Binance, CZ-linked Hyperliquid competitor Aster hits $2B TVL before sharp drop

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Ah, what a day! Aster, the dazzling decentralized perpetuals exchange based on BNB Chain, briefly danced past the $2 billion mark in total value locked (TVL) on Thursday, only to stumble and fall, as if it had just tripped over its own shiny new native token. But no one was surprised when it limped back to $545 million by the end of the day. Oh, but don’t worry, dear reader! By Friday, it had recovered a bit, crawling up to a modest $655 million-still nearly double its usual range of $300-400 million before the grand debut of the APX token. A true Cinderella story, if only for a moment. 👑

And then, the trading volume came alive, reaching a rather impressive $434 million in 24 hours. The platform managed to snuggle itself among the most active DeFi derivatives players. Yet, as fast as it rose, Aster is still a mere speck when compared to Hyperliquid, the space’s reigning champion. Oh, dear Aster, how long before you catch up? The numbers don’t lie: Hyperliquid flaunted a $670 million TVL, $800 million in daily trading volume, and $15 billion in open interest, whereas Aster… well, Aster had a modest $3.72 million. 🥲

Aster chart

Community wonders, is CZ behind Aster? Or just a very big coincidence?

Enter Changpeng “CZ” Zhao, Binance’s co-founder, who took to X to drop a friendly “keep building” comment to Aster. A cryptic statement, to say the least! This tiny, innocent sentence sparked an explosion of speculation. Could CZ, the very wizard behind Binance, be secretly pulling the strings at Aster? A few wild theorists suggested that the launch was a response to Hyperliquid’s rise. Others hinted that Zhao might have woken up one morning, looked at his empire, and thought, “You know what? Let’s build a rival just because.” 😏

As the rumors swirled, one brave soul proclaimed that Zhao must have realized his business was at risk and decided to launch Aster as his triumphant comeback. Another enthusiast went full conspiracy theorist, suggesting that Zhao was “obviously furious about Hyperliquid” and was now “back in charge,” given that he’d removed the ex-Binance label from his profile. Oh, the drama! 🍿

CZ tweet

But wait-hold your horses! Despite all this juicy speculation, CZ is actually under a lifetime ban from managing Binance, courtesy of the US authorities in 2024. So, no, he’s not exactly sitting on the throne of Binance anymore. The Binance CEO, Richard Teng, confirmed this rather unpleasant restriction last year. So, CZ, in his ever-so-humble manner, now identifies as “just a community member and a BNB holder.” Classic. 🧐

Still, when BNB hit the $1,000 mark on Thursday, Zhao made sure to emphasize his newly-acquired “just a community member” status. Because, obviously, if you’re gonna hit a milestone like that, you might as well remind everyone of your incredible self-restraint. 🙄

CZ tweet on $1k

Aster’s Real Ties to CZ

Now, let’s talk real connections. While Zhao might be publicly distancing himself from Aster, the platform’s ties to Binance are as clear as day. You see, Binance Labs-formerly the venture capital arm of Binance-rebranded to YZi Labs in January. Zhao’s role? Well, he’ll be “coaching” and “mentoring” startups in the incubator. So, let’s not pretend like he’s completely hands-off. 🙄

In November 2024, YZi Labs made a rather public investment in Aster’s predecessor, Astherus. A BNB Chain spokesperson confirmed that Aster received support from both BNB Chain and YZi Labs, including exposure, mentorship, and access to marketing and technical resources. But did CZ personally mentor them? Well, that’s still up for debate. Maybe he just told them to “keep building” and called it a day. 🛠️

Nonetheless, Aster has risen to be the number one perpetual DEX on the BNB Chain. Impressive, right? The BNB Chain representative was practically glowing when they shared that little nugget, but did they know that not all is well? No, because some users were quick to express their dissatisfaction. One unfortunate soul claimed they lost funds trying to withdraw, and another complained that the platform just “doesn’t work.” But hey, who needs smooth functionality when you’re revolutionizing the DeFi world, right? 😅

“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.”

Ah, the endless optimism of the crypto world. But despite all its flashy stats and hype, Aster has some growing pains to address. CryptoMoon reached out to Binance, CoinMarketCap, Aster, and YZi Labs, but… surprise! No response. 🙄

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2025-09-19 14:09