Binance CZ Calls Aster ($ASTER) “Strong Project,” Explains Involvement

Launched just 10 days ago, Aster (ASTER) has quickly become a top-trending project in the cryptocurrency space. The platform is primarily a decentralized exchange protocol, best known for providing strong competition to the current market leader, Hyperliquid. Following its launch, the $ASTER token’s value skyrocketed by over 2,400%, igniting significant community interest.

However, that attention has not only been a result of Aster playing in a hot niche within the cryptocurrency market. Its growth has largely been a result of strong backing from one of the most powerful men in the crypto space, namely Binance founder Changpeng Zhao.

In a recent X space hosted by the Aster community, CZ clarified his involvement with the project and reaffirmed publicly known information that he serves as an advisor for the project. He said, “YZI Labs [Binance’s investment arm] is a minority investor in Aster. I’m an advisor for Aster, and I only advise them on product and tech, and I do not advise them on regulatory issues; that’s not in my scope of specialty. I’m just helping a number of young founders. Aster has a couple of ex-Binance people.”

As one would expect for someone who supports a project, CZ called Aster a strong project and praised its early success since launch, as well as Aster’s potential ripple effect on the BNB coin. 

Zhao told the audience, “I think it’s a strong project, and I know they stayed pretty close to the BNB Chain Ecosystem, which, of course, indirectly helps BNB. Which is very close to my heart, so yeah, that’s why they help us and we help them. I am glad to show a lot of different projects, and Aster did phenomenal in their TGE so far, and now the roadmap execution will be the real flex.”

Beyond Aster, Changpeng Zhao stresses that he is committed to ongoing efforts to make blockchains faster. He noted that some of the top blockchains today are still “too slow,” and there’s much work yet to be done.” More competition grows the space faster,” Zhao added.

What We Know About Aster Price Action 

Since its launch on September 17th, the Aster token has experienced a remarkable surge in value, exceeding 2,400%. This impressive growth has propelled its market capitalization above $2.9 billion, securing its position as the 50th largest cryptocurrency on CoinGecko.

The Aster exchange has also demonstrated strong performance, surpassing Hyperliquid in key metrics. According to DefiLlama data, Aster reported $35.86 billion in daily perpetual trading volume, significantly exceeding Hyperliquid’s $17.16 billion.

Aster allows users to trade both long and short positions simultaneously using Hedge Mode, enabling effective risk management. While the platform has been operational for over a year, its recent surge in activity is attributed to the launch of its native token.

The project’s robust performance has attracted new traders, drawn to the platform’s liquidity. On-chain data indicates that whales have been steadily accumulating ASTER since last week, with investments exceeding $48 million. Notably, one large holder recently realized $7 million in profits from an initial investment of $300,000.

Here’s Why Aster ($ASTER) is Gaining Traction

The project’s community-driven approach, particularly Season 2 of its points farming program, has fueled excitement. This campaign incentivizes users through trading, referrals, and margin usage. Crypto analyst Shawn noted on X that while only 4% of tokens are released in this round, participation is already 30 times higher than in Season 1.

As previously mentioned, Aster has also garnered support from prominent figures in the cryptocurrency industry, including Binance founder Changpeng Zhao (CZ), who has publicly endorsed the project on his X account. YZi Labs, Zhao’s private investment firm, also supports the platform by providing mentorship, technical support, and marketing exposure.

Furthermore, crypto trader such as James Wynn has promoted Aster as a superior alternative to Hyperliquid, suggesting that its competitor is facing a “slow and painful death” as the newer perpetuals DEX gains traction.

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