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Arbitrum withdrawals slow down as traders look to Hyperliquid’s leading position.
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Binance’s Aster has jumped to $1.85BTVL, fueling speculation that it could challenge Hyperliquid’s $15.7B cap.
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Analysts predict Aster will climb to $4, but withdrawal issues have traders wary at $0.50.
Aster DEX is under fire from users who flagged failed token withdrawals through Arbitrum. The team assured customers that their funds were safe and that fixes were underway. BNB chain withdrawals have already been restored.
“We are still working on resolving the withdrawal issue in the Arbitrum network. It will take approximately 4 hours. Please rest assured that all funds are SAFU on a chain,” Aster team stated.
Withdrawals Stuck in Arbitrum
The disruption occurred just days after Aster’s airdrop of 704 million ASTER tokens on September 17, a flood that strained contracts and sparked speculation about a system malfunction.
Arbitrum runs smoothly on other platforms, so the problem is localized to Aster.
Aster’s Binance Growth Story
Aster’s numbers, despite the setback are hard to ignore. DeFiLlama reports that, thanks to Binance’s YZi Labs backing, Aster’s total value locked (TVL), a measure of the amount of money that is locked up, has risen from $350 to $1.85 billion in just one week.
Aster’s surge has traders comparing it to Hyperliquid (HYPE), a leading perpetuals exchange. Hyperliquid’s Layer-1 chains carry $2.74 billion TVL, and a stablecoin float of $6.2 billion. HYPE has a market cap of $15.7 billion. ASTER’s market cap would have to be 12x higher than current levels in order to match that scale.
Related – Hyperliquid faces a new challenge – YZi backed Aster (ASTER), Rallies 400%, $0.50 Next
What’s next for ASTER Price
The ASTER token was listed on September 17 at around $0.10, and by Thursday’s London session it had risen to $0.40. This is a gain of 300% in four days. Daily volume increased 25x to $326 millions, giving ASTER an estimated valuation of $3.1 billion.
Binance cofounder CZ congratulated the team in a blog post. He also stressed that the execution of the plan will determine whether Aster is able to compete with established players.
Can ASTER Run Higher?
Analysts believe the rally could cool as early investors lock in profits. However, the setup remains bullish through the 2025 altseason.
Market voices such as Cirmit on X predict a move towards $4, which would imply a 10-fold increase from the token’s debut levels, despite its initial 700% rise.
ASTER is vulnerable to sharp pullbacks due to its thin trading history. Support is located near $0.30 with resistance just below $0.50.
RelatedBNB chain monthly perp volume hits record high of $33.29B. What’s driving it?
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