Key highlights:
- Aster token surged more than 17% after the platform announced a new buyback and burn program.
- The Perp DEX will now use 99% of daily platform fees to buy back ASTER tokens.
- The update strengthens Aster’s challenge to Hyperliquid as competition grows.
Perp DEX platform, Aster is gaining attention after announcing a major update to its token system that sent the ASTER token soaring. CoinCodex data shows that the altcoin is now up 19% in the past 24 hours, trading at $0.78.
In a recent X post, the trading platform announced that it will begin to allocate 99% of its daily fees to buying back ASTER tokens. At the same time, it will permanently remove an equal number of tokens from its reserves. This would essentially reduce the overall supply over time and create scarcity.
[Tokenomics Update]
Furthermore, Hyperliquid has grown to incorporate markets connected with stocks, commodities, indexes, and even privately held firms. Currently, the firm’s HIP-3 market accounts for about $4 billion in Hyperliquid’s total open interest, while trading volume is nearing $3 billion per day.
With such growth, Hyperliquid has become the benchmark for many new trading platforms, including Aster. Just recently, Binance founder Changpeng Zhao publicly praised the platform while still issuing strong warnings amid its rapid growth.
On the other hand, Aster’s most recent tokenomics upgrade is only one of the many shifts happening on its platform. In Monday’s update, the company added a new feature that allows users to post bStocks as collateral. This would enable users of Binance’s U.S. equities tokens to leverage their assets for perpetual trades.
Overall, it looks like the team is seeking to increase liquidity by adding new value propositions.
Source:: Aster's New Token Buyback Plan Sends ASTER Price up 19%