Aster, a perpetual DEX platform backed by Binance’s Changpeng Zhao (CZ), is now facing community scrutiny over its actual usage.
According to analyst Stacy Muur, data revealed that the platform has only six active addresses. She implored,
“Your favorite Aster DEX: 6 daily active addresses, 51 weekly, 346 monthly. What went wrong, CZ?”
Source: X/Stacy Muur
Aster denies ‘6 active addresses’ claim
This hinted that on average, the number of traders on the platform may have fallen off the cliff too.
Now, although there were allegations of fake trading activity on the DEX last year, the fact that there may be only six daily active addresses didn’t really seem accurate.
Notably, the DEX has been printing solid fees and revenue over the past few weeks, which means that there were more traders on the platform, or at least a few players trading massive amounts.
According to DeFiLlama, the platform’s fees increased from a weekly average of $5 million in January to over $8 million in early February.
Despite the broader weak market sentiment afterwards, it has been posting over $1 million in weekly fees and nearly $10 billion in perpetual volumes since.
Source: DeFiLlama
In a statement, following the confusing data on its activity, Aster clarified that the six active addresses data was wrong. It added,
“Looks like a data source linked the wrong contract address, so some numbers got creative. If you’re one of the ‘6 users’ on this planet, tap like. Let’s do a headcount.”
According to Dune, the platform had 91k new users over the past seven days and over 13k new traders in the last 24 hours alone. Overall, the total number of Aster users was 9.3 million.
On the contrary, its rival Hyperliquid had 2.7k new users in the last seven days and a cumulative of 1 million users. That is a massive difference between the two rivals. However, Hyperliquid had $18 billion in weekly trading volumes, outpacing Aster’s $9 billion.
Will ASTER keep its recovery gains?
That said, ASTER token appeared unbothered by the FUD. In fact, over the past three days, there were Net Exchange Outflows underscoring the accumulation trend. The altcoin has rallied by nearly 90% in the first half of February alone.
Despite the active address confusion, it was down about 3% – Evidence of the broader market’s weakness. Even so, its February recovery gains were at 66%.
If the retracement extends itself, it could ease at $0.63 or $0.46.
Source: ASTER/USDT, TradingView
Final Summary
- Aster denied reports that it had only six active addresses, with Dune showing over 90k new users.
- Altcoin has recorded gains of over 60% since early February, with the accumulation spree still ongoing too.