Aster Faces Investor Backlash Amid DefiLlama Delisting and Airdrop Sell-Off

Fast-rising decentralized exchange (DEX) Aster, seen by many as a potential Hyperliquid rival, is under fire after DefiLlama announced it would delist Aster’s perpetual trading volume data over integrity concerns. The move, paired with fallout from Aster’s unlocked airdrop, has intensified community unease and market pressure.

DefiLlama developer 0xngmi revealed that Aster’s trading volumes have begun to mirror Binance’s perpetual markets, particularly across pairs like XRPUSDT and ETHUSDT, suggesting potential wash trading or artificial volume inflation. The lack of transparent, lower-level trading data further deepened suspicion. In response, DefiLlama suspended Aster’s perpetual data listings until the exchange improves its transparency standards.

While some users urged DefiLlama to retain the data with a warning, 0xngmi explained that doing so would distort total DeFi volume metrics. Meanwhile, some market commentators, such as TechLead, argued the situation could signal innovation rather than manipulation, speculating that Aster might have successfully on-ramped Binance liquidity into DeFi—a move they deemed potentially bullish.

However, the controversy took a toll on market sentiment. ASTER’s price fell over 10%, trading around $1.86, as both the delisting and airdrop sell-off fears weighed on investors. The project’s Genesis Stage 2 airdrop, set to open on October 14, comes with no token lockup, allowing immediate selling. With 4% of the total supply released at once, analysts like Duo Nine predict increased selling pressure that could drive prices near $1.

Although Aster framed the airdrop as a step toward fairness and flexibility, many traders viewed it as risky, potentially flooding the market with liquidity. Combined with wash trading accusations, the move has sparked widespread FUD (fear, uncertainty, and doubt), threatening investor confidence.

For Aster to recover, the DEX must prove its trading volumes are genuine and its vision transparent—a crucial test for the platform’s long-term credibility in the DeFi ecosystem.