Crypto · The Breakdown · ASTER
Up Twenty Four Times.
Then Asked To Prove It.
The bull case for Aster as the people who hold it actually make it, and the case against at the same weight, starting with the day its volume data was pulled.
Aster is a decentralised perpetual futures exchange on BNB Chain, formed from the merger of Astherus and APX Finance. ASTER launched on 17 September 2025 with 53.5 per cent of the eight billion supply set aside for the community and airdrops. It hit a record $2.41 a week later, on 24 September 2025.
To The Community
Of the eight billion supply, community and airdrops.
Record High
On 24 September 2025, a week after launch. Source: CoinGecko.
Circulating
Of 8 billion, on 21 Sep 2026. Source: CoinGecko.
Below The High
$2.41 against $0.741289 on 21 Sep 2026. Source: CoinGecko.
The Bull Case, As Bulls Make It
Five arguments, stated at their strongest. This is the case the people who hold it make, not a forecast from this site.
Most Of It Went To Users
53.5 per cent of the eight billion supply was set aside for the community and airdrops. Bulls argue that puts the token with the traders who use the exchange rather than with funds waiting to sell.
CZ Bought It Himself
In early November 2025 Changpeng Zhao, the co-founder of Binance and an Aster advisor, disclosed buying 2 million ASTER with his own money. Bulls read that as the strongest endorsement a BNB Chain project can get. Source: BingX.
The Perpetuals Market Is The Big One
Leveraged futures are where most crypto trading volume sits. An onchain exchange that takes even a small share of that market is a large business.
The Launch Proved Demand
From $0.099713 on launch day, 17 September 2025, to $2.41 on 24 September 2025, about twenty four times in a week. Source: CoinGecko.
Built On The Largest Retail Chain
BNB Chain sits next to the largest retail exchange in crypto. Bulls argue that is the best distribution a derivatives venue could ask for.
The Case Against, At The Same Weight
The other half. If you skip it you are reading an advertisement.
The Volume Was Questioned
In early October 2025 DefiLlama delisted Aster’s perpetuals volume after its founder said it had begun closely mirroring Binance’s perpetuals volume and the order data needed to rule out wash trading was not available. The token fell about 10 per cent. Source: The Block, 5 October 2025.
The Relisting Came With A Caveat
DefiLlama later relisted the data, with conditions attached. A market is only as good as the numbers it reports, and these ones were once pulled. Source: BeInCrypto.
The Advisor Is Also The Competitor
Aster’s most prominent backer co-founded the exchange whose volume its own was said to mirror. The closeness that makes the bull case is the same closeness that raised the question.
Two Thirds Of The Supply Is Still Coming
About 2.7 billion of eight billion was circulating on 21 September 2026. Community allocations still unlock, and unlocks still sell. Source: CoinGecko.
The High Was The First Week
The record was set seven days after launch, and it was about 69.2 per cent below it on 21 September 2026. Source: CoinGecko.
What I Take From It
Not advice. How the argument reads to someone who builds businesses rather than trades tokens.
Your Numbers Are Your Credibility
Once a third party stops trusting what you report, every figure you publish afterwards is discounted. Make the data verifiable before someone asks.
A Famous Backer Cuts Both Ways
The endorsement that brings attention also brings the questions about conflict. Borrowed reputation comes with borrowed scrutiny.
The First Week Is Not The Business
A launch spike measures the launch. What the product earns in its second year is the only number that describes the business.
Prices, market caps, supplies, all time highs and all time lows from CoinGecko, read 3 September 2026. Solana issuance and burn figures from Solana Compass, SIMD-0550 from crypto.news, Alpenglow from Kiln, BSOL from CryptoBriefing. Sui architecture and history from Sygnum Bank, the Mysticeti v2 figures from the Sui blog, the unlock schedule from Tokenomist. Zcash halving schedule from CoinDataFlow, the shielded pool and the Ironwood upgrade from Phemex, the Orchard bug from KuCoin, the NU7 vote from CryptoSlate. Render tokenomics from the Render Network knowledge base, RNP-006 and RNP-018, and from RenderCon 2026 coverage. Jupiter protocol figures from DefiLlama, the net zero emissions vote from SolanaFloor, the Litterbox Trust and the 70% proposal from the Jupiter Research forum. Chain level TVL, stablecoin and fee figures from DefiLlama. A snapshot on one day, not a live feed, and not a price prediction.
The Positions I Actually Hold
This page is covered, not held. These are, and they get the same treatment: both cases at the same weight, every figure sourced and dated.
Solana · SOL
The bull case at its strongest.
Sui · SUI
The bull case at its strongest.
Zcash · ZEC
The bull case at its strongest.
Render · RENDER
The bull case at its strongest.
Jupiter · JUP
The bull case at its strongest.
Bitcoin · BTC
Twenty one million, the halving schedule to April 2028, and the five strongest arguments against it.
Common Questions
That 53.5 per cent of the eight billion supply went to the community and airdrops; that Changpeng Zhao bought 2 million ASTER himself in early November 2025; that perpetual futures are the largest market in crypto; and that it sits on BNB Chain beside the largest retail exchange.
In early October 2025 DefiLlama’s founder said Aster’s perpetuals volume had begun closely mirroring Binance’s and the data needed to rule out wash trading was not available. DefiLlama later relisted it with conditions. Sources: The Block; BeInCrypto.
On 17 September 2025, after Astherus merged with APX Finance. It hit a record $2.41 on 24 September 2025. Source: CoinGecko.
About 2.7 billion of an eight billion maximum on 21 September 2026. Source: CoinGecko.
No. Cody Wise is not a licensed advisor and does not hold ASTER. This page sets out both sides of the argument with every figure sourced.
A Thesis You Cannot
Argue Against Is Not One.
Every position on this site is published with the reasoning and the counter argument attached. That is the whole standard.
Not financial advice.