DefiLlama Delists Aster Data After Binance Volume Match Raises Red Flags

DefiLlama found Aster’s XRPUSDT volumes matching Binance at near 1:1 ratios throughout the weekend.

Aster lacks lower level order data, preventing verification of trade authenticity or possible artificial volumes.

Analyst Duo Nine warned ASTER could slide toward $1 after delisting and upcoming token unlock.

DefiLlama has removed perpetual futures volume data tied to decentralized exchange Aster after detecting what it called an “almost perfect” match between Aster’s activity and Binance’s trading volumes

According to DefiLlama founder 0xngmi, who published a detailed thread on X, comparative charts showed Aster’s XRPUSDT volumes tracking Binance’s perpetual markets at a near 1:1 rate throughout the weekend. That ratio, he said, appeared statistically unlikely for independent decentralized trading and prompted an immediate investigation.

Data Transparency Cited as Core Issue

The incident escalated when DefiLlama confirmed that Aster does not provide access to lower-level order data. That level of information, which identifies who places and fills trades, is essential for verifying whether a platform engages in artificial volume generation

Until Aster offers that visibility, DefiLlama stated it will exclude the exchange from its aggregate metrics and API feeds. In a follow up post addressing criticism, 0xngmi rejected claims of bias and clarified that DefiLlama holds no position in Aster’s ASTER token or Hyperliquid’s HYPE token.

Notably, DefiLlama compared the same Binance data against Hyperliquid, Aster’s closest rival, and found no similar alignment. That comparison reinforced suspicions that Aster’s activity may have been influenced by automated replication or structured coordination

Previous cases, according to 0xngmi, were removed discreetly, but he said quiet delistings later triggered conspiracy theories. He added that keeping Aster active with a warning would distort broader derivative rankings.

Volume Surge Followed by Market Reversal

The delisting came days after Aster topped DefiLlama’s leaderboard for daily DEX fees and total volume. Daily perpetual trading activity reportedly reached $60 billion on September 25. Open interest also jumped over 33,500% within one week in late September. However, the removal quickly wiped confidence from the market. Aster’s native token fell more than 10% within 24 hours after the announcement.

The move arrived at a sensitive time. Aster is preparing for its Genesis Stage 2 airdrop, which unlocks 4% of the token supply with no vesting. Analyst Duo Nine warned that the price could test $1 before stabilizing.

CZ Connection

Aster lists former Binance CEO Changpeng “CZ” Zhao as an advisor, which intensified public attention around the delisting. Zhao resigned from Binance in 2023 as part of a U.S. Department of Justice plea agreement. So far, neither Zhao nor the Aster team has responded to DefiLlama’s claims.

Analyst Anndy Lian commented that aggressive trading tactics are common across the crypto sector and should not be perceived as definitive proof of manipulation. However, DefiLlama maintains that until direct verification is provided, Aster’s data will remain offline.

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