DeFiLlama Flags Aster Volume Data Due to Near-Perfect Binance Correlation

Key Takeaways

• DeFiLlama is delisting perpetual trading volume data for the Aster decentralized exchange (DEX) over concerns about its integrity.

• The co-founder of DeFiLlama noted that Aster’s perpetual trading volumes were “mirroring Binance Perp volumes almost exactly,” with a correlation ratio of about 1.

• Without access to low-level data on order makers and fillers, DeFiLlama cannot verify the volumes and suspects potential wash trading or synthetic replication, a risk to data accuracy.

Decentralized finance (DeFi) analytics platform DeFiLlama has taken the significant step of delisting the perpetual futures volume data for the Aster decentralized exchange (DEX).

The move stems from serious data integrity concerns after analysis showed an almost perfect correlation between Aster’s trading activity and that of the centralized exchange Binance.

Aster DEX Volume Scrutiny Leads to DeFiLlama Delisting

According to a pseudonymous co-founder of DeFiLlama, the correlation ratio between Aster’s perpetual volume and Binance’s volume was approximately 1, meaning the data was “mirroring Binance Perp volumes almost exactly.” This statistical anomaly has raised red flags within the analytics community.

While Aster has gained significant narrative attention due to its emergence as a competitor to Hyperliquid and its links to Binance co-founder CZ, the lack of transparency in its data proved to be a critical issue for the independent data aggregator.

The Problem of Verification and Wash Trading

The core of the integrity concern is Aster’s lack of provision for lower-level data, such as details on who is making and filling orders. Without this information, DeFiLlama cannot adequately verify the volume or rule out the possibility of wash trading—the illicit practice of trading an asset to artificially inflate its volume.

The co-founder reiterated that the delisting was a necessary step to maintain the integrity of the data that users rely on for investment decisions, stating that the move was about accuracy, not bias. The platform had previously taken similar action against other perpetual DEXs for data irregularities.

Market Context and Volume Surge

The controversy comes at a time when Aster had seen explosive growth, with its Open Interest surging by over 33,500% in a single week in September and its daily perpetual trading volume briefly hitting a record high of $60 billion. Market analysts had been speculating on Aster’s potential to overtake competitors like Hyperliquid.

Despite the recent controversy, the Aster token, which is linked to its success, was trading around $1.83, down from its all-time high but still the subject of bullish forecasts for the typically strong crypto month of October.

Final Thoughts

DeFiLlama’s delisting of Aster’s volume data is a strong statement on the importance of transparency and data integrity in the DeFi sector. The near-perfect correlation with a major centralized exchange’s volume, combined with a lack of verifiable execution data, is a serious concern that warrants caution, regardless of the token’s current market momentum or high-profile affiliations.

Frequently Asked Questions

Why did DeFiLlama delist Aster’s volume data?
Due to data integrity concerns, specifically the near-perfect correlation of its perpetual volume with that of Binance.

What is the main suspicion surrounding Aster’s volume?
The main suspicion is unverified wash trading, as the DEX does not provide the low-level data needed to verify order flow.

How did the delisting affect the Aster token price?
The token price was observed to fall following the announcement of the data delisting.