ASTER stays under pressure despite Binance debut

Source Cryptopolitan

Binance has listed ASTER with a seed tag, preparing to open trading from October 6. The token will no longer be displayed as a Binance Alpha token, and trading will not go toward Alpha Points. 

ASTER will start trading on Binance with a seed tag from October 6, with deposits open for the first two trading pairs. Withdrawals will start from October 7. The asset will start trading in three pairs, ASTER/USDT, ASTER/USDC, and ASTER/TRY. Initially, only simple orders will be accepted, with bots and copy-trading enabled after 24 hours. 

ASTER remains under pressure despite Binance listing.
ASTER recovered above $2 on the news of a Binance spot listing, remaining below its price peak at $2.31. ASTER sets expectations for rallying to $4 with increased spot trading. | Source: CoinGecko.

ASTER quickly became part of Binance Alpha, assigning Alpha Points for trading. However, once spot trading starts, ASTER will end its Alpha program, and trading volumes will no longer generate Alpha Points. Users can transfer ASTER from Alpha Accounts to spot accounts, before the asset is delisted from the Alpha program. 

Binance will transfer all ASTER from Alpha Accounts into spot accounts within 24 hours of launching spot trading. Binance Alpha already served its role in pre-screening ASTER for a potential listing. The listing was anticipated as part of Binance’s support for the Aster DEX project.

ASTER remains under pressure

Just ahead of the listing, ASTER traded at $1.89, stalling its rapid rally after the token’s rebranding. 

Following the news of a spot Binance market, ASTER recovered to $2.02, getting closer to the peak of its range. ASTER broke out to $2.31, with expectations of going to $4. 

ASTER was pressured by the recent discovery that the DEX volumes may not be fully organic. As Cryptopolitan reported earlier, DeFiLlama excluded Aster DEX from its volumes data dashboard. Aster DEX reported over $96B in 24-hour volumes, a level surpassing even much larger centralized derivative exchanges. The numbers raised doubts on the potential for wash trading or fake volumes.

The intention of Aster DEX was to offer dark pools for large-scale orders and institutional buying. However, the non-transparent trading raised doubts on the reality of trading volumes. Aster turned out to be the leading DEX in September in terms of generated fees, though its liquidity still lagged behind Hyperliquid. 

Aster DEX to offer VIP-tier trading

Aster DEX is changing up its trading conditions, soon to offer VIP trading. The program will affect large-scale traders, with a falling rate for higher activity. Fees will be based on a 14-day rolling calculation of volumes. Aster DEX will also introduce special fees for market makers. 

Aster DEX will also introduce a monthly reward pool of $300K worth of ASTER, to be distributed to eligible market makers based on their achieved volume. 

The new offer arrives just as the DEX ended its second season of point farming. Season 3 has already started, and will run until November 9. On October 10, all participants in Stage 2 will be able to receive their tokens. 

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Disclaimer: For information purposes only. Past performance is not indicative of future results.
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