A crypto investor who invested $226,000 in APX two years ago is now enjoying a staggering return of over $7 million, attributed to APX’s recent surge this week.
As per data from Arkham Intelligence, wallet 0x9d22 acquired 3.62 million APX tokens in 2022 through a series of trades and exchanges. Back then, the token was valued under $0.07. Currently, with APX priced around $1.95, that investment is now worth $7.07 million.
APX skyrocketed more than 120% in just 24 hours, briefly reaching an all-time high of $1.98 on Sunday, according to CoinMarketCap. This rally boosted its market capitalization to $827 million, with daily trading volume hitting $79 million. The token is now up nearly 8,000% from its lowest point in 2022.
APX serves as the native token for APX Finance, a decentralized exchange focused on crypto derivatives on BNB Chain and Arbitrum, offering order book and on-chain perpetual trading with leverage up to 1001x. It also provides liquidity providers with high-yield opportunities through stablecoin-centric LP pools.
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APX skyrockets after token swap to ASTER goes live
The recent surge in price follows the launch of a highly awaited token upgrade. APX holders can now exchange their tokens for ASTER, the native currency of the Aster protocol.
The exchange opportunity commenced on Wednesday, with early participants benefiting from improved swap rates. The exchange ratio decreases across five periods, encouraging immediate participation.
Per Aster’s announcement, APX DAO stakers could unlock their positions without penalties starting Tuesday and swap their recovered tokens under the same conditions. All DAO rewards concluded last week.
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Aster’s TVL climbs to $2 billion
As reported by Cointelegraph, Aster briefly surpassed $2 billion in total value locked (TVL) after the launch of its native token, APX, before quickly retracting to $545 million.
The token launch sparked a spike in trading activity, with Aster recording $434 million in trade volume within 24 hours, establishing itself as one of the most engaged DeFi derivatives platforms. However, it still falls behind rival Hyperliquid, which boasts superior volume and open interest.
Binance-associated YZi Labs previously supported Aster and invested in its predecessor, Astherus. A spokesperson from BNB Chain confirmed that Aster received mentorship, exposure, and technical assistance through the program, declaring it the premier perpetual DEX on the chain.
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