CZ Binance Backs Aster to Challenge Hyperliquid – Token Hits $300M MC in 6 Hours

CZ Binance has thrown his weight behind a new decentralized exchange, Aster, which is already making waves in the market.

Backed by CZ-affiliated YZi Labs (formerly Binance Labs), BNB Chain’s leading DEX PancakeSwap, and other major players, Aster positions itself as a multi-chain perpetual and spot venue designed to compete directly with Hyperliquid.

Within six hours of going live, Aster’s token ($ASTER) reached over $300 million market cap, after rising from a launch price of $0.08 to a high of $0.2181, delivering investors over 130% gains on its debut.

The platform reported rapid user traction, building on a months-long Genesis campaign that accumulated hundreds of thousands of wallets and over $514 billion in trading volume.

As part of its launch strategy, Aster announced a large-scale community airdrop of 704 million tokens, representing around 8.8% of the total 8 billion supply.

2/ Check your claimed token balance by visiting the Aster Spot page in Assets. pic.twitter.com/6A4gePYywc

Unlike many single-chain competitors, Aster emphasizes a multi-chain model, with support planned across BNB Chain, Ethereum, Solana, and Arbitrum.

The platform offers both spot and perpetual markets with leverage options and features designed to mitigate MEV risks, including hidden orders and advanced trading modes.

With CZ’s influence and support from key Binance-linked entities, Aster has been receiving retail interest and institutional backing to become the new launch that could shake up the on-chain derivatives trading market.

For the first time, known for only posting Binance token $BNB or Bitcoin charts, CZ was seen posting an $ASTER chart today, adding that the Aster team is brilliantly executing the launch.

Well done! Good start. Keep building! pic.twitter.com/oMfOxfsBRS

Similarly, in June, when Aster came to X to announce its institutional-grade liquidity for $BTC perps in a post that put Aster’s order book features in direct comparison to Hyperliquid, Binance, and Bybit.

CZ reacted to the post, saying “Binance level liquidity on Aster” is now available in the crypto market.

A few days later, Zhao complained about how traders with malicious intent can manipulate and liquidate other traders on on-chain DEXs due to public access to sensitive information like liquidation prices.

This issue was highlighted when popular Hyperliquid trader James Wynn was liquidated multiple times.

Not long after his complaint, Zhao posted that the Hidden Order feature had been implemented by Aster, which led many crypto market participants to speculate that the DEX is owned by CZ.

This Hidden Order feature went live on @Aster_DEX 18 days after my post.

I didn't discuss with any project beforehand, but since then I have gotten 30+ in-bound project pitches.

Time-to-market is key. Keep building!https://t.co/tkPgmDAagg https://t.co/U6YwqE5CvL

Now, many crypto alpha traders are backing Aster to have similar success to previous projects that CZ has backed.

Like BNB, which surged from $0.09 in 2017 to over $962, CZ’s track record includes more recent wins.

Many crypto analysts point to the MYX Finance DEX project, which was backed by CZ and delivered a 1000% rally in just 3 days.

Crypto analyst Crypto Thannos has now urged investors to buy some $ASTER and wait until October when token withdrawals go live and possible Binance exchange listing and other tier-1 exchange listings come along.

Buy some $ASTER at this price and just wait for a few weeks.

You will thank me later. RT this tweet to let your friends know about this free money opportunity.

Here's alpha:$ASTER is a new perps DEX, built as a direct competitor to Hyperliquid. It’s backed by CZ, Binance… https://t.co/bPxJVWntEi pic.twitter.com/1fEhf0LdJL

Some other analysts are now dubbing ASTER as the “Chinese Hyperliquid” and project that at the current price of $0.20 and an FDV of $1.5B, the Aster token can embark on a 10X rally that would put it at $15B FDV and would still be a fraction of Hyperliquid’s $55 billion valuation.

The post CZ Binance Backs Aster to Challenge Hyperliquid – Token Hits $300M MC in 6 Hours appeared first on Cryptonews.