Emerging DEX (decentralized exchange) and unintended competitor to Hyperliquid, Aster, is experiencing troubles with investors following the announcement from analytics platform DefiLlama to delist the platform’s perpetual trading volume data.
In addition to related FUD (fear, uncertainty, and doubt), the consequences of the ASTER airdrop have worsened member sentiment.
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Wash Trading Allegations Shake Aster, Leading to DefiLlama Delisting
DefiLlama builder 0xngmi stated that the team’s investigation found Aster’s trading volumes closely resembling Binance perp volumes. The correlation, evident across pairs like XRPUSDT and ETHUSDT, raises concerns that much of Aster’s activity may be synthetic, potentially created by the exchange itself.
“Aster fails to provide lower-level data such as details on who is placing and filling orders,” the DefiLlama dashboard builder pointed out.
The builder emphasized DefiLlama’s commitment to data integrity, leading to the decision to remove Aster’s perps until greater transparency is achieved.
The announcement led to varied reactions. Some users requested that DefiLlama retain the data with a warning tag. However, according to 0xngmi, this would distort overall perp volume figures.
On the other hand, a tech expert known as TechLead on X (Twitter) suggested that the controversy might actually indicate a positive trend.
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“If they’ve genuinely introduced Binance liquidity into DeFi, it could be a game changer,” they remarked.
The discussion has divided the community between those accusing Aster of manipulation and those defending its innovation. Amidst this, the ASTER price fell more than 10% to $1.86 at the time of this report.
This price decline is attributed to factors beyond the DefiLlama delisting, as concerns about the ASTER airdrop continue to loom.
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No-Lock ASTER Airdrop Triggers Sell-Off, Intensifying Price Decline
While DefiLlama’s announcement sparked panic, Aster’s airdrop policy was already placing investor confidence at risk.
The project confirmed that rewards for Genesis Stage 2, opening for claims on October 14, will have no locking period, allowing recipients to sell their tokens immediately.
With 4% of the total supply unlocked at once, analysts and traders like Duo Nine have indicated a potential for heightened selling pressure.
According to the analyst, this could present an opportunity for late entrants to purchase ASTER at discounted prices, potentially lowering the token’s value to $1, which would represent a 46% drop from its current levels.
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Aster framed the update as a commitment to fairness and flexibility, highlighting the absence of “pauses” between stages and vowing improved reward mechanisms in Stage 3, which will include new scoring strategies, team enhancements, and incentives for spot trading.
However, for traders, “flexibility” translated into expectations of liquidations just before the token’s next phase.
“They would need to earn substantial fees to counter the sell pressure…their confidence in announcing an unlocked airdrop is questionable,” one community member quipped.
Coupled with wash trading claims, the airdrop announcement intensified the FUD as the token’s decline over the weekend mirrored mounting skepticism beyond Aster’s metrics. This highlights the rapidity with which transparency concerns can unsettle DeFi markets.
Looking ahead, Aster’s success may depend on the DEX’s ability to substantiate its trading volumes and ambitions with credible data.
