DeFiLlama Cuts Aster DEX Data Over $85B Wash Trade Concerns

• DeFiLlama delisted Aster DEX perpetual futures data citing transparency issues.
• Aster's volumes closely mirrored Binance’s, raising suspicions of wash trading.

DeFiLlama, a prominent decentralized finance (DeFi) analytics platform, has removed perpetual futures trading volume data for Aster, a decentralized exchange (DEX), citing significant concerns over data integrity. The decision, announced on October 5, 2025, stems from observations that Aster's reported trading volumes exhibited a near-perfect correlation with Binance’s perpetual contract volumes, with a correlation ratio of approximately 1, according to Cointelegraph and BeInCrypto.

DeFiLlama's co-founder, 0xngmi, stated that the delisting will persist until Aster provides granular order-level data to confirm whether the trading volume is organic or artificially inflated. Analysts have raised concerns about potential wash trading, a manipulative practice that creates the illusion of high trading activity to attract users and liquidity.

Following its token generation event, Aster reported a surge in trading volumes from $1.15 billion to over $85 billion within just 12 days. However, this rapid growth has been accompanied by allegations of inflated activity due to a lack of transparency. The platform’s refusal to provide detailed trading data has made it difficult for independent observers to verify these claims.

The controversy has also affected Aster’s market performance. Its native token, ASTER, saw a price drop of over 10% after the delisting announcement. This decline underscores concerns among investors about data credibility and the sustainability of Aster’s rapid growth. Aster’s gamified rewards and promotional incentives, which encourage heavy trading activity, have further fueled skepticism.

Regulatory experts have noted that such practices could attract scrutiny from authorities focused on combating market manipulation in the cryptocurrency space. Aster’s reported ties to Binance co-founder Changpeng Zhao (CZ) add further complexity to the case. Although Aster positions itself as an emerging competitor to platforms like Hyperliquid, the current lack of transparency poses risks to its long-term viability.

As of October 5, 2025, 21:09 UTC, Aster (ASTER) is trading at $1.836, with a 14.31% decrease in 24-hour trading volume, according to CoinMarketCap. Hyperliquid (HYPE), a key competitor, is trading at $47.781, with a 1.85% decrease during the same period.