A crypto investor who invested $226,000 in APX two years back is now enjoying a windfall of over $7 million, following an astounding rally in APX this week.
Data from Arkham Intelligence indicates that wallet 0x9d22 acquired 3.62 million APX tokens in 2022 through various swaps and transfers when the token was priced below $0.07. Now that APX is around $1.95, this stash has ballooned to $7.07 million.
In the past 24 hours, APX has skyrocketed over 120%, briefly hitting an all-time peak of $1.98 on Sunday, as per CoinMarketCap data. This surge boosted its market capitalization to $827 million, with daily trading volume reaching $79 million. The token has appreciated nearly 8,000% from its all-time low in 2022.
APX serves as the native token for APX Finance, a decentralized exchange for crypto derivatives on the BNB Chain and Arbitrum, offering perpetual trading with up to 1001x leverage and lucrative opportunities for liquidity providers via stablecoin-focused LP pools.
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APX surges after token swap to ASTER goes live
The recent spike in price follows the launch of a much-anticipated token upgrade. APX holders can now trade their tokens for ASTER, the native token of the Aster protocol.
The exchange window opened on Wednesday, with early participants receiving enhanced swap rates. The exchange ratio gradually decreases over five time intervals, encouraging prompt participation.
As per Aster’s announcement, APX DAO stakers could unlock their positions without penalties starting Tuesday and exchange their recovered tokens under the same conditions. All rewards for the DAO concluded last week.
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Aster’s TVL spikes to $2 billion
As reported by Cointelegraph, Aster briefly exceeded $2 billion in total value locked (TVL) following the launch of its native token, APX, before quickly declining back to $545 million.
The token’s debut spurred an increase in trading volume, with Aster recording $434 million in 24 hours, establishing itself as one of the most active DeFi derivatives platforms. However, it still lags behind competitor Hyperliquid, which has greater 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 mentorship, exposure, and technical support through this program and deemed it the top perpetual DEX on the chain.
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