Aster DEX Delisting Sparks Panic: ASTER Drops 10% Fast

DeFiLlama Flags Aster DEX Delisting — Investors React

DeFi analytics site DeFiLlama removed perpetual futures volume data, after spotting near-identical volume patterns between Aster and Binance. Aster DEX delisting and resulting price drop have reopened questions about wash trading, on-chain liquidity sources, and how analytics platforms protect investors.

Defillama Pulls Aster Perpetual Data

DeFiLlama announced it would delist Aster’s perpetual futures volume from its rankings, saying the numbers looked suspiciously like Binance’s volumes and needed deeper verification. This action was taken to protect data integrity and prevent misleading metrics from guiding investor decisions.

Source : X

What Triggered The Delisting Controversy and Wash Trading Concerns

Pseudonymous developer Oxngmi flagged that pairs such as XRP/USDT and ETH/USDT on Aster mirrored Binance’s perpetual volumes, almost exactly  an unusual 1:1 correlation rarely seen in organic markets. Analysts say such tight mirroring is a classic red flag for potential wash trading or coordinated order flows. 

DeFiLlama said it lacked the granular on-chain maker/filler data to confirm whether the activity was legitimate. The controversy gained extra attention because Changpeng "CZ" Zhao, the co-founder of Binance, is an advisor to the project. 

Community Pushback

The project's community supporters accused DeFiLlama of bias and centralization. Some argued Binance liquidity simply moved on-chain to token, creating the close match in volumes — and that Delisting unfairly punished a rising DEX. Social threads and token’s accounts pushed back strongly, calling for clearer methodology from analytics firms.

Price Impact And Token Details

The native token fell over 10% after the announcement, sliding from about $2.00 to $1.80 in the immediate fallout as the community reacted. CoinMarketCap shows token price in the $1.80–$1.90 range, a 24-hour trading volume above $1.28 billion, a circulating supply of 1,65B coins, and a market cap near $3.11 billion. These figures underline how quickly market sentiment moved after the Wash Trading Allegations.

Source : CoinMarketCap 

Airdrop Timing And Supply Concerns

Aster’s Phase 2 airdrop begins distribution on October 10. Compounding the sell pressure is a planned airdrop/phase distribution affecting about 4% of total supply (~320 million coins), which analysts say could add immediate liquidity and selling pressure when unlocked. Market analysis flagged the timing of that distribution as a likely factor in price moves. 

Why This Matters For Defi Analytics

The episode highlights how much traders rely on aggregated analytics. When a widely used tracker like DeFiLlama flags data, markets react fast. For DeFi projects, the lesson is clear: transparent on-chain provenance and clear liquidity sources matter as much as raw volume numbers. Analytics platforms may now add stricter verification or labeling for suspicious flows.

Final Thoughts and What to Watch Next

For now, the Aster DEX delisting is a wake-up call. Investors should watch for token’s response, any on-chain disclosure on liquidity sources, and whether DeFiLlama restores the metrics after further checks. Independent audits or clearer maker traces could help restore confidence.