardinal successful measurement implicit the aforesaid period.
The disparity illustrates Aster’s uphill challenge, adjacent arsenic Zhao’s endorsement and aboriginal trading information springiness the task a stronger foothold than astir newcomers.
The station Binance laminitis CZ champions Aster amid awesome token debut appeared archetypal connected CryptoSlate.
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