Decentralized finance analytics platform DeFiLlama has announced plans to remove perpetual trading volume data for Aster DEX amid growing concerns over data integrity and suspicious correlations with Binance’s trading volumes. The decision has reignited debates around transparency in decentralized exchanges (DEXs) and the credibility of reported trading activity.
Aster’s Volume Mirrors Binance
According to 0xngmi, the pseudonymous co-founder of DeFiLlama, Aster’s reported trading volumes are “almost perfectly correlated” with Binance’s perpetual futures volumes.
He noted that the correlation ratio between the two platforms stands close to 1, suggesting that Aster’s reported volumes may be mirroring Binance activity rather than reflecting organic trading.
“Aster doesn’t make it possible to get lower-level data, such as who is making and filling orders,” 0xngmi said. “Until we can verify if there’s wash trading, Aster perpetual volumes will be delisted.”
This step highlights DeFiLlama’s commitment to maintaining data reliability and reflects growing scrutiny over inflated or manipulated trading metrics across decentralized platforms.
Aster’s Rapid Rise Raises Questions
Aster DEX, linked to Binance co-founder CZ, emerged in September as a fast-growing competitor to Hyperliquid, another decentralized perpetual futures exchange. Within days of launch, Aster captured major community attention due to CZ’s ties and its rapid liquidity growth.
During the week of September 24, Aster’s Open Interest surged by over 33,500%, pushing its daily perpetual trading volume to a record $60 billion. Analysts at the time described it as one of the fastest-growing DeFi exchanges by volume.
However, the near-identical trading activity compared to Binance raised red flags among analytics platforms and industry observers, prompting DeFiLlama’s decision to delist its perpetual data until further verification.
Market Analysts Remain Divided
While some market watchers question the authenticity of Aster’s trading metrics, others believe the platform’s user growth and liquidity expansion are real.
Crypto analyst Marcell projected that Aster’s token could still see up to 480% growth, potentially reaching $10, provided the platform maintains its current momentum.
At present, Aster (ASTER) is trading around $1.83, down from an all-time high above $2.30, according to CoinMarketCap.
Analysts also forecast a potential 35% rally in October, historically a bullish month for crypto markets, which could push Aster toward new all-time highs if market sentiment remains positive.
Transparency Becomes a Key Focus
The DeFi ecosystem thrives on transparency, but data manipulation and volume inflation continue to undermine confidence in decentralized platforms.
By taking a firm stance, DeFiLlama reinforces the importance of verifiable, on-chain data, signaling to other platforms that integrity must come before hype.
As Aster navigates these challenges, the platform’s ability to demonstrate authentic trading activity and user engagement will determine whether it can sustain growth and credibility in the rapidly evolving DeFi landscape.
DeFiLlama’s delisting of Aster’s perpetual data underscores a critical moment for decentralized exchanges — balancing rapid adoption with the need for transparency and data trustworthiness.
The move not only protects investors but also strengthens the long-term credibility of the DeFi industry as it continues to mature.
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.