DeFiLlama Excludes Aster's Perpetual Futures Data Due to Accuracy Concerns

Decentralized finance (DeFi) analytics platform DeFiLlama has removed perpetual futures trading volume data from Aster, a decentralized exchange (DEX), citing concerns about the data's reliability. The decision was announced on October 5 by DeFiLlama co-founder 0xngmi (a pseudonymous figure), as reported by Cointelegraph, and is rooted in suspicions surrounding the authenticity of Aster’s trading figures.

Doubts Over Aster’s Trading Volume Transparency

According to 0xngmi, Aster’s trading volume for perpetual futures displays an unusually high correlation with that of Binance, one of the world’s largest cryptocurrency exchanges. "The correlation coefficient between Binance and Aster’s trading volumes is nearly 1," 0xngmi stated, signaling that Aster’s data mirrors Binance’s activity almost identically.

This alignment raises concerns about the accuracy of Aster's reported volume and whether wash trading—a practice where traders inflate metrics by simultaneously buying and selling an asset—is being employed. 0xngmi added, "Aster does not provide detailed data about who initiates and executes trades. Until this data is available to validate the authenticity of trades and rule out wash trading, Aster's perpetual futures volume will remain excluded from our listings."

DeFiLlama’s stance emphasizes the need for transparency and reliable trade metrics in the rapidly evolving decentralized finance ecosystem. Cointelegraph reportedly attempted to contact Aster’s team for comment on these claims, but as of publication, no response was provided.

Aster's Emergence and Competition with Hyperliquid

Despite scrutiny over data accuracy, Aster has emerged as a significant player in the decentralized futures trading space. In September, the DEX gained attention as a competitor to Hyperliquid, another decentralized perpetual futures exchange. Much of the discussion surrounding Aster has also revolved around its rumored ties to Binance co-founder Changpeng Zhao (CZ), which has led to further intrigue about its origins and market positioning.

Aster’s rise as a challenger to Hyperliquid has been marked by exponential growth in trading activity. Between September 18 and September 24, the platform’s open interest—a measure of the total number of outstanding derivatives contracts—surged by over 33,500% in just one week. This demand underscores growing interest in decentralized perpetual futures as traders seek alternatives to centralized exchanges.

On September 25, Aster achieved a milestone by recording a daily trading volume of $60 billion, according to DeFiLlama. This rapid expansion highlights the growing recognition of decentralized exchanges within the trading community, even as questions persist about the authenticity of reported metrics.

Aster’s Token Trends and Price Volatility

Aster’s performance extends beyond trading volume, with its native token playing a key role in market dynamics. Currently, Aster’s token trades at approximately $1.83, according to CoinMarketCap data, down from an all-time high of $2.30. This price correction reflects the volatility typical of emerging DeFi projects, exacerbated by Aster’s swift rise in both visibility and trading activity.

The fluctuations in its token price mirror broader market trends and trader sentiment as investors weigh the platform’s potential and the credibility of its trading metrics. Aster’s association with decentralized futures trading and its rivalry with Hyperliquid continue to make it a focal point in the DeFi space.

Conclusion

Aster’s rapid ascent in the decentralized finance sector highlights both the opportunities and challenges confronting nascent platforms. While its remarkable trading volume and token performance have fueled widespread attention, DeFiLlama’s exclusion of Aster’s perpetual futures data underscores the critical need for transparency and integrity in crypto markets.

As the decentralized exchange competes with rivals like Hyperliquid and seeks to solidify its place among traders, questions surrounding its data reliability remain pivotal. Whether Aster can address these concerns and maintain its momentum will be crucial in shaping its future trajectory.