Defillama, one of the most important data aggregators in the cryptocurrency industry, has removed information about perpetual contracts on the Aster platform from his tracking. The reason is the disturbing similarity of XRP transaction volumes to those listed on Binance, which caused questions about the authenticity of reported activity.
Too perfect fit raises doubts
The founder of Defillam, appearing under the nickname 0xngmi, noticed on Monday that the XRP volumes on the Aster platform began to move almost in perfect synchronization with Binance. As he pointed out on Platform X, the correlation between the two stock exchanges is nearly one to one, which is extremely suspicious in the case of decentralized exchange.
The organic flow of orders on decentralized stock exchanges is usually different from centralized platforms, which is why such an ideal reproduction of activity suggests the possibility of wash trading – artificial generation of volumes by repeated buying and selling the same assets.
0xngmi stated:
Until we are able to verify this data in terms of wash trading, the volume of perpetual contracts aster will be deleted
Career controversial
Aster, a platform enabling trade in perpetual contracts with a lever, in recent weeks has advanced to the top of the Defillam ranking in terms of daily fees and volumes, temporarily overtaking even Hyperliquid. The Aster token also experiences spectacular growth, increasing its value from 9 cents to over USD 2 in less than three weeks, which gives early investors a refund exceeds 1500%.
The main source of activity on the platform was the XRP and Ethereum volumes. Interestingly, in one of the models of risk assessment of Wash Trading Aster received a low result, but such a strong correlation of one to one of the binance turned out to be a sufficient alarm signal. For comparison, Hyperliquid showed a looser correlation of 0.59 and retained his records despite the average result in the same model.
Also check: Covid-19 and Bitcoin stimulation checks: a real chance for a fortune?
Links with binance and sudden reflection
The case takes on an additional context in the light of the fact that Binance announced Listing token aster with the “seed tag” designation, and CZ, co -founder of the stock exchange, plays the role of a project adviser and was one of his most loud promoters last week.
After Defillam’s decision to delete data, the price of Aster dropped by 10 percent within 24 hours, but all losses were made up for Binance plans to Listing to the token.
The whole situation raises an important question about the credibility of the metrics in the DEFI space. If the new stock exchange can reproduce the binance volumes with almost perfect precision, how many reported demand is real, and how much is the artifact of data manipulation? In a world where rankings often determine the perception of the project, verification of data authenticity becomes crucial for the crypto of investors.
