In a highly followed X Space, Changpeng “CZ” Zhao unequivocally defined his involvement with Aster, a growing perp DEX and, according to industry reports, with market metrics rapidly climbing in the previous weeks. Meanwhile, the ASTER token reached an ATH at $2.41, then marked a retracement of over −18% down to $1.98.
In the monitoring conducted by our editorial team between September 27 and 28, 2025, we observed a spike in informational traffic and searches on the token coinciding with CZ’s intervention in the X Space.
According to the data consulted by CoinGecko and publicly available on-chain analyses, the intraday high of $2.41 was recorded on September 27, 2025, and the subsequent repricing brought the price around $1.98 in the following 24–48 hours.
What Happened in the X Space
CZ has framed his role as purely advisory on product and technology. He reiterated it as follows:
“I only advise them on products and technology, but not on regulatory issues. It’s not within my competence, it’s not my specialty. I’m not a lawyer. In the past, I’ve had some trouble because of this. I’m just helping them.”
In this context, the intervention has brought Aster back into the spotlight and its connections with former members of Binance, generating a spike in visibility and an increase in volatility of ASTER.
Impact on the Market and Ecosystem
The media appeal of the name CZ tends to generate attention and open doors to network and talent. However, the side effect is an increase in scrutiny from Bitcoin News and other industry observers, especially as perp DEX attract regulatory interest.
In fact, the price movement of ASTER reflects this dynamic: rapid expansion of informational demand, followed by a physiological repricing in a context of variable liquidity.
Why it matters: roles and dynamics
A high-profile technological consultancy can accelerate the product roadmap and support operational execution. That said, the clear distinction from the regulatory perimeter helps reduce ambiguity in the distribution of responsibilities.
For an emerging perp DEX, the set of recognizable advisors, former employees with real know‑how, and investors with minority stakes can offer an initial advantage in terms of credibility, while increasing the risk of checks on possible conflicts of interest and fragility in governance.
Timeline and numbers in brief
- X Space with CZ: clarification on the role limited to product/tech (September 27, 2025).
- ATH ASTER: $2.41 (September 27, 2025) with subsequent retracement to $1.98 (update September 28, 2025).
- Short-term driver: media visibility, professional connections, product expectations.
- Risks: high volatility, divergent regulatory interpretations, and narrative focused on individual figures.
Risks and Benefits of Tech Consulting in DeFi
Benefits: improved product design, potentially faster integrations, and a clearer prioritization of technical aspects. Risks: dependence on the advisor’s reputation, excessive expectations, and, if boundaries are not clear, possible friction with regulators.
It must be said that the operational lesson is to transparently separate the technical sphere from the compliance one, carefully documenting governance, delegations, and decision-making powers.
Regulatory Context
In the crypto derivatives sector, authorities maintain stringent attention on licenses, marketing, and the segregation of roles. A technical advisor, like the one confirmed by CZ, does not replace compliance functions and does not intervene in KYC/AML processes where required.
For cross-border projects, the risk of regulatory arbitrage remains tangible: different standards for derivatives and leverage between jurisdictions can create operational and legal uncertainties.
Quick FAQ
What does “advisor only” imply for CZ?
Its role is limited to support on product and technology, without involving any responsibility on policies, compliance, or the legal structure of the project.
How did ASTER move after the X Space?
After reaching an ATH of $2.41, the token dropped to about $1.98, marking a decrease of over −18%. Volatility remains high.
What risks do projects that rely on external advisors present?
There is a potential reputation concentrated on individual figures, the risk of conflicts, and the need to clearly define the limits of accountability. A solid and transparent governance is essential.
State of the Art and Prospects
At the moment, CZ’s message appears consistent: offering technical support, but not guidance on regulatory matters. For Aster, this translates into a boost in terms of visibility, while still leaving the testing ground open on transparency and execution.
In the upcoming updates, any product milestones will be monitored, further clarifications on governance, and new data regarding volumes and liquidity of the DEX.