Deep Dive
1. APX to ASTER Swap Completion (23 September 2025)
Overview:
Poloniex, MEXC, and other exchanges finalized the APX-to-ASTER token swap on September 23, 2025, converting APX holdings at a 1:1 ratio. This followed Aster’s merger in March 2025, aiming to unify APX Finance’s trading infrastructure with Astherus’ yield products. Early APX investors saw 18x returns post-swap, though ASTER’s price later corrected sharply (-79% weekly).
What this means:
The swap streamlined APX’s ecosystem but introduced volatility as early adopters took profits. ASTER’s utility now spans trading fees, governance, and staking, though its price remains sensitive to unlock schedules. (Poloniex)
2. CZ-Backed Merger Fuels Growth (30 September 2025)
Overview:
Aster, formed from APX Finance and Astherus, became BNB Chain’s dominant perpetual DEX, processing $1.5B daily volume post-merger. Backed by CZ’s YZi Labs (ex-Binance Labs), it offers 1001x leverage and MEV-resistant trading. The platform’s TVL briefly hit $2B but settled at $545M by late September.
What this means:
The merger leverages Binance’s ecosystem ties, but sustainability hinges on retaining users amid competition like Hyperliquid. ASTER’s $345M debut trading volume signals traction but also speculative froth. (Cointelegraph)
3. Rugpull Warning Amid Whale Moves (22 September 2025)
Overview:
AI analytics platform AIXBT flagged ASTER’s supply risks: six wallets hold 93% of tokens, including 44.7% in a single address. While some claim these are locked in protocol vaults, critics warn of hidden sell pressure. APX’s 8,000% rally since 2022 amplified these concerns.
What this means:
High supply concentration creates volatility risks, especially if major holders exit. Despite CZ’s endorsements, ASTER’s price remains vulnerable to whale actions. (Crypto Times)
Conclusion
APX’s evolution into ASTER marks a strategic pivot toward unified DeFi trading, buoyed by Binance’s support but tempered by supply risks. While the protocol’s $118M annualized revenue and BNB Chain integration suggest long-term potential, the token’s extreme volatility and centralization concerns demand caution. Will Aster sustain its growth as the DEX-to-CEX ratio climbs, or will supply dynamics unravel its gains?