Aster DEX ($ASTER) launched in 2024. However, it didn’t catch a lot of attention until it launched its ASTER token, earlier this week.
I’m talking of course about Binance. It recently launched Asterdex, a direct competitor to Hyperliquid. With full backing by CZ. The $ASTER token price went through the roof. Hence, time to look into what Aster ($ASTER) is all about.
Asterdex ($ASTER) is a next-generation DEX. It offers both perps and spot trading as a multichain platform. Currently, it offers the BNB chain, Ethereum, Arbitrum, and Solana. Here’s a link to sign up to the Aster DEX. It was launched in 2024 as a merger between two platforms.
However, on September 17th, the $ASTER token launched. This changed the whole game. CZ backed Asterdex with a post on X. He mentioned; “Well done! Good start. Keep building!” This, together with the screenshot of Aster, as pictured below. The DEX and the token went parabolic after that. For example, Aster Pro hit over $3 billion in perp trading volume during the past 24 hours. In the Pro mode, Asterdex offers advanced trading tools. However, more on all this later.
Source: X
The core product of Asterdex is perp trading. Well, perp trading is actually perpetual futures trading. With perp trading, you speculate on the future price movements of an asset. In this case, crypto assets. However, you don’t own the underlying asset. In other words, you trade in derivative contracts. They are perpetual because they don’t have an expiry date. As a trader, you can hold positions indefinitely as long as you maintain the required margin. Perp trading tends to typically include leverage.
There’s no exact information known about the team. However, the founders come from the Astherus and APX Finance teams. It’s backed by YZi Labs which used to be Binance Labs. That’s part of the CZ connection…..So, let’s see how Asterdex works.
Asterdex is a perp dex. I already explained a moment ago what a perp dex is. It also offers spot trading. It’s multichain, and as I already pointed out, currently it supports 4 chains. These are the BNB chain, Ethereum, Arbitrum, and Solana.
Although the DEX has been around since last year, there were some issues when $ASTER launched. These were mostly on the Solana chain, with withdrawals and deposits. However, according to the team, deposit/withdrawals on Solana spot are still disabled. Instead, use the Perp wallet for deposit/withdrawals.
Source: Aster Discord
To start trading on Asterdex, you need to deposit funds on the DEX. You can do this on the four mentioned chains. However, note that email deposits currently only work for $USDT on Arbitrum.
Asterdex offers two perp modes, and they’re both free to use.
Simple mode operates on an Automated Market Maker (AMM) system. It uses the Aster Liquidity Pool (ALP). You can trade against the pool and use up to 1001x leverage. It uses a simple one-click execution without needing a deposit. However, as a general warning. Be careful when trading with leverage. It can give you higher returns, however, it can also multiply your losses.
This is an advanced mode that uses an on-chain CLOB or Central Limit Order Book. Most global exchanges use such a CLOB, including Hyperliquid. This Mode also offers a ‘Hidden Order‘ option. See the picture below. This means that Asterdex’s hidden orders remain completely invisible until they are filled. The concept of hidden orders is not new. However, it is unique that this is now used on a perp dex. Trading on Aster Pro also earns you $ASTER.
Source: X
Furthermore, it offers, among others, grid trading. Pro Mode also offers highly competitive maker and taker fees. Respectively, 0.01% and 0.035%.
The current $ASTER price is $1.61. Yesterday, it saw its current ATH at $1.96. However, it saw a 35% price drop, to $1.27, after it hit that ATH. Look at this chart below, it’s a parabolic rise. 1500% in only 1 week. See the picture below.
Source: Aster DEX
So, no wonder that people took profit. There were also lots of short liquidations at $2, so this also looks like a short squeeze. We called $ASTER on Friday’s news video. The $ASTER price was still at 72 cents. So, a good 2x from where we are now. The token launch also went together with an airdrop for early users.
The current market cap is $2.7 billion. If $ASTER gets to $HYPE’s market cap, its price will be around $9.30. That’s almost a 6x from here. As CZ said, “Dips are important for establishing support levels, which are like foundations of a house”. This is a perfect dip in the $ASTER price and a great entry point.
There are 8 billion $ASTER, and currently 1.65 billion circulate. Vesting starts next month, with monthly unlocks. However, in the current upwards trend for $ASTER, I can see that these unlocks may only make a small dent in the price. If any at all. However, unlocks continue until August 2032.
Aster also has its own stablecoin, $USDF. It’s a fully collateralized, yield-bearing stablecoin convertible 1:1 with USDT. It’s designed to earn passive yield.
So, here you have it, Binance’s answer to Hyperliquid. It has an impactful start with lots of potential. What is your take on the Aster DEX and is $ASTER token? Let me know in the comments. Make sure to follow us on X and Discord and join in our discussions.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.
Harmony plans to sunset its Layer 1 blockchain and migrate ONE to Ethereum after recent security exploits, while shifting its focus toward an AI powered video “remix economy.”
ETH
ONE
The Coldcard exploiter has moved 45% of the Bitcoin stolen in the third wave of attacks, with Galaxy Research tracking 97.09 BTC already moved through swaps and CoinJoin transactions.
BTC
U.S. spot Bitcoin ETFs attracted $986.9 million last week, extending their positive streak to three weeks as institutional demand recovered and BTC held near $80,000.
BTC
