The rise of Aster Coin has recently captured the attention of cryptocurrency enthusiasts, largely driven by developments involving Changpeng Zhao, known as CZ. Two days ago, CZ, the influential former CEO and founder of Binance, faced legal issues with the US Department of Justice amidst a bearish market, which led to his reduced involvement with the exchange. Nonetheless, CZ remains actively engaged with digital currencies, particularly with Aster Coin.
What Links CZ to Aster?
Changpeng Zhao has played a pivotal role in the widespread adoption of cryptocurrency by founding an advanced trading platform. His efforts have aided a multitude of investors in trading digital assets, and despite stepping back, Binance maintains its status as the largest global exchange by trading volume.
YZi Labs, part of Binance’s sprawling ecosystem, has notably invested in Aster, highlighting CZ’s continuous influence in the crypto space. The backing of Aster emerged as it positioned itself as an alternative in the DeFi market, leveraging CZ’s well-known “keep building” mantra.
Why Is Aster Coin Significant?
Aster has evolved into a prominent decentralized trading platform on the BSC network, experiencing swift growth since its rebranding from Astherus. The engagement of CZ and investment from YZi Labs have propelled Aster into the spotlight.
“Derivatives are a vital component of all DeFi ecosystems. We will continue supporting Aster and anticipate the emergence and growth of more perpetual protocols to enrich the BNB Chain’s ecosystem.” ― BNB Chain Representatives
Aster’s impressive metrics include a 30-day futures trading volume of $20 billion and a total value locked (TVL) of $400 million. Such numbers affirm Aster’s potential in shaping the future of on-chain futures trading.
Given its operations across 101 trading pairs, a user base of 2 million, and a total trading volume of $525 billion, Aster’s design mimics centralized exchanges, offering users a seamless experience. The advent of new decentralized exchanges (DEXs) has bridged the user experience gap between traditional centralized exchanges (CEXs) and DeFi platforms, drawing broader investor interest.
The fully diluted market cap of Aster stands at $14.2 billion, with a $2 billion daily trading volume. A distribution of 8.8% of Aster’s total supply through an airdrop signifies the team’s commitment to community inclusion. Eligible participants have until October 17 to claim their share.
- September 17 marked the start of community airdrops coinciding with CZ’s involvement in Aster.
- Monthly token unlocks occur at 2.57% or 1.54% intervals, impacting market dynamics.
- 53.5% of the supply is dedicated to community activities and stakeholder engagement.
- The BSC network hosts the majority of the supply, ensuring seamless integration.
With upcoming supply unlocks and substantial growth in trading volume, Aster Coin’s trajectory could reach new heights by the year’s end. Its current growth underscored by CZ’s influence, positions Aster as a force to be reckoned with in the DeFi landscape.
