「Once TGE'd, who in the world doesn't know Aster」. If you were to ask about the hottest project in the past two weeks, the name Aster should be everyone's first reaction.

With a large-scale community airdrop of 53.5%, a $0.03 listing price, and a 400% surge within hours of the TGE, Aster achieved a remarkable price increase in just 5 days: reaching a peak of 81x at an ATH of $2.4359, and currently maintaining a 63x increase at $1.9. This is the most explosive token TGE of the year, without a doubt.

At a time when most Perp DEXs are still imitating Hyperliquid without much innovation, how did Aster secure an increasingly significant market position through a differentiated technological roadmap and product strategy?

What Sets Aster Apart?

Aster's development journey reflects the team's keen market sense and execution capabilities. Originally named Astherus, the project focused on staking asset liquidity, with two products, AstherusEx and AstherusEarn, targeting perpetual contract trading and DeFi mining strategies, respectively.

The real turning point came on March 31, 2024, when Astherus completed a strategic merger with APX to upgrade to Aster, transitioning from a staking liquidity protocol to a grander goal of the "Perp DEX ultimate form."

The team was well aware that in today's rapidly evolving on-chain perpetual contract trading landscape, a single-product model simply cannot meet the diverse needs of users. That's why they innovatively introduced the "1001x" and "Perpetual" dual-mode trading system.

The 1001x mode is designed to lower the on-chain trading barriers, adopting a fully on-chain perpetual contract form. By integrating with external on-chain ALP liquidity pools, it offers a simplistic trading experience. Users can complete transactions with a light touch without the need for complex chart analysis, supporting up to 1001x leverage for BTCUSD trading pairs, covering a wide range of asset categories such as cryptocurrencies, forex, and popular meme coins. This mode is also compatible with the BNB Chain and Arbitrum network, providing a seamless on-chain trading entry point for novice users.

The Perpetual mode is aimed at professional traders, utilizing an on-chain order book mechanism, with deep liquidity, real-time data, and advanced trading tools. Users participating in beta testing can already directly access the Aster Chain, experiencing the latest privacy trading features and a high-performance trading environment. This mode not only meets the needs of professional traders for deep liquidity and precise price control but more importantly, it provides a practical testing ground for the platform's technological innovation.

What's even more innovative, Aster has also introduced the "Dumb" prediction mode, allowing users to make prediction trades based on minute-level asset price fluctuations. This novel trading method not only enriches the platform's feature set but, more importantly, provides a new way for those who enjoy short-term speculation but lack professional trading skills to participate in the market.

In terms of deep integration with the BNB ecosystem, Aster has demonstrated a forward-looking strategic layout. As a project fully invested by YZi Labs, Aster has not only received strong support in terms of technology and funding but, more importantly, has obtained a pass to enter the core circle of the Binance ecosystem. Multiple interactions between CZ and the Aster team, as well as the project's ranking as the 13th on the BNB Chain's official DappBay portal, fully demonstrate its significant position in the BNB ecosystem. Related reading: "Frequent CZ Interactions, How Does Aster Break Through as the 'Top Perp DEX on BNB'?"

Complete Trading and Financial Management Ecosystem

In the competitive landscape of Perp DEXs, product richness and business ecosystem capabilities are also key factors in determining success. One of Aster's layouts in this regard is the "Trade & Earn" feature, which has built a truly integrated trading and financial management ecosystem for users.

Relying on its predecessor's deep cultivation in asset liquidity mining, the core of Aster's "Trade & Earn" feature is the USDF interest-bearing stablecoin product. USDF is an interest-bearing stablecoin launched by Aster, maintaining a 1:1 full backing and redeemability with USDT.

Users can earn USDF rewards in two ways. The first is through deposit rewards, where as long as you hold more than 1 USDF in your trading account, you can enjoy this benefit. The second is through trading rewards, where users need to be active for at least 2 days per week and have a weekly trading volume exceeding 2000 USDT.

The reward distribution mechanism is also user-friendly. All rewards from the previous week will be distributed in USDF every week and automatically transferred to your trading account. Users do not need to manually operate, as the earnings will automatically compound.

The real highlight lies in the usage scenario during trading. Users can directly deposit USDF into their trading account as collateral for contract trading, and still earn USDF rewards while trading. This sets up a positive cycle of "the more you trade, the more you earn": users' trades generate fee income for the platform, the platform returns part of the earnings to users in the form of USDF rewards, and the USDF held by users itself also generates returns.

The brilliance of this design lies in completely transforming the cost structure of traditional transactions. On other platforms, a transaction is just a cost, once the fee is paid, it's gone. But on Aster, active transactions not only receive transaction rewards, the USDF used as collateral also continues to generate revenue, effectively reducing the opportunity cost of the transaction, and in some cases, can even cover the transaction fee.

As a Delta-neutral income stablecoin, USDF further anchors the TVL of the BNB Chain, creating a self-circulating liquidity ecosystem. This design greatly enhances capital efficiency, allowing users to bridge their asBNB yield tokens and USDF stablecoins to Aster Chain as collateral, then re-deposit them into Aster Earn to earn compounded returns.

Stock Perpetual Contracts

In mainstream Perp DEXs, Aster is currently the only platform offering stock trading.

We all know that in the traditional financial markets, stock trading is subject to numerous restrictions, including strict trading hours, limited leverage ratios, and cumbersome account opening processes. However, Aster's stock perpetual contract feature helps address this issue, providing users with unprecedented trading freedom.

This feature covers trading from tech giants like Apple, Microsoft, NVIDIA, to popular stocks like Tesla, Amazon, as well as innovative assets such as the Nasdaq 100 Index ETF and the RWA token ONDO Finance. Each contract supports leverage of up to 50x, which is virtually impossible in traditional stock trading, as U.S. FINRA Reg-T regulations typically limit leverage to under 2x.

During regular U.S. stock market hours, the platform offers the deepest liquidity and a normal price fluctuation environment; and outside of market hours, the system ensures market stability through intelligent risk control mechanisms, limiting excessive volatility while keeping the order book open. This means that even during holidays, traders can still engage in round-the-clock opening and closing of positions.

In terms of settlement mechanisms, Aster employs instant settlement in USDT, completely freeing itself from the constraints of traditional stock market T+2 settlement. Traders do not need to go through the cumbersome process of broker account opening and KYC, but can simply start trading with a cryptocurrency wallet. Crypto-native users can easily gain exposure to the Nasdaq 100 index without the need for a traditional securities account.

Deep Integration with the BNB Ecosystem

As a staking asset liquidity protocol that was originally part of the BNB ecosystem, Aster already had many BNB ecosystem resources before upgrading to a decentralized perpetual contract trading platform. Therefore, Aster's close collaboration with the BNB ecosystem is one of its key features.

In terms of infrastructure deployment, Aster's DEX contract, the Aster Earn yield treasury, and various liquidity staking products are all deployed on the Binance Smart Chain. Currently, the platform ranks 13th in the BNB Chain's official DappBay portal, thanks to its active contribution and deep integration within the BNB ecosystem.

The asBNB liquidity staking derivative is a typical example of this integration, providing users not only with liquidity staking rewards but also automatically compounding Binance Launchpool and Megadrop rewards. USDF, as a Delta-neutral yield-stable coin, further anchors the TVL of the BNB Chain, creating a self-reinforcing liquidity ecosystem. This design significantly improves capital efficiency, allowing users to bridge the rewards tokens of asBNB and the stablecoin USDF to the Aster Chain as collateral, and then redeposit them into Aster Earn to receive compounded rewards. Aster's Binance Launchpool and Megadrop are achieved through collaboration with Lista DAO, another major DeFi infrastructure in the BNB ecosystem.

In addition, Aster was also the first project to launch on the CoinMarketCap Launch platform, a platform specially designed for Pre-TGE projects. It is worth mentioning that when AI-based on-chain identity verification and credit scoring platform Creditlink was launched with Four.Meme for the CDL token presale, the CDL liquidity pool was simultaneously provided on Aster DEX and PancakeSwap.

Examples of collaborations between Aster and BNB ecosystem projects like these are plentiful, attracting native BNB ecosystem users to the fullest extent.

Aster L1 and Zero-Knowledge Proof: The Culmination of Technological Innovation

On June 1st, CZ published a tweet about dark pools, proposing that "now might be a good time to launch a dark pool perp dex" and pointing out that the real-time transparency of DEX orders may actually lead to MEV attacks, thereby harming traders' interests. CZ's topic quickly sparked a market discussion on the privacy and efficiency of cryptocurrency trading.

And 20 days later, Aster quickly launched the Hidden Order feature, achieving a true hidden order functionality.

The order's size, price, direction, and even existence are completely hidden, and it will only execute when matched with a counterparty. This design of private orders eliminates front-running risks while providing sufficient privacy protection. Innovatively enhancing privacy has significantly increased the system's liquidity while ensuring that traders' sensitive information such as positions, PnL, and liquidation points are not exposed. This technological implementation allows Aster to provide institutional-grade privacy protection, which is extremely rare in the current decentralized exchange ecosystem.

The practical value of this privacy protection mechanism is particularly prominent in high-risk trading scenarios. Referring to the case of renowned trader James Wynn on Hyperliquid who suffered a $1.2 billion BTC long position loss of $1.75 million due to visibility, Aster's hidden order feature effectively conceals liquidation points, deters malicious "hunting" activities, and provides a safer trading environment for large fund traders.

Building on this, Aster has applied zero-knowledge proof to the Aster L1 mainnet.

Starting from the private Beta phase launched on June 7, 2025, the mainnet has demonstrated remarkable technical performance metrics. Achieving a block time of only 50 milliseconds and finality of 10 milliseconds, this performance is considered top-tier even by current blockchain standards. Lab tests show that its peak TPS can exceed 150,000, providing robust technical support for high-frequency trading scenarios.

The architecture of this mainnet adopts an innovative model with a multi-node built-in order book, where order intents are recorded on-chain, and matching settlement is executed off-chain. Subsequently, user positions and assets are verified on-chain using Brevis zero-knowledge proof, ensuring secure asset exits after on-chain verification. This design ensures efficiency while upholding the core decentralized principles.

Aster L1 supports cross-chain transfers from multiple chains such as Ethereum, BNB Chain, and Solana, providing users with greater flexibility. While user order behavior is recorded on-chain, positions and assets are saved on-chain only through zero-knowledge proof, effectively protecting traders' position and PnL privacy.

Data Insights: Aster's Real Performance

According to the latest data from Dune, Aster has shown remarkable growth in multiple key metrics. The Total Value Locked (TVL) has reached $14.67 billion, demonstrating the project's funding attractiveness and market recognition. Even more impressive is the cumulative trading volume surpassing $923.8 billion, a number that not only reflects the platform's trading activity but also highlights the high user stickiness and trust in the platform. In terms of user base, the platform has accumulated a total of 3.057 million users, laying a solid foundation for the project's long-term development. The protocol's cumulative revenue is $1.194 billion, strongly proving the effectiveness of the platform's revenue model.

Looking at the short-term data changes, Aster is also experiencing a period of rapid growth. The TVL has increased by $12.06 million in the last 24 hours and by $601 million in the past 7 days, showing a sustained and stable influx of funds that fully demonstrates market confidence. User growth is equally strong, with 33,100 new users in 24 hours and 1.107 million new users in 7 days, demonstrating the platform's strong user acquisition capabilities. Daily revenue has stabilized at $25.209 million, with weekly revenue reaching as high as $90.936 million, providing ample financial support for the platform's continuous operation.

In terms of product TVL distribution, the platform demonstrates a well-diversified layout. The USDF stablecoin, with a scale of $3.548 billion, has become the largest single product, reflecting strong user demand for yield-bearing stablecoins. The asBNB product contributes $3.496 billion, showcasing the value of the platform's deep integration with the BNB ecosystem. Other products including asBTC ($1.345 million), asUSDF ($21.456 million), and asCAKE ($0.212 million) form a complete and diversified product matrix, providing rich choices for users with different risk preferences.

The transaction data further confirms the platform's strong performance. The consistent $923.8 billion total trading volume demonstrates the platform's strong appeal in the perpetual contract trading field. The $25.99 billion open interest size reflects the highly active state of the market.

The recent transaction data is even more impressive. The 24-hour trading volume is $831.6 billion, with 74,400 active traders and a daily revenue of $25.209 million, indicating the platform's robust daily operation. The 7-day data further confirms the growth trend: a trading volume of $2.77 trillion, 140,800 traders, and revenue of $90.936 million.

By building a privacy-first tech stack and a diverse product line, Aster has taken a radically different and differentiated path in the competitive perpetual DEX space compared to Hyperliquid. This differentiation is not only reflected in the choice of technical architecture but also runs deeper into strategic thinking regarding understanding user needs and market positioning.

As a platform focused on privacy protection and multi-asset trading, Aster's core innovation revolves around several key dimensions: 24/7 stock perpetual contract trading, a zero-knowledge proof-based hidden order system, a native mobile app experience, and an innovative yield-bearing collateral mechanism. The integration of these features has positioned Aster not just as a simple derivatives trading platform but as a comprehensive financial infrastructure, bridging the gap between traditional finance and decentralized finance.

The profit model has been fully validated by the market, with a protocol total revenue of $51.85 million and sustained daily revenue growth, robustly demonstrating the sustainability and long-term value creation capability of Aster's business model. The product diversification strategy has been highly effective, as evidenced by the diversified TVL distribution across the Earn product line, showcasing Aster's successful creation of a complete product ecosystem that meets the needs of users with different risk appetites.

For users looking to participate in Aster's ecosystem development, new opportunities will also arise. The Aster Genesis Stage 2 will conclude on October 5 at 23:59 UTC, with 2 cycles remaining, allowing users to continue earning Rh points through trades. 4% of the total supply (i.e., 320 million $ASTER) has been specifically allocated to Stage 2 rewards, with the pool's size valued at over $32 million at the current presale price, making it a substantial return for active users.

Following the conclusion of Stage 2, Stage 3 will immediately commence, introducing a spot trading scoring mechanism and unveiling a brand-new reward system. As seen from the project's roadmap, the reward mechanisms for each stage are continuously being optimized and upgraded, with early participants often enjoying more generous rewards. This also signifies Aster's evolution from a DEX focused on perpetual contracts to a full-fledged trading platform.

Overall, these data points provide strong support for the investment value of Aster at a $2.3 billion FDV valuation and lay a solid foundation for its advantageous position in the increasingly competitive DeFi market. Among the numerous Perp DEX projects, Aster is making a strong impact on the Perp DEX track through unique technical innovation and product strategy.

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