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- Aster briefly hit $2B TVL before dropping below $600M.
- CZ praised Aster, fueling rumors of secret involvement.
- YZi Labs backed Aster, confirming Binance ecosystem ties.
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BNB Chain-based perpetuals exchange Aster briefly soared past $2 billion in total value locked (TVL) on Thursday after launching its native APX token, according to DefiLlama data. The excitement didn’t last. By the end of the day, TVL had plunged to $545 million, before recovering to about $655 million on Friday — still nearly double its typical $300–$400 million range before the token debut.
Aster also logged $434 million in 24-hour trading volume during the launch, making it one of the most active decentralized finance (DeFi) derivatives platforms. Still, it trails market leader Hyperliquid, which reported $670 million in TVL, $800 million in daily volume, and $15 billion in open interest.
CZ Congratulates Aster, Sparks Speculation
A post from Binance co-founder Changpeng “CZ” Zhao added fuel to the frenzy. Zhao wrote “keep building” to Aster on X, prompting speculation he may be secretly involved. Some users claimed Zhao removed the “ex-Binance” tag from his profile and launched Aster to counter Hyperliquid’s rise.
Well done! 👏 Good start. Keep building! pic.twitter.com/oMfOxfsBRS
— CZ 🔶 BNB (@cz_binance) September 17, 2025
However, CZ remains barred from managing Binance under a lifetime U.S. ban imposed in 2024. He has repeatedly said he is just “a community member and BNB holder,” even as BNB hit $1,000 for the first time this week.
Documented Binance Ties
While Zhao denies any direct role, Aster’s links to the Binance ecosystem are clear. YZi Labs — formerly Binance Labs — invested in Aster’s predecessor Astherus and provided mentorship, marketing support, and technical resources. A BNB Chain spokesperson said Aster is now the leading perpetual DEX on the chain and will continue receiving support to grow the ecosystem.
Also Read: HYPE Soars to $60 ATH as Binance-Backed ASTER Explodes 350% in 24 Hours
Despite its rapid growth, Aster has faced criticism from some users who reported withdrawal issues or platform glitches. The team has not commented publicly.
Outlook
Aster’s explosive launch shows the appetite for new DeFi derivatives platforms, but sustaining momentum will be its real test. Whether CZ’s shadow looms or not, Aster must now prove it can deliver stability and trust.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
