DefiLlama, the leading decentralized finance analytics platform, has announced it will delist the perpetual futures volume data of Aster, a rising decentralized exchange, citing escalating concerns over data integrity and possible wash trading. The sudden move has sent ripples across the crypto community, sparking debate about transparency and reliability in DeFi analytics.

Aster’s Rapid Rise and Strange Parallels

Aster, built on BNB Chain and backed by YZi Labs, emerged in September as a fierce competitor to Hyperliquid in the decentralized perps market. It quickly climbed the leaderboards tracked by DefiLlama, surpassing other exchanges in daily trading fees and capped daily volumes reportedly reaching $60 billion. The controversy ignited when DefiLlama’s pseudonymous co-founder, 0xngmi, highlighted that the trading patterns on Aster’s platform were almost perfectly correlated with volumes reported on Binance’s perpetual contracts, particularly for pairs like XRP/USDT and ETH/USDT. According to DefiLlama, this statistical relationship is highly unusual in the decentralized sphere and raised immediate red flags.

Image Source: 0xngmi

Integrity Concerns

The heart of the issue rests on the platform’s inability to supply sufficiently granular data. DefiLlama stated that it could not access key order-level information, such as details about who is making and filling trades. This lack of transparency means analysts cannot confirm whether volumes are organic or artificially generated, raising questions about potential wash trading. As a precautionary measure, DefiLlama decided to remove Aster’s perpetual trading figures from its dashboard. Meanwhile, Aster’s spot statistics and total value locked (TVL) data remain available. “The thing I care about is integrity of our data,” stated 0xngmi, reiterating that users rely on honest reporting to make investment choices and that compromised data could steer them toward risky decisions.

Market Fallout

The announcement led to immediate turmoil in the market, with ASTER’s token plunging 10% from $2 to $1.8—a significant blow for a platform that had recently peaked at $2.4. Community responses have been mixed: some praised DefiLlama’s commitment to data reliability, while others alleged bias or questioned why DefiLlama couldn’t simply flag the data instead of full removal. The platform responded that its API does not support such warning tags and stressed that the decision was consistent with past actions involving other exchanges over integrity issues.

Aster’s team, as of publication, has not issued an official statement, fueling further speculation. Analysts warn that unlocked airdropped tokens could further pressure ASTER’s price, with some predicting a slide toward $1 if liquidity risks persist.

What Next?

This episode throws a spotlight on broader challenges confronting DeFi analytics sites, where false reporting can upend investor strategies and confidence. DefiLlama’s move sends a clear message to emerging protocols: transparency and verifiable trade data are not just ideals, but requirements in today’s competitive DeFi market.