In-Depth Analysis of Aster DEX ($ASTER): Price Driving, CZ's Shilling, and Key Insights

Executive Summary

Aster DEX is a decentralized exchange (DEX) focusing on perpetual futures (perps) and spot trading, built on BNB Chain but supporting multi-chain (BNB, Ethereum, Solana, Arbitrum). Launched as ApolloX in 2021, Aster merged with Astherus in December 2024, rebranded, and issued the $ASTER token in September 2025.

**Backed by YZi Labs (formerly Binance Labs, linked to CZ and Yi He), Aster has emerged as a direct competitor to Hyperliquid, the leading perp DEX with ~70% market share.** However, $ASTER's meteoric price surge is largely driven by CZ's shilling, raising concerns about price manipulation and sustainability.

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Why & How Was Aster DEX Born?

Aster was created to bolster the BNB Chain ecosystem and challenge Hyperliquid's dominance in the perp DEX market.

Why Aster Was Created

Countering Hyperliquid:

- Hyperliquid dominates perp DEX with ~$670M TVL, $330B monthly volume, and 70% DeFi perp market share

- CZ reportedly felt Hyperliquid "stole" 25% of Binance's perp flow

- Aster was designed as a direct rival to retain liquidity within BNB

- Integrating USDF stablecoin (similar to Ethena, ~12% yield) and asBNB (liquid staking)

BNB Chain Strategy:

- BNB Chain lacked a strong perp DEX (PancakeSwap focuses on spot)

- Aster leverages BNB Chain's mentorship, technical/marketing support, and YZi Labs' investment (November 2024)

- CZ emphasized "derivatives are DeFi's core," positioning Aster to push BNB's TVL past $2B

Market Context:

- Perp DEXes boomed in 2025 with >$4B daily on-chain trading volume

- Aster targets "Binance-level liquidity" with hidden orders to counter MEV/front-running

- Issues CZ criticized in Hyperliquid

How Aster Was Built

Origin:

- Evolved from ApolloX (2021, APX token)

- Merged with Astherus (December 2024) to form Aster

- Launched Aster Chain (high-speed L1, 150k TPS) in July 2025

- Supporting hidden orders (dark pool) just 18 days after CZ's concept pitch

Development:

- Incubated by YZi Labs, partnered with PancakeSwap

- $ASTER TGE (September 17, 2025): 1:1 APX swap, 53.5% community airdrop

- Attracted 2M users, $519B volume in weeks

Milestones:

- TVL surged from $660M to $2B on TGE day

- 330k new wallets, $1.5B daily volume

- CZ's "Well done! Good start. Keep building!" post fueled a +1,500% price spike in a week

In summary, Aster was born to rival Hyperliquid, leveraging BNB Chain's infrastructure and CZ's influence, earning the nickname "Chinese Hyperliquid."

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How Does CZ Back His "Favorite Child" Aster?

CZ, though not directly managing Aster (due to a 2024 US settlement ban), supports it via YZi Labs and public shilling. He invested ~$4k in $ASTER (symbolically using 4 BNB, referencing his "Four" meme).

Support Methods

X Shilling:

- Over 10 X posts since March 2025 praising Aster's "Binance-level liquidity"

- Hidden orders (anti-manipulation feature) and TGE success

- Latest post (September 20, 2025): "Aster supports multi-chain and hidden orders"

- Each post boosts volume by +100-350% and price by +1,000% in the first week

Ecosystem Influence:

- YZi Labs invested in Astherus (Aster's predecessor) in November 2024

- CZ promotes BNB Chain (new ATH September 21, 2025), indirectly boosting Aster (top perp DEX on BNB)

- Aster received 3,512 BNB from BNB Chain's TVL Incentive Program #5

Market Impact:

- CZ's public $ASTER purchase (doxxed wallet) and Binance listing speculation (October 2025?) drive FOMO

- 400k new users, $1B+ TVL on TGE day

- Similar to MYX Finance (CZ-backed, +1,000% in 3 days)

Price Driving Tactics

Direct Shilling:

- Posting Aster charts drove price from $0.08 to $1.47 (+1,500%) in 7 days

- Reaching $2.3B market cap

- Whale accumulation + CZ endorsement fueled a 400% post-airdrop pump (704M tokens unlocked)

Indirect Boost:

- Promoting hidden orders (solving liquidation manipulation seen in Hyperliquid)

- Multi-chain support (deposit SOL/USDT without bridging)

- Binance listing speculation suggests +10x potential (FDV from $1.5B to $15B, still below Hyperliquid's $55B)

Risks:

- Shill-driven pumps risk dumps (-30% after MrBeast's entry)

- CZ doesn't directly manipulate, but his 3M-follower influence creates high volatility

CZ backs Aster as a "weapon" against Hyperliquid, prioritizing execution (fast time-to-market) over novelty.

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Aster Is Legit but Also Kinda "Sus"

Aster is legit in tech and growth but sus due to shill-driven risks and transparency concerns.

Legit Aspects

Strong Product:

- Hidden orders (anti-MEV/front-running)

- Multi-chain (no bridging)

- 50x leverage (stock perps like NVDA/TSLA)

- TVL hit $886M (surpassing Hyperliquid's $681M)

- $17B monthly volume, $70M annual revenue

- Audited by PeckShield (4 low-risk findings, fixed)

Ecosystem Support:

- Non-custodial, mobile app, grid trading

- 2M users, 36.5k DAU

- Backed by YZi Labs/PancakeSwap

- Featured at TOKEN2049/KBW Seoul

Real Growth:

- TVL from $660M to $2B (TGE)

- Top perp DEX on BNB

- 53.5% community airdrop

- 7.6M $TAKE staked

Sus Aspects

Shill & Pump-Dump:

- Price surged +1,650% on TGE day due to CZ

- Dropped -30% after MrBeast's entry (top signal?)

- FUD on X: "VC insider scam," insider dumping on retail

- Old reviews question fake $360B volume

Technical Risks:

- Smart contract vulnerabilities (new ZK-L1)

- Oracle manipulation

- Offshore (Seychelles) status raises legal concerns if scam occurs

- Delisted perps (CHZ, KAVA) spark doubts

Community Concerns:

- X search shows 20% posts label it a "scam coin" (SOL withdrawal delays)

- "Ponzi" (down from $1.97)

- Reddit/FUD: No initial whitepaper, unclear token allocation (8B supply, 80-month vesting)

- Still, 80% X posts are bullish due to CZ

Overall: Legit as a top-4 volume perp DEX, but sus due to CZ dependency (regulatory/volatility risks). DYOR, avoid FOMO.

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What Makes $ASTER Tokenomics Special?

$ASTER is a governance/utility token with an 8B total supply (~1.7B circulating). It stands out for strong value capture and community focus, differing from Hyperliquid's 97% fee buyback model.

Special Features

Buyback & Burn:

- 99% spot/perp fees fund Assistance Fund to buy $ASTER

- Burned over time (similar to HYPE but enhanced by USDF/asBNB yield—high capital efficiency)

Diverse Utility:

- Governance (DAO voting)

- Staking (Rh points for airdrop S2)

- Collateral (perp trading with yield-bearing assets)

- MEV-free hidden orders, one-click Simple Mode

Community-Driven:

- Largest DeFi airdrop at 53.5% (vs Hyperliquid's 31%)

- Incentivizes volume (Rh points leaderboard)

- No large pre-mine, long 80-month vesting reduces inflation

Risks:

- High 8B supply risks dilution if adoption lags

- TGE tied to volume targets (details unclear)

Compared to HYPE: $ASTER emphasizes multi-chain/yield, with longer vesting for price stability.

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Comparing the Valuations of Aster and Hyperliquid

Aster ($ASTER) is a new contender (TGE September 2025), while Hyperliquid (HYPE) has dominated since 2024. Aster is undervalued (FDV $1.5B vs HYPE $55B) but riskier due to volatility.

Analysis

Hyperliquid is a "blue-chip" (dedicated L1, 100k orders/sec), while **Aster** is a "disruptor" (multi-chain, hidden orders). ASTER is undervalued with 10x potential if it captures 20% market share, but volatility risks (30% drops) loom. HYPE is safer for long-term holding.

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Conclusion

Aster offers high upside due to CZ's backing and the perp boom, but shill-driven pumps and regulatory risks are concerns. Its execution (Aster Chain launch) will be key. **DYOR, manage risk—crypto remains a 50/50 game!**

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