Analytics hub DefiLlama has removed Aster’s perpetual futures volume data following concerns about accuracy, which had led to uncertainty among traders.
According to 0xngmi, a pseudonymous co-founder of DeFiLlama, their review revealed that Aster’s trading numbers were almost identical to Binance’s, suggesting that something may have been amiss. The matching patterns observed across pairs, including XRPUSDT and ETHUSDT, suggested that volumes were being manipulated – possibly even by the exchange itself to attract higher trading volume.
The dashboard builder noted, “Aster doesn’t make it possible to get lower-level data such as who is making and filling orders, so until we can get that data to verify if there’s washtrading, Aster perp volumes will be delisted.”
DefiLlama’s decision has divided community members, with some claiming innovation
The DefiLlama team emphasized its policy of zero tolerance for suspicious data and indicated that Aster perps won’t be coming back until the situation becomes clearer. Some users have opposed the decision by the DefiLlama and instead suggested that Aster’s volumes be kept listed under a flagged notice, but 0xngmi said that decision would bias overall perp figures. However, TechLead, an X tech influencer, thinks this could eventually work out in Aster’s favor.
He commented, “This is super bullish ASTER… If they’ve actually onramped Binance liquidity into DeFi, it’s a done deal. Worth reconsidering what ‘metrics’ even means in the new world. DEX & CEX are just frontends.” So far, the community remains divided, with some accusing Aster of foul play, while others praise it for taking a creative approach.
Since launching in September, Aster has been turning heads as a potential rival to Hyperliquid, fueled by chatter around CZ and the DEX’s increasing attention. During the week of Sept. 24, Aster’s open interest expanded by over 33,500% and was right up there with Hyperliquid. The platform also recorded $60 billion in daily perpetual trades on September 25, its highest figure to date, according to DeFiLlama data.
Analyst Marcell forecasted in September that Aster’s price might still rise 480% to reach $10, noting that it had already surpassed HYPE in daily volume and revenue. Other analysts expect a 35% rally in October as crypto markets typically strengthen seasonally.
Aster recently reimbursed traders affected by an abnormal price movement in its XPL perpetual contract, the newly-launched token of the stablecoin-focused Layer 1 Plasma.
Just a few days ago, the price of XPL spiked to more than $4, up from around the $1.30 level observed on other exchanges. “We are aware of abnormal price movements on the XPL perpetual trading pair. Rest assured, all user funds are SAFU. We are conducting a full review and will compensate any affected users for losses,” Aster posted to X at the time.
Within less than two hours, Aster announced that the issue had been resolved. They also noted that all users who were liquidated during the incident would have their losses calculated and compensated in USDT. True to their word, the liquidation compensation was distributed within three hours, according to the project, followed by a subsequent round of compensation to cover related trading and liquidation fees.
Aster’s planned airdrop has elicited concerns
Market jitters over Aster began even before DefiLlama’s news, with its airdrop structure under scrutiny. Aster announced that Genesis Stage 2 rewards, available to claim on October 14, will have no vesting, meaning tokens can be sold immediately. With 4% of supply set to unlock, analysts like Duo Nine warned of potential sell pressure. He noted this could drag ASTER down to around $1, a 46% drop, while giving late buyers an entry at a discount.
The exchange has pitched the update as a fairness-driven tweak, highlighting seamless stage progression and Stage 3 upgrades, such as new formulas, boosts, and spot incentives. But for traders, that flexibility looked more like a looming flood of tokens.
One community member even stated that announcing an unlocked airdrop showed unusual confidence, suggesting that Aster would need to generate enormous fee revenue to absorb the resulting sell pressure. The unlocked airdrop concerns, stacked on top of wash-trading chatter, fueled fresh FUD and dragged prices lower over the weekend.
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