Aster, the fast-rising DEX (decentralized exchange) and unwary rival to HyperLiquid, is facing a tough time for investors after analytics platform DefiLlama announced its move to delist the platform’s permanent trading volume data.
In addition to the associated FUD (fear, uncertainty, and doubt), the ASTER airdrop fallout is also aggravating community members.
Wash trading accusations Rock Aster provokes Defilama to be delisted
DefiLlama builder 0xngmi said his team’s research revealed that Aster’s trading volume is starting to almost accurately reflect Binance’s perp volume. The correlations seen across pairs such as XRPUSDT and ETHUSDT suggest that much of Aster’s activity may be inorganic and generated by the exchange itself.
“Aster does not allow you to capture lower-level data such as who is creating and fulfilling orders,” the DefiLlama dashboard builder pointed out.
The builder clearly stated that DefiLlama strictly adheres to data integrity. Based on this, the platform will delist the Astor parties until transparency improves.
This decision received mixed reactions. Some users implored DefiLlama to save their data with a warning tag. However, according to 0xngmi, doing so can impact the total Perp volume metric.
I thought about it, but it’s not possible to set warnings on the data returned from the API for API users. It also skews the total Perp volume metric.
— Looking for 0xngmi (@0xngmi) October 5, 2025
Conversely, a technology expert who goes by the pseudonym TechLead on X (Twitter) argued that the controversy may actually be bullish.
“If they actually bring Binance liquidity to DeFi in earnest, then it’s a done deal,” they wrote.
This debate divided the community into those who cried manipulation and those who advocated innovation. Against this backdrop, ASTER price has fallen by more than 10% and is trading at $1.86 at the time of writing.
On the other hand, the price decline is thought to be due to factors other than DefiLlama delisting, and there are concerns related to the impact of the ASTER airdrop.
ASTER Airdrop without lock triggers sell-off, further worsening price decline
While DefiLlama’s announcement caused panic, Aster’s airdrop policy was already testing investor confidence.
The project has confirmed that there will be no lock period for Genesis Stage 2 rewards, which begin claiming on October 14th. This allows recipients to sell their tokens instantly.
With 4% of the total supply released at once, analysts and traders such as DuoNine suggested there could be selling pressure.
According to the analyst, this could allow lagging bulls to buy ASTER at a discount by lowering the token price to $1. Such a drawdown would represent a 46% decline from current price levels.
Aster crashed 15% today after it was announced that there would be no lock period for airdrops.
Basically, people can dump 4% of their supply on October 14th.
I am a buyer of around $1. They will likely list Aster on Binance afterwards. Purchase future discounts. pic.twitter.com/QywLiALBkZ
— Duo Nine⚡YCC (@DU09BTC) October 5, 2025
Astor’s announcement positioned the update as a push for fairness and flexibility, emphasizing that there would be “no pauses” between stages and promising smarter reward mechanisms in Stage 3. This includes new scoring formulas, team boosts, and spot trading incentives.
3/ Stage 3 introduces a more advanced and balanced scoring system that is now available to all traders.
Multidimensional scoring is no longer just for top traders.
Rh points can now be earned through various aspects of real-world activity, such as trading volume, holding period, and Aster.— Aster (@Aster_DEX) October 5, 2025
But for traders, “flexibility” translated into a flood of liquidity on the horizon for the next phase of the token.
“The confidence to announce an unlock airdrop…will need to earn a lot of commission to buy back that selling pressure,” one community member quipped.
News of the airdrop, coupled with allegations of wash trading, exacerbated FUD as the token’s weekend decline reflected growing distrust beyond the Aster index. This reflects how quickly transparency issues can unsettle the DeFi market.
Going forward, Aster’s success may depend on the DEX’s ability to back up its volume and its vision with verifiable data.
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