Aster is a decentralized perpetual exchange designed to facilitate non-custodial trading of perpetual contracts across multiple blockchain networks. It aims to provide a unified trading experience by aggregating liquidity from various chains. ^{[1] [2]}

Overview

Aster was established following the merger of Astherus, a multi-asset liquidity hub, and APX Finance, a decentralized perpetual protocol, in late 2024. This integration aimed to combine Astherus' yield-generating products with APX Finance's perpetual trading infrastructure. The platform focuses on decentralized perpetual trading as its core product, operating with a non-custodial model where users retain control of their assets.

The platform aggregates liquidity from multiple blockchains to enable trading without requiring users to bridge assets or switch networks manually. It offers two distinct trading interfaces: Simple Mode for streamlined, one-click trading and Pro Mode for advanced traders requiring detailed charts, order books, and sophisticated tools. As of June 2025, Aster reported cumulative statistics including over $408 billion in total trading volume, 840,000 users, $259 million in open interest, and $341 million in Total Value Locked (TVL).

Aster positions itself within the multi-billion dollar decentralized perpetual trading market. The rebrand from Astherus to Aster signifies a strategic focus on becoming a prominent decentralized perpetual exchange. Dust, identified as a Core Contributor of Aster, stated, "The rebrand is central to our ambition of leading the DeFi perps market. Our strategic focus on perpetual trading will also ensure Aster’s long-term sustainability". ^{[1] [2] [3] [3] [4]}

History

Aster's origins trace back to the independent operations of Astherus and APX Finance. Astherus was known for its yield-generating products, while APX Finance focused on decentralized perpetual trading infrastructure. In late 2024, the two protocols underwent a merger. This merger led to the rebrand and launch of the unified platform under the name Aster on March 31, 2025.

Prior to the rebrand, Astherus and APX Finance had collectively processed over $258 billion in decentralized perpetual trading volume. The rebrand to Aster included the introduction of a new token ticker, AST, intended to replace the previous APX token, although the AST token listing was planned for a future date. A strategic financing round involving YZi Labs (formerly Binance Labs) was completed in November 2024, prior to the public rebrand. ^{[2] [3] [5] [5]}

Technology

Aster's technology is built around facilitating decentralized perpetual contract trading with a focus on multi-chain compatibility and user experience. A core feature is its cross-chain liquidity aggregation, which aims to provide deep liquidity by drawing from multiple blockchain networks. This aggregation is designed to allow users to trade without the need for manual bridging of assets between chains.

The platform offers two primary trading modes:

• Simple Mode: Designed for ease of use, offering one-click trading with leverage options up to 1001x. This mode is described as MEV-resistant and suitable for users who prefer a simplified interface without detailed charts. It is available on networks such as BNB Chain and Arbitrum. ^{[1] [4]}
• Pro Mode: Provides an order book interface with advanced trading tools, real-time data, and various order types for experienced traders. This mode is available on networks including BNB Chain, Ethereum, and Solana. ^{[1] [2]}

Trades on Aster are executed automatically, handling the process across aggregated liquidity sources. The platform utilizes smart contracts for its operations. Future technological developments outlined in the roadmap include the integration of zero-knowledge proofs for enhanced privacy, the development of a purpose-built Layer 1 blockchain optimized for trading, and an intent-based system designed to automate trade execution across chains and liquidity sources. A beta version of the Aster Chain was launched for selected traders in June 2025. ^{[1] [2] [3] [4] [6] [1] [1]}

Products and Features

Beyond perpetual trading, Aster incorporates yield-generating products inherited from Astherus under the Aster Earn section. These products allow users to stake various assets to earn yield. Supported assets for staking include BNB, USDT, BTC, and CAKE. Specific yield products include the BNB liquid staking derivative asBNB, asCAKE, asBTC, and the yield-bearing stablecoin USDF (asUSDF). ^{[7] [8] [3] [7] [9] [10] [11] [12]}

Aster also features the Aster ALP (Aster Liquidity Pool), which allows users to mint pool tokens by depositing assets like USDT, BNB, and others to earn passive yield. ^[11]

The platform includes a referral program offering commission on referred trading activity. An API is available for developers and advanced users. ^{[13] [2]}

USDF Stablecoin

USDF is a yield-bearing stablecoin supported within the Aster ecosystem under the Aster Earn products. Users can mint USDF by depositing supported assets. The stablecoin is designed to maintain a peg and offers yield to holders. ^{[12] [14] [12] [12]}

Tokenomics

The future token ticker for the Aster platform is AST, which is intended to replace the APX token from the merged APX Finance protocol. The token listing is planned for a future date, with the team prioritizing product infrastructure development before the token launch. AST is expected to play a central role in the ecosystem once launched. ^{[3] [15] [15]}

Aster launched a Stage 1 Points Program, known as Spectra, where users can earn points (referred to as Au points) through activities like minting assets and trading. These points are intended to be redeemable for future airdrops. ^{[3] [15]}

Partnerships

Aster has established partnerships within the decentralized finance ecosystem. Notable partners listed include YZi Labs, Pendle, ListaDAO, Kernel, Venus, YieldNest, and PancakeSwap. YZi Labs (formerly Binance Labs) is noted as a backer of the project. The platform integrates with protocols like Pendle and PancakeSwap for yield strategies and liquidity provision. ^{[16] [16] [1] [3] [15]}

Milestones and Events

• Late 2024: Merger of Astherus and APX Finance. ^{[3] [5]}
• November 2024: Completion of a strategic financing round with YZi Labs. ^{[5] [5]}
• March 31, 2025: Official rebrand and launch as Aster. ^{[3] [5]}
• September 2024: Launch of Astherus Stage 1: Spectra Points Program ^[3] (Note: This event occurred under the Astherus name prior to the rebrand).
• June 2025: Aster Chain Beta goes live for selected traders. ^[1]