CZ on Aster: Binance Founder Confirms Advisory Role, Not Team Member

CZ on Aster: Ex-Binance Staff Join Team While Founder Provides Guidanc

Is Binance founder Changpeng Zhao (CZ) starting a new crypto project? 

Many in the crypto world have been asking this after rumors connected him to this new decentralized exchange (DEX). The talk got louder when he posted updates on X, CZ on Aster, confirming that some former Binance employees are now part of the Aster team. 

Source: X (formerly Twitter) 

But CZ’s clarification showed it’s not as simple as people think.

CZ Explains His Connection

CZ said that several ex-Binance staff are working with the perp dex platform and that YZi Labs, a company he supports, owns a small part of it. This made it clear that he has some connection to the project.

At the same time, He said he is not officially part of the project. Some people thought he said he was on the team during a Spaces talk, but he corrected that. CZ said, “Not on the team, just an advisor.” This means he only gives advice and does not manage the project.

Aster and Binance: Competitors

What’s interesting is that he is okay with this project being a competitor to Binance. He explained that the crypto market is large enough to accommodate many projects, and that supporting innovation is valuable. This indicates that he is of the opinion that having several exchanges makes the entire market stronger.

Community Responds

Different views exist regarding CZ on Aster. Some are of the opinion that his advisory role is indicative of trust in this altcoin, while others are concerned it will generate conflict. The argument is that the new altcoin will grow quicker with seasoned ex-Binance personnel, but others are concerned it may bring additional attention. his clarification seems to have calmed most concerns.

Aster Price 

It has seen big swings recently. 

• The token fell 5.35% in the past 24 hours after an amazing 2,147% rally over 30 days. 

• It dropped from its all-time high of $2.43, where it was overbought. 

• It went as low as $1.65, testing its 7-day average of $1.88 after failing to stay above $2.00 resistance.

Source: CoinMarketCap

The whole crypto market also affected. 

• Ethereum's 9% decline triggered $1.5 billion in liquidations, taking down other tokens like this. 

• Additionally, 53.5% of the supply is reserved for impending airdrops, which may contribute to further selling. 

• Currently, $1.76 is a significant support level that traders are monitoring.

Why This Matters

The announcement regarding the altcoin reflects a trend in crypto: new exchanges are being developed by experienced teams. The project aims to make for a place in the DEX crowded market, where larger players such as dYdX and GMX have already established themselves. Having ex-Binance employees lends credibility, and his advisory position generates more visibility for the project.

Final Thoughts

The CZ on Aster demonstrates just how powerful he remains within crypto. Even after having distanced himself from Binance, his name contributes to community discussions and anticipation. 

Having cleared the air that he is merely an advisor, he has made the record correct and enabled $Aster to develop independently. Everyone is now waiting to see whether it can find its niche within the DEX market and to what extent his counsel will contribute.