BNB Chain-based decentralized perpetuals exchange Aster briefly crossed $2 billion in total value locked (TVL) on Thursday after launching its native token, before falling back sharply, according to DefiLlama data.
The surge that followed the project’s Aster (APX) token launch proved to be short-lived, as it ended the day at $545 million TVL. At the time of writing on Friday, the exchange’s TVL had rebounded to $655 million, still nearly double its usual range of $300 million–$400 million before the token debut.
The launch also sparked heightened trading activity, with Aster logging $434 million in 24-hour volume, placing it among the most active decentralized finance (DeFi) derivatives platforms. While the project gained traction, it still has a ways to go to catch up with Hyperliquid, its biggest rival in the space.
According to DefiLlama, Hyperliquid reported $670 million in TVL, $800 million in daily trading volume and $15 billion in open interest, compared with Aster’s $3.72 million.
Community speculates on Binance founder’s involvement in Aster
Binance co-founder Changpeng “CZ” Zhao congratulated Aster on X, writing “keep building.” The comment sparked speculation that Zhao may be behind the project, with some users pointing to changes in his profile and suggesting Aster was launched in response to Hyperliquid’s growth.
One community member said that Zhao may have realized the business is at risk, and launched Aster in response.
Another X user took the speculation further, saying Zhao was “obviously pissed about hyperliquid” and said that he is “back in charge” after removing the ex-Binance tag on his profile.
Despite the speculation, CZ is barred from managing Binance under a lifetime ban imposed by US authorities in 2024 as part of his plea deal. Binance CEO Richard Teng confirmed the restriction last year. Zhao has since described himself as “just a community member and a BNB holder.”
When BNB hit $1,000 for the first time on Thursday, Zhao emphasized this point in a celebratory post on X.
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Aster’s real connection to CZ
Despite Zhao’s distancing, Aster’s ties to the Binance ecosystem are documented.
Binance Labs, the former venture capital arm of the exchange and the family office tied to Binance co-founders CZ and Yi He, rebranded to YZi Labs in January. According to an announcement, Zhao will take an active role in coaching and mentoring the incubator’s startup companies.
In November 2024, YZi Labs announced that it had invested in Aster’s predecessor, Astherus. A BNB Chain representative told Cointelegraph that Aster received support from BNB Chain and YZi Labs.
The spokesperson said Aster received mentorship, ecosystem exposure, and access to technical and marketing resources as part of the program. It’s unclear whether Zhao directly coached or mentored Aster.
“Additionally, Aster got investment from YZi Labs (formerly Binance Labs) as part of the incubation program,” the BNB Chain representative told Cointelegraph.
The BNB Chain representative also said Aster is now the number one perpetual DEX on the blockchain and expressed their intention to support the project fully.
“Derivatives are a crucial part of any DeFi ecosystem. We will keep supporting Aster, and we look forward to seeing more perpetual protocols emerge and grow to further enrich BNB Chain’s ecosystem.”
While Aster reached significant milestones during its launch, some community members criticized the platform. One X user even claimed they lost their funds while trying to withdraw, while another said the platform didn’t work.
Cointelegraph reached out to Binance, CoinMarketCap, Aster and YZi Labs but did not receive a response by publication.
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