In recent days, the decentralized exchange Aster has emerged as a dominant force in the perp-DEX space, posting record fee and trading volume metrics. At the same time, Changpeng “CZ” Zhao has publicly affirmed a supportive role in the project — but firmly rejected the idea that he or Binance are its formal backers.
Aster’s Meteoric Rise
On-chain data shows that within a single 24-hour period, Aster collected over $29 million in protocol fees, outpacing heavyweights like Tether and Circle.
Its trading turnover in that time frame exceeded $42 billion, placing it among the most active perpetual DEXes in the market.
Meanwhile, over the past week, Aster has generated north of $120 million in cumulative fees, marking its ascent as a high-throughput protocol in DeFi.
Some analyses place its total weekly fee accrual above $119 million, boosting its profile further in the perpetuals ecosystem.
These performance figures have caused many to compare it directly with incumbents like Hyperliquid.
The ASTER token has also seen wild swings. Following a sharp correction, it rebounded from lows near $1.50 back into the $1.70 range, aided by renewed optimism in the community. Some technical forecasters now see a potential bounce of +35% if key support levels hold.
CZ’s Support — With Boundaries
Amid the excitement, CZ addressed prevailing speculation about his involvement. He confirmed that while he functions as an advisor — mostly on product design and technical strategy — neither he nor Binance plays an official role in Aster’s operations. He emphasized that regulatory duties and broader governance do not form part of his remit.
CZ further clarified that YZI Labs, his venture arm previously linked to Binance Labs, holds only a minority stake in Aster. He also acknowledged that several former Binance employees now participate in Aster’s development, which has fueled some of the speculation around his deeper involvement.
He characterized Aster’s features — notably low fees, hidden order execution, and multi-chain support — as “game-changing” in the perpetuals field, suggesting the DEX could push boundaries in competition with existing platforms.
What It Means Going Forward
CZ’s public backing, even if limited to advisory capacity, has injected significant confidence into the narrative around Aster. Many investors view the association as symbolic — a reason to take the project more seriously — but questions remain:
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Can Aster sustain its current growth without structural backing from a major exchange?
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How will the community respond if token unlocks or volatility lead to sustained drops in metrics?
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Will regulators scrutinize the relationship between centralized exchange figures like CZ and ambitious DeFi projects more aggressively?
For now, Aster is riding a wave of momentum. Whether it can cement long-term legitimacy will depend on execution, transparency, and community trust — as well as how well it navigates associations with industry heavyweights like CZ.
