Aster is a decentralized perpetual exchange designed to facilitate non-custodial trading of perpetual contracts across multiple blockchain networks. It aims to provide a unified trading experience by aggregating liquidity from various chains. ^{[1] [2]}

Overview

Aster was established following the merger of Astherus, a multi-asset liquidity hub, and APX Finance, a decentralized perpetual protocol, in late 2024. This integration aimed to combine Astherus' yield-generating products with APX Finance's perpetual trading infrastructure. The platform focuses on decentralized perpetual and spot trading as its core products, operating with a non-custodial model where users retain control of their assets. The project has received significant backing from Changpeng Zhao and the CZ-affiliated YZi Labs. ^{[17] [18]}

The platform aggregates liquidity from multiple blockchains to enable trading without requiring users to bridge assets or switch networks manually. It offers two distinct trading interfaces: Simple Mode for streamlined, one-click trading and Pro Mode for advanced traders requiring detailed charts, order books, and sophisticated tools. As of September 2025, Aster reported cumulative statistics including over $514 billion in total trading volume, 2 million users, $254 million in open interest, and $374 million in Total Value Locked (TVL). ^[19]

Aster positions itself within the multi-billion dollar decentralized perpetual trading market, aiming to compete with established platforms like Hyperliquid. The rebrand from Astherus to Aster signifies a strategic focus on becoming a prominent decentralized perpetual exchange. Dust, identified as a Core Contributor of Aster, stated, "The rebrand is central to our ambition of leading the DeFi perps market. Our strategic focus on perpetual trading will also ensure Aster’s long-term sustainability". ^{[1] [2] [3] [3] [4]}

History

Aster's origins trace back to the independent operations of Astherus and APX Finance. Astherus was known for its yield-generating products, while APX Finance focused on decentralized perpetual trading infrastructure. In late 2024, the two protocols underwent a merger. This merger led to the rebrand and launch of the unified platform under the name Aster on March 31, 2025.

Prior to the rebrand, Astherus and APX Finance had collectively processed over $258 billion in decentralized perpetual trading volume. A strategic financing round involving YZi Labs (formerly Binance Labs) was completed in November 2024, prior to the public rebrand. ^{[2] [3] [5] [5]}

ASTER Token Launch

On September 17, 2025, Aster launched its native token, ASTER. The launch was met with significant market interest, with the token's market capitalization exceeding $300 million within six hours. The price rose from a launch price of $0.08 to a high of $0.2181 on its first day, delivering over 130% gains to early investors. The token's spot trading pair, ASTER/USDT, went live on Aster's own spot exchange shortly after the launch. ^{[17] [20] [22]}

Technology

Aster's technology is built around facilitating decentralized perpetual contract trading with a focus on multi-chain compatibility and user experience. A core feature is its cross-chain liquidity aggregation, which aims to provide deep liquidity by drawing from multiple blockchain networks. This aggregation is designed to allow users to trade without the need for manual bridging of assets between chains. The platform has planned support across BNB Chain, Ethereum, Solana, and Arbitrum. ^{[17] [18]}

The platform offers two primary trading modes:

• Simple Mode: Designed for ease of use, offering one-click trading with leverage options up to 1001x. This mode is described as MEV-resistant and suitable for users who prefer a simplified interface without detailed charts. It is available on networks such as BNB Chain and Arbitrum. ^{[1] [4]}
• Pro Mode: Provides an order book interface with advanced trading tools, real-time data, and various order types for experienced traders. This mode also features tools designed to mitigate MEV risks, such as Hidden Orders, which keep order size and direction from being publicly visible. This feature was highlighted by CZ Zhao as a solution to liquidation manipulation seen on other on-chain DEXs. Pro Mode is available on networks including BNB Chain, Ethereum, and Solana. ^{[1] [2] [17]}

Trades on Aster are executed automatically, handling the process across aggregated liquidity sources. The platform utilizes smart contracts for its operations. Future technological developments outlined in the roadmap include the integration of zero-knowledge proofs for enhanced privacy, the development of a purpose-built Layer 1 blockchain (Aster Chain) optimized for trading, and an intent-based system designed to automate trade execution across chains and liquidity sources. A beta version of the Aster Chain was launched for selected traders in June 2025. ^{[1] [2] [3] [4] [6] [1] [1]}

Products and Features

Aster offers a suite of products for both spot and derivatives trading, alongside yield-generating opportunities.

Trading

• Perpetual Trading: The platform's core offering, allowing users to trade perpetual contracts with leverage on a variety of cryptocurrencies and U.S. stocks. ^[19]
• Spot Trading: Aster provides a venue for spot trading, with the first listed pair being its native ASTER/USDT token. ^[20]

Aster Earn

Beyond perpetual trading, Aster incorporates yield-generating products inherited from Astherus under the Aster Earn section. These products allow users to stake various assets to earn yield. Supported assets for staking include BNB, USDT, BTC, and CAKE. Specific yield products include the BNB liquid staking derivative asBNB, asCAKE, asBTC, and the yield-bearing stablecoin USDF (asUSDF). These assets can also be used as collateral, which the platform states unlocks greater capital efficiency. ^{[7] [8] [3] [7] [9] [10] [11] [12] [18]}

Aster also features the Aster ALP (Aster Liquidity Pool), which allows users to mint pool tokens by depositing assets like USDT, BNB, and others to earn passive yield. ^[11]

The platform includes a referral program offering commission on referred trading activity. An API is available for developers and advanced users. ^{[13] [2]}

USDF Stablecoin

USDF is a yield-bearing stablecoin supported within the Aster ecosystem under the Aster Earn products. Users can mint USDF by depositing supported assets. The stablecoin is designed to maintain a peg and offers yield to holders. ^{[12] [14] [12] [12]}

ASTER Token

The native utility and governance token of the Aster ecosystem is ASTER. It launched on September 17, 2025, on the BNB Chain. ^{[17] [21]}

Tokenomics

The total and maximum supply of ASTER is 8 billion tokens. Upon launch, the initial circulating supply was approximately 1.656 billion ASTER. The token is intended to decentralize governance, drive platform growth, reward user participation, and ensure long-term sustainability. The token distribution is allocated across several categories, including airdrops (53.5%), ecosystem and community (30%), treasury (7%), team (5%), and liquidity/listing (4.5%). ^{[18] [21] [23]}

Airdrop and Distribution

As part of its launch strategy, Aster conducted a large-scale community airdrop of 704 million ASTER tokens, which accounts for 8.8% of the total supply. The airdrop was distributed to users who participated in the platform's pre-launch "Genesis" and "Spectra" points campaigns. These campaigns generated significant pre-launch activity, accumulating hundreds of thousands of wallets and over $514 billion in trading volume. The claim period for the airdrop opened on September 17, 2025, and was scheduled to last for 30 days. The distributed tokens are subject to a vesting schedule: 25% of the allocation was made available at the Token Generation Event (TGE), followed by a three-month cliff and a subsequent nine-month linear vesting period for the remainder. Any tokens left unclaimed after the 30-day window were designated to be returned to the community rewards pool for future distribution. ^{[17] [23]}

APX Token Upgrade

In conjunction with the ASTER launch, the project initiated the sunsetting of the APX token, which was the native token of the pre-merger APX Finance protocol. A token swap program began on September 17, 2025, allowing APX holders to exchange their tokens for ASTER. The exchange started at a 1:1 ratio, with the rate designed to decrease over time on a first-come, first-served basis to encourage early conversion. APX DAO stakers were also permitted to unlock their staked tokens without penalty to participate in the swap. This token upgrade was facilitated through the Ecosystem & Community portion of the ASTER token allocation. ^{[24] [23]}

Backing and Reception

Aster launched with significant backing from prominent figures and entities in the crypto industry, which contributed to its strong initial market reception.

CZ Binance and YZi Labs

The project is notably backed by Changpeng "CZ" Zhao and YZi Labs (the rebranded Binance Labs). CZ's public support was a significant factor in the project's visibility. He posted an ASTER price chart on social media—a rare deviation from his usual posts about BNB or Bitcoin—and commented that the Aster team was "brilliantly executing the launch." He also previously reacted to a post comparing Aster's order book to major exchanges by stating, "Binance level liquidity on Aster." This endorsement, combined with YZi Labs' official backing, provided the project with substantial credibility. ^{[17] [22]}

Market Reception

The launch was met with a strong positive reception from the market, fueled by its prominent backers and pre-launch momentum. The platform reported rapid user growth building on its pre-launch campaigns. Following the token launch, some crypto analysts began referring to ASTER as the "Chinese Hyperliquid," projecting significant growth potential. These analysts pointed to the successful track record of other projects backed by CZ, such as MYX Finance, which saw a 1000% rally. Some projections suggested a 10x rally for ASTER, which would place its fully diluted valuation (FDV) at $15 billion—still a fraction of Hyperliquid's valuation at the time. This market sentiment was bolstered by CZ's track record with projects like BNB, which grew substantially from its initial offering price. ^{[17] [22]}

Partnerships

Aster has established partnerships within the decentralized finance ecosystem. Notable partners listed include YZi Labs, Pendle, ListaDAO, Kernel, Venus, YieldNest, and PancakeSwap. YZi Labs (formerly Binance Labs) is noted as a key backer of the project. The platform integrates with protocols like Pendle and PancakeSwap for yield strategies and liquidity provision. ^{[16] [16] [1] [3] [15] [19]}

Milestones and Events

• Late 2024: Merger of Astherus and APX Finance. ^{[3] [5]}
• November 2024: Completion of a strategic financing round with YZi Labs. ^{[5] [5]}
• March 31, 2025: Official rebrand and launch as Aster. ^{[3] [5]}
• September 2024: Launch of Astherus Stage 1: Spectra Points Program ^[3] (Note: This event occurred under the Astherus name prior to the rebrand).
• June 2025: Aster Chain Beta goes live for selected traders. ^[1]
• September 17, 2025: Launch of the ASTER token and initiation of the community airdrop claim. ^{[17] [20]}