CZ-Backed Aster DEX to Launch TGE on Sept 17, Challenging Hyperliquid

As Hyperliquid's $HYPE token surges to a new all-time high of around $57 this week, the narrative around on-chain perps is shifting from niche to mainstream. At the same time, a new contender is emerging: Aster DEX.

Backed by YZi Labs and frequently reposted and mentioned by CZ on X, Aster positions itself as the strategic perpetual DEX infrastructure on BNB Chain, potentially outpacing Hyperliquid in a world increasingly scrutinized by regulations like the EU's MiCA.

Moreover, the first round of the $ASTER airdrop checker is now live, allowing users to query their share of the 704 million tokens (8.8% of total supply), with potential values estimated at thousands of dollars per eligible wallet based on community projections at a $200-300M FDV.

At the same time, Aster has launched Genesis Stage 2, and the TGE is scheduled for September 17, 2025, providing the next key milestone for community participants.

Aster DEX: Strategic Backing, CZ Attention, and Core Features

Aster’s credibility is reinforced by YZi Labs, which made a strategic investment in November 2024.

Beyond this, CZ has repeatedly discussed Aster on X, showing clear attention and optimism.

Many community members now believe that after the TGE, $ASTER has a strong chance of listing on Binance, with some even describing it as CZ’s “pet project,” reflecting the community’s high expectations for its future.

Built from the merger of Astherus (yield products) and APX (trading protocol), Aster is a next-generation decentralized perpetual exchange designed for private, high-performance, and multi-chain on-chain trading.

It operates natively on BNB Chain while supporting Ethereum, Arbitrum, and Solana, enabling frictionless cross-chain trading without cumbersome bridges.

Key features include:

• Hidden Orders: Limit orders remain invisible in the public order book, preventing front-running and giving traders a competitive edge, similar to advanced tools on Hyperliquid but integrated natively.

• Privacy-First Architecture: Using zk-proofs, Aster allows fully private perpetual trading, protecting positions and strategies—critical in a regulated environment.

• Yield-Generating Collateral and Stock Trading: Users can earn yields on collateral while trading U.S. stocks with up to 100x leverage settled in crypto, combining DeFi returns with traditional assets.

• Performance Metrics: Based on Aster official dashboard, $505B cumulative trading volume, $400M TVL, $245M open interest, and 101 tradable symbols, with a dual-mode interface designed for beginners and professional traders alike.

Source: https://dune.com/asterdex/aster-overview

These combined factors position Aster as a strong competitor to Hyperliquid, offering privacy, cross-chain flexibility, and innovative trading tools, while market anticipation is further amplified by its TGE and community expectations of Binance listing.

Airdrop Buzz and Community Feedback: Rewarding Early Users

The large community allocation underscores Aster’s focus on rewarding early users and creating a broad holder base.

Token allocation:

Community airdrops account for 53.5% (~4.28B tokens) of the total 8B $ASTER supply, with 8.8% (704M) unlocking on TGE day, September 17, 2025.

Ecosystem and community incentives make up 30% (2.4B), treasury reserves 7% (560M), team and advisors 5% (400M), and liquidity/listings 4.5% (360M).

The $ASTER airdrop checker went live on September 11, sparking massive engagement from over 137,000 wallets.

Recipients of the airdrop on X have largely expressed satisfaction. Traders noted that “Aster’s airdrop valuation is indeed impressive,” while also acknowledging that “long-term value still depends on ecosystem support.” In the current environment, a community-driven airdrop with almost no negative feedback is rare, reflecting Aster’s fair and well-designed distribution.

Most users reported that, based on pre-market trading at around $0.12, they were already seeing gains, and many expressed eagerness to participate in the second airdrop phase. Some even likened the event to a form of investment or savings strategy.

At the same time, Aster has launched Genesis Stage 2, enabling participants to farm additional yields before TGE. Claims open on TGE day, September 17, with unclaimed tokens redirected to ecosystem growth.

With the airdrop momentum building, Aster’s strategic positioning and competitive features set the stage for a direct comparison with existing players like Hyperliquid.

Head-to-Head: Aster vs. Hyperliquid and Peers

In the crowded perpetual DEX space, Aster’s privacy and regulatory compliance stand out as key differentiators.

Hyperliquid’s zk-SNARK-like verifiability is strong, but Aster’s zk-proofs allow users to keep positions and orders fully private while still producing verifiable proofs for regulators. In Europe’s upcoming MiCA environment, this dual capability of privacy and compliance is a distinct advantage, as most other perpetual DEXs prioritize speed and transparency over regulatory privacy.

Many in the community view Aster as a Hyperliquid alternative with strong multi-chain support and regulatory resilience.

However, some caution that Aster could face a challenging path over the two years following the TGE.

Hyperliquid currently enjoys strong market and community recognition, as evidenced by the launch of its USDH stablecoin and the all-time highs achieved by $HYPE.

Therefore, Aster faces intense competition in establishing its position. Its future trajectory will heavily depend on the ecosystem and the team’s ability to deliver sustained development and value.

Core Comparison Table

Aster demonstrates clear advantages in privacy, regulatory compliance, and ecosystem support.

These features, combined with strong community engagement and a broad allocation of tokens, position Aster as a potential leader in the regulated European market, while other perpetual DEXs continue to focus primarily on speed and liquidity.

BlockFlow will continue to closely monitor Aster’s TGE and its evolving competition with Hyperliquid. 

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