Binance founder Changpeng “CZ” Zhao has explained his role in Aster DEX following the 2,000% rally of the DEX’s native token. This also follows his earlier endorsements of the decentralized exchange, which has provided increased competition to the likes of Hyperliquid.
Binance Founder CZ Explains Role In Aster DEX
CZ mentioned in an X space that he serves as an advisor for the Aster DEX, advising them explicitly on product and technology, but not on regulatory issues. He also revealed that some former Binance employees are now working for the DEX. The Binance founder opined that Aster is a very strong project.
Meanwhile, CZ also noted how the Aster DEX has stayed close to the BNB Chain ecosystem, which he admitted has helped BNB. Notably, the BNB price rallied to new highs amid the decentralized exchange’s emergence in the spotlight over the past few weeks. CZ mentioned that Aster did exceptionally well in their token generation event (TGE).
During the X space, CZ discussed how he is focusing more attention on the BNB chain and projects like the Aster DEX, as he is no longer in charge of Binance following the agreement with U.S. authorities, which required him to step down as CEO as part of the settlement. Meanwhile, it is worth mentioning that CZ’s family office, YZi Labs, has a minority stake in Aster.
Before now, CZ had openly endorsed Aster DEX on several occasions. On one occasion, he shared the Aster token chart and commended the team while urging them to keep building. At the time, the token was trading at just around $0.17. Since then, Aster has recorded a rally of around 2,000%, reaching an all-time high (ATH) of $2.4 in the process.
On another occasion, CZ stated that the Aster DEX wasn’t a BNB Chain exclusive perp DEX and that it supports multiple chains natively. He added that the DEX also supports hidden orders, which he noted makes it different from other perp DEX designs. Trading privacy on DEXs is something that the Binance founder has advocated for following the James Wynn saga, in which the infamous trader lost around $100 million on Hyperliquid trades that were visible to everyone.
Aster Ranks Second In Fees
DeFiLlama data shows that the Aster DEX has generated the second-largest fees in the last 24 hours and seven days, trailing only USDT issuer Tether. The DEX has earned $14.33 million in the last 24 hours and $69.56 million in the last seven days. The team has confirmed plans to conduct buybacks, which would likely be done with these fees generated.
However, Aster DEX still trails behind in terms of DEX trading volume. Further data from DeFiLlama shows that the DEX is 12th in terms of 24-hour trading volume, although it ranks higher based on the 7-day trading volume, recording $3.3 billion in trading volume over the last week.
At the time of writing, the Aster token is trading at around $1.92, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Medium, chart from Tradingview.com
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