Aster hits $2B TVL before a sharp drop. Speculation grows over CZ’s link as the Binance-backed Hyperliquid rival battles for market share.
Author: Akshat Thakur
September 19, 2025 — Aster hits $2B TVL on the BNB Chain, briefly surpassing expectations before retreating sharply to $545 million, according to DefiLlama data. The decentralized perpetuals exchange, seen as a rising Hyperliquid competitor, still holds $655 million TVL today, nearly double its pre-launch range.
The launch of Aster’s native APX token drove TVL to $2 billion on Thursday before a steep decline. Despite the volatility, Aster logged $434 million in 24-hour trading volume, placing it among the most active DeFi derivatives platforms. Rival Hyperliquid remains ahead with $672 million in TVL and $800 million in daily trading volume.
Binance co-founder Changpeng Zhao congratulated Aster on X, prompting speculation about his involvement. Some users suggested Zhao launched Aster to counter Hyperliquid’s rise. However, Zhao remains barred from managing under a lifetime ban imposed by US regulators. He continues to describe himself as a “community member and BNB holder.”
Though CZ has denied direct links, Aster was incubated by YZi Labs (formerly Binance Labs) and supported by BNB Chain. The exchange received mentorship, ecosystem exposure, and investment under the program. A BNB Chain representative called Aster the top perpetual DEX on its network, pledging full support.
Despite early success, Aster has faced user complaints, including withdrawal issues. Community skepticism highlights the challenges of scaling a new protocol even with Binance ecosystem backing.
While Aster hits $2B TVL marked a historic moment for the new exchange, its sharp pullback underlines the volatility of DeFi growth. Whether speculation about CZ’s role proves true or not, Aster remains in the spotlight as it battles Hyperliquid for dominance in the perpetuals market.
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