Binance -founder Changpeng Zhao has supported Aster (Aster), a new decentralized derivatives platform that wants to dispute the Dominance of Hyperliquid in the sector.
In a September 19 after On X, Zhao revealed that Aster had become the largest holder of BSC-usdt, apart from Binance’s own hot wallet.
According to Arkham Intelligence Data, Aster’s Wallet owns $ 131 million in USDT, with a backlog of Binance’s $ 236 million.
That update only came one day after he praised The tokenteration event of the project (TGE), describing as a strong start and urges its developers to continue building.
His visible support added Momentum to a token launch that already attracted broad attention in the industry.
What is Aster?
Aster was first launched as Apollox in 2021 before he merged with Astherus at the end of 2024, so that the rebrand and new direction were marked, culminating in this week.
In this event, Apollox’s APX holders were able to exchange their tokens for Aster, and rewarding old investors who had waited for the transition. Aster is supported by YZI Labs, a risk capital company associated with ZHAO.
That structure, in combination with the support of Zhao, helped feed the enthusiasm of investors.
According to CryptoSlate’s Data, Aster jumped this week by more than 800% to $ 0.81593, where its market capitalization climbs to $ 1.3 billion.
In the meantime, the wrinkle effect stretched out on the market, where APX also rally more than 600% during the reporting period.
Blockchain analytics firm lookonchain marked That one Early APX -Backer saw their interest of $ 226,000 grow to more than $ 2 million after the merger and token conversion.
Decentralized derivatives
In addition to the enthusiasm of investors, Aster has quickly positioned itself under the largest decentralized derivatives platforms.
Facts From Defillama, the platform shows $ 1.4 billion in the trade volume within 24 hours after the launch and ranked one of the most active stock exchanges in the sector.
However, the scale of competition is grim, with hyperliquid, the most important rival in the sector, which treats around $ 10 billion in volume for the same period.
The inequality illustrates Aster’s heavy challenge, even while the approval of ZHAO and early trade data give the project a stronger foot than most newcomers.