A cryptocurrency investor who invested $226,000 in APX two years ago is currently holding over $7 million, attributed to APX’s remarkable surge this week.
As per data from Arkham Intelligence, wallet 0x9d22 amassed 3.62 million APX tokens in 2022 through various swaps and transfers. At that time, the token was priced below $0.07. With APX currently around $1.95, that collection is now valued at $7.07 million.
APX rose over 120% in the last 24 hours, briefly hitting a peak of $1.98 on Sunday, according to information from CoinMarketCap. This rally increased its market cap to $827 million, with daily trading volume reaching $79 million. The token is now nearly 8,000% higher than its all-time low in 2022.
APX serves as the native token for APX Finance, a decentralized exchange for crypto derivatives on BNB Chain and Arbitrum, offering both order book and on-chain perpetual trading with leverage up to 1001x. It also presents high-yield opportunities for liquidity providers via stablecoin-heavy LP pools.
Related: CZ raises concerns as ‘SEAL’ team finds 60 fake IT workers associated with North Korea
APX rallies following token swap to ASTER
The recent price increase aligns with the launch of a highly awaited token upgrade. APX holders can now exchange their tokens for ASTER, the native token of the Aster protocol.
The exchange opportunity began on Wednesday, rewarding early participants with favorable swap rates. The exchange ratio diminishes across five time periods, encouraging quick action.
According to Aster’s announcement, APX DAO stakers were given the chance to unlock their positions without penalties starting Tuesday and swap their recovered tokens under the same conditions. All DAO rewards ceased last week.
Related: ‘Diamond hand’ investor transforms $1K into $1M as BNB surpasses $1,000
Aster’s TVL surges to $2 billion
As reported by Cointelegraph, Aster briefly exceeded $2 billion in total value locked (TVL) after the release of its native token, APX, before quickly dropping back down to $545 million.
The token launch led to increased trading volume, with Aster recording $434 million in 24 hours, establishing it as one of the most active DeFi derivatives platforms. Nevertheless, it still falls short compared to the rival Hyperliquid, which boasts higher volume and open interest.
Binance-associated YZi Labs had previously incubated Aster and invested in its predecessor, Astherus. A BNB Chain representative confirmed that Aster received guidance, exposure, and technical assistance through the program, labeling it the top perpetual DEX on the chain.
Magazine: Can Robinhood or Kraken’s tokenized stocks ever be genuinely decentralized?
