Aster DEX, the high-volume perpetual futures platform linked to Changpeng Zhao, is facing fresh scrutiny as its final Stage 6 airdrop round nears completion. Analysts are questioning whether its reported $20B to $29B weekly trading volumes reflect real user activity or wash trading aimed at boosting airdrop rewards.
The debate comes despite CZ’s $2 million ASTER purchase in November 2025 and his public backing of the exchange as a strong Hyperliquid competitor. With the airdrop snapshot approaching, the project’s credibility is once again being tested.
High Signal Summary For A Quick Glance
- Aster’s reported $20B–$29B weekly volume is under renewed scrutiny during the final airdrop phase.
- CZ backing has not eliminated recurring transparency and wash-trading concerns.
- Previous volume delistings and monitoring actions increase the likelihood of tighter oversight.
- The central issue remains whether reported trading activity reflects real liquidity or inflated metrics.
- Retail traders: Face elevated risk if airdrop rewards shrink or volumes normalize sharply.
- Long-term holders: May experience volatility driven by renewed FUD and trust concerns.
- Institutions: Could reassess exposure if liquidity claims appear inflated or unsustainable.
- Builders and ecosystem teams: Risk weaker incentives and credibility if participation metrics fall.
- Broader perp DEX sector: May see declining trust in reported volume data across competing platforms.
Rising Scrutiny Around Aster DEX Volume Surge
Aster DEX has been reporting massive perpetual futures volumes between $20B and $29B weekly while running its final Stage 6 airdrop campaign launched on February 2, 2026. This spike has triggered fresh scrutiny from community analysts on X, who question whether the activity is organic or driven by wash trading, especially given the project’s links to Changpeng Zhao and YZi Labs.
This is not the first controversy. In October 2025, DeFiLlama delisted Aster’s perp data after volumes crossed $100B, citing suspicious mirroring with Binance and limited order transparency. The move led to a 15 to 20 percent price drop, but the token later rebounded following a $214M buyback and new utility launches, showing resilience despite repeated wash trading concerns.
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Claims vs Reality
Weekly Perp Volume
Daily Perp Volume
Daily Active Addresses (Key Contract)
Weekly Active Addresses
Monthly Active Addresses
24h Unique Traders
Total Value Locked (TVL)
Open Interest
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The User Activity Debate
Fresh scrutiny intensified on February 18 after on-chain analyst Stacy Muur shared Token Terminal data showing Aster’s main yield stablecoin contract with just 6 daily active addresses, 51 weekly, and 346 monthly. These figures appeared inconsistent with the platform’s claimed $2.4B daily and over $17B weekly perpetual futures volume.
Supporters responded by arguing the data focused on a single contract, asUSDF, and did not reflect full platform activity. They cited broader metrics showing 4,673 unique traders in the past 24 hours, along with $1.1B in total value locked and $1.7B in open interest. The debate now centers on whether the reported volume reflects real trading or wash activity ahead of the final Stage 6 airdrop snapshot.
What Readers Should Watch Next
- Final Stage 6 airdrop snapshot – Expected any day now; watch for official announcement and whether Aster applies stricter Sybil filters or mass disqualifications.
- ASTER token price reaction – Monitor for 10–25% swings in the next 48–72 hours as FUD spreads; quick rebound would mirror the October 2025 pattern.
- Aster team or CZ response – Look for a transparency report, on-chain data dump, or CZ tweet defending volumes within the next 3–5 days.
- DeFiLlama or Dune Analytics update – If they delist Aster’s volume data again, it would be the second time in four months and likely trigger another leg down.
