Changpeng Zhao supports Aster in impressive token debut.

Binance founder Changpeng Zhao has supported Aster (ASTER), a new decentralized derive platform aimed at challenging the dominance of Hyperliquid in this field.

In a post on September 19 on X, Zhao revealed that Aster has become the largest holder of BSC-USDT, apart from Binance's hot wallet.

According to data from Arkham Intelligence, Aster's wallet holds 131 million USDT, followed by 236 million USD from Binance.

The update was released just a day after he praised the token creation event (TGE) of the project, describing it as a strong start and urging developers to continue building.

His clear support has provided additional momentum for the token launch that has already attracted the attention of the entire industry.

What is Aster?

Aster was first launched under the name ApolloX in 2021 before merging with Astherus at the end of 2024, marking a rebranding and new direction, culminating in the TGE this week.

This event allows holders of APX from ApolloX to exchange their tokens for ASTER, a reward for long-term investors who have been waiting for this conversion. Aster is supported by YZi Labs, a venture capital company affiliated with Zhao.

That structure, combined with Zhao's backing, helped to boost investor enthusiasm.

According to data from Coinmarketcap, ASTER has increased by more than 800% this week to 0.81593 USD, with market capitalization rising to 1.3 billion USD.

Meanwhile, the ripple effect spreads across the market as APX also increases by more than 600% during the reporting period.

The blockchain analysis company Lookonchain emphasized that one of the early investors of APX has seen their investment of 226,000 USD grow to over 2 million USD after the merger and token conversion.

Decentralized derivative products

In addition to the enthusiasm of investors, Aster has quickly positioned itself as one of the largest decentralized derive platforms.

Data from DeFiLlama shows that this platform has processed a trading volume of 1.4 billion USD within 24 hours of its launch, ranking it as one of the most active exchanges in this field.

However, the competitive scale is very large as Hyperliquid, the company's main competitor in this field, handles a trading volume of around 10 billion USD during the same period.

This discrepancy highlights the challenging hurdles for Aster, even as Zhao's endorsement and initial trading data provide the project with a more solid footing compared to most new projects.

Disclaimer: All content on this website is for informational purposes only and should not be considered as investment advice. Readers should conduct their own research before making any investment decisions. We are not responsible, directly or indirectly, for any damages or losses arising in connection with the use of or reliance on any content you read on this website.