The crypto market has turned its focus to APX after an extraordinary move. APX 400% Rally After ASTER Launch and CZ Mention, becoming one of the day’s top gainers. This rally followed the official token generation event (TGE) of ASTER and news of a 1:1 swap that will upgrade APX holders into the Aster ecosystem. Alongside the token’s launch, Aster DEX is rapidly growing in liquidity and volume, positioning itself as a potential competitor to Hyperliquid.

APX Surges on Swap Announcement

APX, the rebranded version of Apollo, had been trading in a lower range until the announcement that all APX tokens will be swapped 1:1 into ASTER starting October 1. This confirmed upgrade sparked new interest, triggering a strong rally that pushed APX to an all-time high. The swap effectively links APX’s value to the newly launched ASTER token, creating price convergence between the two assets.

According to market data, APX broke out shortly after ASTER completed its TGE on September 17, when 704 million tokens were airdropped. The event drew heavy trading activity as both APX and ASTER attracted liquidity, with daily APX volumes expanding rapidly.

Related read: VanEck Plans Hyperliquid Staking ETF Amid Demand

ASTER Token Finds Market Support

ASTER debuted at $0.0089 and surged over 400% within hours, briefly touching $0.50 before stabilizing near $0.40–$0.45. The launch defied expectations of heavy selling after such a large airdrop, signaling strong demand from traders. Its fully diluted valuation now sits above $3 billion, supported by $324 million in daily trading volume, according to CCN.

DefiLlama data shows Aster DEX reaching $1.86 billion in total value locked (TVL) with cumulative trading volume exceeding $723 million. Fees and revenues also jumped from $266,000 to $442,000, reflecting rising usage of the platform.

Binance CZ Shoutout Adds Momentum

Former Binance CEO Changpeng “CZ” Zhao amplified the token’s debut by posting a chart of ASTER with the message, “Well done! Good start. Keep building!” This rare public mention further boosted attention, leading to even more buying pressure for both APX and ASTER.

Market observers noted that while Zhao avoided explicitly endorsing the project, his post came as Binance’s YZi Labs-backed Aster seeks to compete with Hyperliquid. The timing of the mention, just hours before Hyperliquid’s own token HYPE hit an all-time high, sparked conversations about market share competition between the two DEX platforms.

Aster vs. Hyperliquid

Aster’s rapid rise has drawn comparisons to Hyperliquid, the leading decentralized perpetuals exchange. Hyperliquid currently carries $2.74 billion in TVL and a $15.7 billion market cap, far above Aster’s early valuation. Still, the fast growth of Aster DEX suggests it may become a serious rival over time, particularly as it benefits from Binance ecosystem support and liquidity channels.

Analysts remain cautious, however, noting that Aster faced withdrawal issues on Arbitrum shortly after launch. The team has assured users that funds are safe and that withdrawals are being restored, with BNB Chain withdrawals already back online.

Also read: Hyperliquid review

Outlook

For now, APX remains one of the most-watched tokens in the market. Its 400% climb after ASTER token rollout and CZ shoutout reflects strong market interest in the project and its future as a Binance-backed competitor to Hyperliquid. With the upcoming 1:1 swap approaching and Aster’s liquidity growing, traders will be watching whether APX can sustain momentum and whether ASTER continues to hold support above its airdrop price.