Aster's token drops 10% after DefiLlama head raises wash trading concerns, delists perpetuals data

Web3 data platform DefiLlama has delisted the perpetual volume metrics for Aster, the popular recently-launched decentralized exchange (DEX) that's a key competitor of Hyperliquid. 

DefiLlama's pseudonymous founder, 0xngmi, raised concerns over Aster's data in an X post on Sunday, showing evidence that Aster's volume began closely mirroring perpetuals volume on Binance in recent days. 

Aster and Binance volume data via 0xngmi

0xngmi posted charts that show a tight correlation between volumes on Aster and Binance beginning late Saturday and continuing into Sunday. The DefiLlama chief also published data showing that the same correlation does not exist on Hyperliquid. 

"Aster doesn't make it possible to get lower level data such as who is making and filling orders, so until we can get that data to verify if there's washtrading, aster perp volumes will be delisted," 0xngmi wrote. 0xngmi also said they have never held a long or short position on ASTER or HYPE. 

The price of ASTER has dropped about 10% over the past day, according to The Block's Aster Price page, as crypto investors react to the delisting. Aster recently climbed to the top spot for daily fees and volume out of all perpetual DEXs tracked by DefiLlama, before the correlation with Binance apparently materialized. 

Aster also counts Changpeng "CZ" Zhao, the Binance co-founder who left the firm in 2023 as part of a plea deal with the Department of Justice, as an advisor. The Block could not immediately reach Aster or CZ for comment.