In the fast-paced world of cryptocurrency, where fortunes can be made and lost in the blink of an eye, the latest buzz centers around Aster DEX and its uncanny trading volume similarities with the behemoth, Binance. Earlier today, the crypto community was abuzz when DefiLlama, a respected data aggregator, made the bold move of pulling Aster’s perpetuals data from its tracking platform. The reason? XRP trading volumes on Aster were mirroring those on Binance almost identically, prompting a flurry of speculation about the legitimacy of Aster’s reported activity.
An Unexpected Mirror Image
The controversy ignited when DefiLlama’s pseudonymous founder, 0xngmi, took to X to highlight the suspicious correlation between Aster’s XRP perpetuals and Binance’s volumes. The data, moving in perfect sync, raised eyebrows and questions about whether Aster was engaging in wash trading or data manipulation. Typically, organic decentralized order flow should exhibit some degree of divergence, making this similarity all the more peculiar.
“Until we can get that data to verify if there’s wash trading, Aster perp volumes will be delisted,” 0xngmi declared on X. The decision was a significant blow to Aster, which had recently rocketed to the top of DefiLlama’s leaderboard for daily fees and volume across perpetual DEXs, even momentarily surpassing competitor Hyperliquid.
Aster’s Meteoric Rise
Aster, a decentralized exchange that allows traders to take leveraged positions on crypto assets without the need for a centralized intermediary, has been making waves in the crypto community. Its native token, ASTER, has seen a meteoric rise from a mere 9 cents to over $2 in just under three weeks, as per CoinGecko data. This surge has provided early investors with returns exceeding 1,500%, catapulting ASTER into the spotlight as one of the best-performing tokens in recent months.
The impressive performance of tokens such as XRP and ether (ETH) on Aster has been a significant driver of its success. However, the newfound scrutiny over its trading volumes has cast a shadow over these achievements.
Balancing Perspectives
While Aster’s volume correlation with Binance raised red flags, it’s important to note that one wash trading risk model still rated Aster with a “low” score. In contrast, Hyperliquid, which demonstrated a looser 0.59 correlation with Binance’s volumes, maintained its metrics despite receiving a “medium” risk score.
The debate over Aster’s legitimacy is further complicated by Binance’s own actions. The exchange recently listed ASTER with a “Seed Tag,” drawing attention due to the involvement of Binance co-founder Changpeng “CZ” Zhao, who has been a vocal advocate for Aster on X in recent days. This development prompted speculation about the timing of the listing and its potential impact on Aster’s market performance.
Market Reactions and Future Prospects
In the wake of DefiLlama’s data delisting, ASTER’s price experienced a 10% downturn amid a broader market retreat. However, all losses were quickly reversed following Binance’s announcement of its intention to list the token. This rapid recovery underscored the volatile nature of the crypto market and the influence of major exchange listings on token prices.
Despite the swirling controversy, Aster’s prospects remain a topic of keen interest and debate within the crypto community. The exchange’s ability to sustain its growth trajectory in the face of scrutiny will be a critical factor in determining its long-term success.
Awaiting Clarifications
As the situation unfolds, Aster has not yet responded to requests for comment from major crypto news outlets. The lack of communication from the exchange only adds to the intrigue surrounding its operations and trading practices.
In the coming weeks, the crypto community will be watching closely for any developments that shed light on Aster’s trading volumes and its relationship with Binance. Whether Aster can address the concerns and prove its legitimacy will be crucial in shaping its future trajectory in the competitive world of decentralized exchanges.
For now, traders and investors are left to ponder the implications of this latest controversy, as the crypto market continues its relentless march forward, driven by innovation, speculation, and the constant quest for the next big opportunity.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
