Aster Token Falls 10% After DefiLlama Flags Wash Trading Concerns and Delists Perpetuals Data

The token of Aster, a fast-rising decentralized exchange (DEX), dropped roughly 10% after blockchain analytics platform DefiLlama delisted the exchange’s perpetual trading volume data amid concerns of possible wash trading.

DefiLlama’s pseudonymous founder, 0xngmi, raised the issue in an X (formerly Twitter) post on Sunday, noting that Aster’s reported trading volumes had begun to closely mirror Binance’s perpetuals volume over the weekend. Charts shared by 0xngmi showed a near-identical correlation between Aster’s and Binance’s volumes starting late Saturday and extending into Sunday — a pattern not observed on Hyperliquid, one of Aster’s main competitors.

“Aster doesn’t make it possible to get lower-level data such as who is making and filling orders,” 0xngmi explained. “Until we can get that data to verify if there’s wash trading, Aster perp volumes will be delisted.”

The DefiLlama head emphasized that they hold no trading positions in either Aster’s (ASTER) or Hyperliquid’s (HYPE) tokens, underscoring that the move was a data integrity decision rather than a market judgment.

The delisting quickly rippled through markets. According to Aster Price page, the ASTER token fell about 10% within 24 hours, as traders digested the potential implications of DefiLlama’s decision.

Before the controversy, Aster had surged in popularity — recently ranking first in daily trading fees and volume among all perpetual DEXs tracked by DefiLlama. The exchange had positioned itself as a serious competitor to Hyperliquid, gaining traction for its liquidity and performance.

Adding to the public attention is Aster’s connection to Changpeng “CZ” Zhao, the co-founder of Binance, who stepped down from the exchange in 2023 following a plea deal with the U.S. Department of Justice. CZ is listed as an advisor to Aster, though neither he nor the Aster team has yet responded to media inquiries following DefiLlama’s delisting.