What happened?
DeFiLlama quietly relisted perpetual exchange Aster after previously delisting it over suspected wash trading because its volumes mirrored Binance’s. The relisting happened without a clear public explanation and DeFiLlama admits it still can’t fully verify Aster’s underlying order data, leaving gaps in historical metrics. Despite the unresolved questions, Aster now shows massive reported volumes and open interest while the project delayed an airdrop and its token has fallen sharply.
Who does this affect?
Traders and analysts who rely on DeFiLlama’s charts for market signals could be working off misleading numbers, which affects trading decisions and risk models. Aster users, token holders, and competing perpetual platforms are directly impacted — holders face price volatility and rivals face distorted market-share comparisons. Data platforms and the wider DeFi community are also hurt because this episode undermines trust in third-party analytics and on-chain transparency.
Why does this matter?
Market integrity is at stake: unverifiable or inflated volumes can misallocate capital, create fake liquidity signals, and amplify short-term flows into a platform that may not be as healthy as it looks. That can increase volatility, raise risk premia for perpetual markets, and prompt traders to pull capital toward venues perceived as more transparent. In the longer run it could push tighter oversight from analytics providers and regulators, reshape fee competition and liquidity patterns, and dent overall investor confidence in DeFi metrics.