BNB Chain’s New Perpetuals Exchange Gains Momentum but Faces Early Volatility
BNB Chain’s decentralized perpetuals exchange Aster briefly surged past $2 billion in total value locked (TVL) following the launch of its native token, only to see a swift correction to $545 million before rebounding to around $655 million, according to DeFi data trackers.
The sudden rise in TVL was accompanied by $434 million in 24-hour trading volume, pushing Aster into the ranks of the most active DeFi derivatives platforms. However, it still trails behind Hyperliquid, which holds about $670 million in TVL and daily trading volumes nearing $800 million, with $15 billion in open interest.
Speculation Over CZ’s Role in Aster
Community attention intensified after Binance co-founder Changpeng Zhao (CZ) congratulated Aster on X, urging them to “keep building.” This message triggered speculation that Zhao could be tied to the project, with some users pointing to recent updates to his profile as indirect signals.
One trader noted that “CZ may have realized the business risk posed by Hyperliquid’s momentum,” while another claimed he appeared to be “back in charge” despite regulatory restrictions.
Still, Zhao is barred from managing Binance operations under a lifetime ban imposed by U.S. authorities in 2024. Since then, he has maintained that he is simply “a community member and a BNB holder.”
Links Between Aster and Binance’s Ecosystem
While Zhao distances himself, Aster’s connection to the Binance ecosystem is evident. The project was incubated by YZi Labs (formerly Binance Labs), which has invested in Aster’s predecessor, Astherus. According to a BNB Chain spokesperson, the exchange received mentorship, ecosystem exposure, and technical support as part of the incubation program.
Early Momentum and Concerns
Despite its rapid growth, Aster’s debut has not been without issues. Some community members reported technical difficulties during withdrawals, raising questions about stability.
Still, with strong BNB Chain backing and a surge of early adoption, Aster’s trajectory suggests it could become a significant player in the decentralized derivatives market, provided it can build trust and sustain liquidity.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.