Aster Accused of Inflating Trading Volume, Token Price Drops 10%

The ASTER token price has plunged over 10% after leading analytics platform DefiLlama announced it would suspend displaying Aster’s trading data, citing allegations of wash trading — the creation of fake trading volume to inflate statistics.

On the evening of October 5, 0xngmi, the founder of DefiLlama, unexpectedly announced that the site would stop reporting Aster’s derivatives trading volume, claiming the platform showed signs of market manipulation. According to him, recent data revealed that Aster’s trading volume exhibited patterns highly correlated with Binance, with correlation ratios exceeding 1 several times — a phenomenon not observed with other exchanges such as Hyperliquid.

To ensure data transparency and accuracy, and to prevent misleading third-party services using DefiLlama’s API, 0xngmi stated that the site would temporarily suspend displaying Aster’s derivatives trading data until it could verify that the platform was not engaging in wash trading.

The DefiLlama founder emphasized that his decision was independent and impartial, noting that he holds no ASTER or HYPE positions — the tokens of the exchanges being compared.

DefiLlama’s move has divided the crypto community. Some users claim this is part of a coordinated attempt to discredit Aster, which has recently gained traction in the DeFi space. Others argue that Aster is indeed manipulating data, pointing out that its reported trading volume is 10 times higher than competitors, while its open interest remains significantly lower.

In a related development, on the morning of October 6, Aster announced the completion of Phase 2 of its trading-for-airdrop program, offering users two options:

• Option 1: Receive the ASTER airdrop as originally planned.

• Option 2: Get a full refund of all trading fees incurred during Phase 2.

According to Aster, the airdropped tokens from Phase 2 will be distributed on October 14. However, following DefiLlama’s decision, the ASTER token price continued to weaken, reflecting investor concerns about the project’s credibility and future.