In a significant development within the decentralized finance (DeFi) space, analytics platform DeFiLlama has announced the removal of perpetual futures volume data for Aster, a decentralized exchange (DEX). The decision was made due to concerns over data integrity, as stated by 0xngmi, a co-founder of DeFiLlama.
The trading activity on Aster, which has gained attention due to its association with Changpeng Zhao (CZ), co-founder of Binance, has been closely mimicking the perpetual futures volumes of Binance. According to 0xngmi, the correlation ratio between the trading volumes of Binance and Aster was found to be approximately 1, raising alarms about the reliability of the reported data.
“Aster doesn’t provide granular data such as order makers and fillers, making it challenging to ascertain whether any wash trading activities are occurring,” 0xngmi explained. Consequently, DeFiLlama will suspend its reporting of Aster’s perpetual volumes until proper data verification mechanisms are in place.
Aster emerged on the crypto scene in September, positioning itself as a competitor to another decentralized perpetual futures exchange, Hyperliquid. The association with CZ has further propelled Aster into the limelight, capturing interest within the community. Open interest on Aster experienced a remarkable surge, increasing by over 33,500% in less than a week during the last week of September, indicating a strong demand for the platform’s offerings.
On September 25, the daily perpetual trading volume on Aster peaked at an astounding $60 billion, showcasing its rapid growth, according to data from DeFiLlama. This increase was largely attributed to Aster’s rise and its ability to attract a growing base of traders and investors.
Despite the recent delisting of its trading volume data, analysis continues to suggest potential for growth regarding Aster’s token. Analysts project that the Aster token, which is currently trading at $1.83 and has seen a decline from its all-time high of over $2.30, could rally by as much as 35% in October, historically a favorable month for crypto prices. Some predict the token could reach up to $10 if it maintains its current momentum.
As the Aster project evolves, observers remain focused on whether it can outpace Hyperliquid in the competitive DEX landscape. This development serves as a reminder of the importance of data integrity in the rapidly changing landscape of DeFi, as inaccurate reporting can significantly affect trader confidence and market dynamics.
In conclusion, while Aster’s trading activity has garnered considerable attention, the recent delisting of its volume data underscores the necessity for transparency and reliable data within decentralized finance platforms. As the crypto community continues to navigate these complexities, future updates from both DeFiLlama and the Aster team will be critical for maintaining trust and engagement in the market.
