Binance founder Changpeng Zhao has thrown his support behind Aster (ASTER), a novel decentralized derivatives platform that is set to rival Hyperliquid’s domination in the sector.
In a post on X dated September 19, Zhao disclosed that Aster had emerged as the largest holder of BSC-USDT, second only to Binance’s own hot wallet.
Based on data from Arkham Intelligence, Aster’s wallet currently contains $131 million in USDT, trailing behind Binance’s $236 million.
This announcement came just a day after he commended the project’s Token Generation Event (TGE) in another post, hailing it as a promising start and encouraging the developers to keep pushing forward.
Zhao’s public endorsement has given a significant boost to a token launch that was already attracting widespread attention within the industry.
Understanding Aster
Aster was originally launched as ApolloX in 2021 before merging with Astherus in late 2024, leading to a rebranding and a new strategic direction, culminating in the recent TGE.
The TGE allowed ApolloX’s APX holders to exchange their tokens for ASTER, providing a reward for long-term investors who had patiently waited for the transition. YZi Labs, a venture capital firm connected to Zhao, is backing Aster.
This setup, combined with Zhao’s support, has fueled investor excitement.
According to CryptoSlate’s data, ASTER surged by more than 800% this week to reach $0.81593, with its market capitalization reaching $1.3 billion.
Simultaneously, the positive impact extended across the market, with APX also experiencing a rally of over 600% during the same period.
Lookonchain, a blockchain analytics firm, highlighted that an early APX supporter saw their $226,000 investment grow to over $2 million following the merger and token swap.
Decentralized Derivatives
Aside from the investor enthusiasm, Aster has swiftly positioned itself as one of the largest decentralized derivatives platforms.
DeFiLlama’s data reveals that the platform processed $1.4 billion in trading volume within 24 hours of its launch, placing it among the most active exchanges in the sector.
However, the competition is fierce, with Hyperliquid, its primary rival in the space, handling approximately $10 billion in volume during the same period.
The contrast underscores Aster’s challenging journey, even though Zhao’s endorsement and early trading figures provide the project with a stronger foundation than most new entrants.
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