Aster News Today: DeFiLlama's Aster Data Dilemma: Transparency Gaps vs. $2.2T Volume Claims

DeFiLlama has removed perpetual futures volume data for Aster, a decentralized exchange (DEX) associated with former Binance CEO Changpeng Zhao, citing concerns over data integrity. The delisting, announced by pseudonymous co-founder 0xngmi on October 5, 2025, follows the platform's detection of near-perfect correlation between Aster's trading volumes and those of Binance across multiple pairs, including XRP/USDT. The correlation ratio for these pairs approached 1:1, significantly higher than Hyperliquid's 0.59 ratio, a competitor that retained its metrics. DeFiLlama emphasized it lacks access to granular order-book data to verify potential wash trading, necessitating the temporary delisting until such verification becomes possible.

The decision has sparked debate within the crypto community. Critics argue that DeFiLlama's actions highlight centralization risks in analytics platforms, while defenders attribute the volume alignment to liquidity migration from Binance to Aster's on-chain infrastructure. Blockchain investigator ZachXBT condemned industry figures like Anndy Lian for normalizing wash trading, while Lian countered that "all crypto projects have washed trades" and questioned the validity of centralized benchmarks. Supporters of Aster, however, point to Dune Analytics data showing the platform's total trading volume exceeding $2.2 trillion and a total value locked (TVL) of $1.52 billion, with 3.18 million users and $328 million in all-time income.

Market reactions were immediate. ASTER's price dropped approximately 10% in the 24 hours following the delisting, falling to $1.83 from a recent high of $2.27. This decline occurred despite Binance announcing plans to list ASTER with a "Seed Tag" on the same day, a move that partially reversed the losses as traders interpreted the listing as validation of the token's legitimacy. Aster's 30-day trading volume had previously reached $493.61 billion, capturing nearly 50% of the perpetual DEX market share before the delisting. At the time of publication, ASTER traded at $2.08, with a fully diluted valuation (FDV) of $16.5 billion, up from $560 million at its token generation event.

In response, Aster launched its Stage 3 "Dawn" rewards program on October 6, offering spot trading incentives and multi-dimensional scoring systems to reward genuine participation. The initiative aims to address concerns over data authenticity by introducing anti-wash-trading filters and team-based point systems. Concurrently, Binance updated its Market Maker Program to strengthen liquidity, while Aster adjusted VIP fee tiers to align with its expanding user base. The platform added 125,158 users in seven days, according to Dune Analytics.

Technical analysis of ASTER's price trajectory remains mixed. Some analysts predict a potential rebound above $2.00, citing the token's consolidation within an ascending triangle pattern and a 17% upside target to $2.50 if the pattern resolves bullish. However, bearish indicators such as the MACD's bearish crossover and a 55 SMA at $2.01 suggest caution. On-chain data also reveals mild outflows, with a -$1.73 million net outflow recorded on October 5, signaling controlled selling pressure ahead of the Stage 3 unlock on October 14.

Aster's ecosystem continues to evolve amid regulatory and market scrutiny. The project's ties to Binance and CZ have amplified its visibility, but the delisting underscores the challenges of maintaining trust in decentralized finance. While proponents highlight its rapid growth metrics and innovative reward structures, skeptics remain wary of the transparency gaps exposed by DeFiLlama's investigation. The coming weeks will test Aster's ability to balance rapid expansion with data integrity, as market participants await further developments in its tokenomics and liquidity strategies.

Source: [1] Yahoo Finance (https://finance.yahoo.com/news/defillama-delist-aster-volume-data-101345708.html)

[2] CoinDesk (https://www.coindesk.com/markets/2025/10/06/xrp-volumes-on-aster-dex-mimic-those-on-binance-putting-focus-on-the-market-s-current-obsession)

[3] CoinCentral (https://coincentral.com/aster-price-drops-as-dex-delisted-by-defillama-over-trading-volume-concerns/)

[4] The Block (https://www.theblock.co/post/373458/asters-token-drops-10-after-defillama-head-raises-wash-trading-concerns-delists-perpetuals-data)

[5] Cointelegraph (https://cointelegraph.com/news/defillama-delist-aster-perp-data-integrity)

[6] Bitrue Blog (https://www.bitrue.com/blog/aster-stage2-genesis-airdrop-bitrue-price-impact)

[7] Investx (https://investx.fr/en/crypto-news/aster-tests-a-crucial-support-heading-towards-a-new-peak-or-a-crash/)

[8] BTCC (https://www.btcc.com/en-US/square/Tronweekly/1048920)

[9] RSI Hunter (https://rsihunter.com/asset/aster)

[10] Coinedition (https://coinedition.com/aster-price-prediction-stage-3-launch-and-no-vesting-unlocks-keep-traders-divided/)