Binance founder Changpeng Zhao (CZ) has publicly endorsed Aster (ASTER), a new decentralized derivatives platform aiming to challenge Hyperliquid's dominance. In a Sept. 19 X post, Zhao revealed Aster had become the largest holder of BSC-USDT apart from Binance's own hot wallet, with Arkham Intelligence data showing $131 million in USDT holdings.
The project, originally launched as ApolloX in 2021, merged with Astherus in late 2024 and rebranded to Aster. Its Token Generation Event (TGE) allowed ApolloX's APX holders to swap for ASTER tokens, rewarding long-time investors. Backed by YZi Labs (formerly Binance Labs), the venture firm associated with Zhao, Aster saw immediate explosive growth.
ASTER jumped more than 800% this week to $0.81593, reaching a market capitalization of $1.3 billion. APX also rallied over 600% during the same period, with one early backer seeing a $226,000 stake grow to over $2 million.
The platform briefly crossed $2 billion in Total Value Locked (TVL) before falling to $545 million, still nearly double its pre-launch range of $300-400 million. Within 24 hours of launch, Aster processed $1.4 billion in trading volume, ranking among the most active decentralized derivatives platforms, though still far behind Hyperliquid's $10 billion volume during the same period.
Despite Zhao's current restrictions from managing Binance under a US lifetime ban, his connection to the project is documented through YZi Labs' investment in Aster's predecessor. BNB Chain representatives confirmed Aster received mentorship, ecosystem exposure, and technical resources through their program.