DefiLlama has taken decisive action against Aster, removing the decentralized exchange’s perpetual futures trading metrics from its platform due to concerns over potential wash trading and insufficient data transparency. Following the announcement by DefiLlama’s founder, 0xngmi, the value of Aster’s native token dropped by roughly 10%.
The decision came after 0xngmi shared charts on his X (formerly Twitter) account showing that Aster’s reported trading volumes closely mirrored those of Binance’s perpetual markets a correlation not observed in competitors like Hyperliquid. This raised red flags about the authenticity of Aster’s trading activity. According to CoinMarketCap data, the ASTER token price fell sharply soon after DefiLlama’s announcement.
0xngmi noted that key order-level data, such as order placements and executions, were not publicly accessible, making it difficult to confirm the legitimacy of Aster’s trading volumes. Until sufficient verification can be provided, DefiLlama will keep Aster’s trading metrics suspended. He also clarified that he holds no long or short positions in ASTER or HYPE.
The move has reignited debate around data providers’ responsibility to temporarily disable or flag suspicious trading metrics. While high-frequency correlations alone don’t prove manipulation, they raise concerns about genuine liquidity and market integrity.
Before its removal, Aster ranked among the top decentralized perpetual exchanges tracked by DefiLlama in both daily fees and volume. However, the delisting triggered a notable shift in investor sentiment, driving ASTER’s price lower. The controversy has also drawn attention to the exchange’s governance standards, especially given the involvement of Binance co-founder Changpeng “CZ” Zhao as an advisor.
Market participants are now calling for greater transparency from Aster’s team, particularly regarding order flow and execution data. In contrast, platforms like Hyperliquid, which do not show the same trading pattern overlap, highlight Aster’s current data limitations and the growing demand for accountability within the DeFi ecosystem.