In a significant development within the decentralized finance (DeFi) space, Binance founder Changpeng Zhao, commonly known as CZ, has thrown his support behind Aster, a newly launched decentralized exchange (DEX) that is currently gaining traction among traders eager to capitalize on the next big opportunity following the success of Hyperliquid.
Aster, which was originally launched as ApolloX back in 2021, underwent a rebranding following its merger with Astherus in December 2024. This transition has culminated in the token generation event (TGE) for its new ASTER token. Notably, holders of the previous APX token were granted a conversion opportunity to switch to ASTER during this threshold event, leading to an impressive surge in market activity.
Upon the announcement of the ASTER token launch, backed by CZ’s promotional efforts on social media platform X, the token’s value skyrocketed. While APX had a modest market capitalization of $40 million as of September 16, the freshly minted ASTER tokens quickly catapulted the market cap to an astounding $1.9 billion, marking a staggering 4650% increase within just two days. The token began trading at approximately $0.08 and soared to a peak of $0.79, representing an impressive 875% increase.
The broader context of this activity is notable, particularly the explosive growth within the perpetuals trading sector. The Total Value Locked (TVL) on Lighter, another pre-token DEX, has surged to $485 million, reflecting a 38% increase over the past two weeks. Lighter has emerged as the second-largest perpetuals trading protocol in DeFi, reporting $112 billion in trading volume over the last month, which trails only Hyperliquid’s substantial $335 billion.
The rise of on-chain perpetuals trading has been remarkable, with total volume reaching $750 billion in August alone, a figure that represents nearly a 10% increase over the total volume traded across all protocols combined in 2023. This growth has been accentuated by a lack of a dominant “meta” theme in 2025, leaving many risk-oriented traders, often referred to as “degens,” seeking leverage trading as a primary avenue for investment.
As the DeFi landscape continues to evolve, Aster’s rapid ascent, facilitated by its strategic connections and a notable rebranding, alongside the notable market performance of Lighter, highlights the ongoing dynamism and potential for significant financial gains within the decentralized trading arena. Amidst varying market conditions, traders are eager to identify the next big opportunity that could rival the likes of Hyperliquid, fueling the competitive fervor in DeFi.
