The fight for dominance among decentralized derivatives exchanges has taken a new turn after data aggregator DefiLlama delisted Aster, citing concerns over data integrity.
Aster, a decentralized derivatives exchange (DEX) backed by YZi Labs (formerly Binance Labs), recently increased its trading volume to overtake Hyperliquid, which has been hailed as one of the stars of the crypto industry.
But on Sunday, DefiLlama founder 0xngmi said on X that Aster’s reported volumes mirrored those of Binance’s perpetual market, leading to the platform’s removal.
This delisting has since sparked a wider debate about the power of data providers. Aster’s supporters accused DefiLlama of centralization, while critics questioned whether Aster’s meteoric rise was genuine or fabricated.
The rise of Aster relaunches the debate on false volumes
Aster led all DEXs in trading volume on Monday with $41.78 billion in 24-hour volume, according to Binance-owned data aggregator CoinMarketCap. At the same time, Hyperliquide recorded more than $9 billion.
Aster did not respond to Cointelegraph’s request to comment for this story.
“It is currently estimated that “fictitious trades and inflated usage volumes affect (a quarter) of exchanges today,” Greg Magadini, director of derivatives at Amberdata, told Cointelegraph.
Magadini added that volume inflation generally falls into two categories: traders who artificially increase their activity to earn points or qualify for airdrops and exchanges that exaggerate user activity to attract true volume.
On Tuesday, user X Dethective identified the top five wallets that generated $85 billion in trading volume on Aster over 30 days in anticipation of the airdrop. However, not all major wallets appear suspicious. In a September 30 article, Dethective analyzed Aster’s top 10 traders and said some appeared to display genuine trading activity, but added that at least two were suspected of Sybil’s behavior, possibly exploiting drop points.
Trading volume can be inflated using high-frequency robots that open and close positions instantly. In comparison, open interest reflects positions that require traders to lock up collateral and pay out funds over time.
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Among perpetual DEXs, Hyperliquid led with $14.68 billion in open interest on Monday, followed by Aster with $4.86 billion and Lighter with $2.08 billion, according to CoinMarketCap data.
Aster fans defend Dune with irony
DefiLlama is one of the most widely used data platforms in the field of decentralized finance (DeFi), allowing you to track the protocols of major chains and ecosystems. Its decision to remove Aster therefore left a void for users looking for reliable data on the rising perpetual exchange.
Some users criticized DefiLlama’s decision as “centralized”, instead pointing to Dune Analytics as the preferred alternative. Dune allows users to create and publish custom dashboards. The irony is that several Dune dashboards cited by DefiLlama critics actually rely on DefiLlama’s own data.
0xngmi of DefiLlama addressed the backlash on X, denying allegations that the company was paid to delist Aster or that it was unfairly targeting the exchange.
“That’s not the case,” 0xngmi said. “We have already delisted Lighter and many other perp DEXs due to blatant wash trading.”
Wash Trading has long been a challenge for crypto data providers. During the non-fungible token market boom, Blur Market users were accused of inflating trading parameters to qualify for future airdrops, helping the platform briefly overtake OpenSea in volume.
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In traditional finance, wash trading is prohibited by capital and securities market rules, but in the still-developing crypto space, oversight is limited and detection is largely left to analytics firms. These companies typically identify suspicious trends through a “round-trip” business analysis.
“A sign of wash trading occurs when a large percentage of an exchange’s volume is made up of identical buy and sell transactions occurring in short periods of time,” Magadini said. “When this behavior repeats across multiple pairs, it is a strong indicator that volume is artificially inflated.”
Aster drama highlights challenges of measuring DeFi
Aster’s delisting reflects the ongoing challenges of measuring truth in decentralized markets. Disputes like this show how quickly questions about numbers can turn into questions about trust.
Aster’s rise and subsequent scrutiny highlight the competitive nature of DeFi platforms vying to dominate perpetual trading volume, which captures around 80% of the crypto market.
Trading volume can be a misleading indicator, especially when airdrop incentives and automated strategies distort what appears to be real activity. Open interest, funding payments and collateral data offer clearer signals of real participation, but they are often overlooked in the race for visibility.
Whether Aster’s rapid growth proves genuine or exaggerated, DefiLlama’s criticism of its metrics shows how fragile trust in data remains in crypto. Trading volume always shapes perception, even when its accuracy is uncertain.
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