Key Highlights
- Aster now auto-buys $ASTER using 20% to 40% of fees, cutting supply while keeping all transactions transparent on-chain.
- Aster’s Shield Mode lets traders use up to 1001x leverage safely, protecting strategies from public on-chain risks.
- In perpetual futures, Aster leads with $4B daily volume, while Hyperliquid dominates open interest at $8.5B, showing diverse trading focus.
As the decentralized perpetual (perp) market heats up, Aster is doubling down on its “Value-First” tokenomics. Following a week where it led the sector with $4 billion in daily volume, the decentralized exchange (DEX) has officially activated its Strategic Buyback Reserve.
Aster will now automatically deploy 20% to 40% of daily platform fees into buybacks, aiming to reduce circulating supply and respond to market conditions.
Aster has already started buying back $ASTER tokens from its reserve wallet 0x5E…a397, and anyone can check the transactions on the blockchain. This step builds on last month’s Stage 5 Buyback Program, which used up to 80% of daily fees to repurchase tokens.
Besides these automatic buybacks, Aster also uses a smart strategy that mixes regular daily purchases with a reserve fund. Around 40% of the fees go to daily automatic buybacks through wallet 0x47…301E, slowly reducing the total number of tokens in circulation.
Meanwhile, 20% to 40% is stored in the reserve address for opportunistic buys when market conditions are optimal. The Aster team ensures transparency with regular on-chain updates. “This reinforces our commitment to sustainable tokenomics and long-term holder confidence,” the exchange stated.
Aster is attempting to succeed where others—most notably Solana’s Jupiter—have recently struggled: creating a sustainable price floor through protocol revenue. Unlike the “Stage 5” program that burned through 80% of fees, this 20% to 40% range is more sustainable for long-term growth. It signals that Aster has reached a level of fee-generation where it can satisfy both token holders and treasury expansion.
Expansion of derivatives and shield mode
Aster also expanded its derivatives offerings. $LIGHT, $ZKP, and $IR now trade on Aster Perpetual with up to 5x leverage. To attract activity, the platform ran a limited promotion, providing a 1.2x symbol boost for trades until December 28, 23:59 UTC. Consequently, both beginner and experienced traders can explore new positions while potentially increasing returns.
Additionally, Aster added a new feature called Shield Mode to its perpetual futures platform. It lets traders use up to 1001x leverage on Bitcoin and Ethereum while keeping their strategies protected. Shield Mode reduces risks from public on-chain order books and provides a safer trading environment for both experienced and new users.
Comparisons with other buyback programs
Aster’s strategy is different from other crypto buyback projects. Jupiter, a Solana-based exchange platform, recently said it is rethinking its $JUP token buyback plan after it has spent more than $70 million in 2025. Jupiter Co-Founder Siong Ong pointed out that the buybacks didn’t move the token price much, which stayed around $0.21. He suggested using the funds instead to reward users or attract new ones, since buybacks had little effect on the market.
Similarly, the Optimism Foundation suggested using half of the Superchain’s revenue to buy OP tokens. The goal is to link the token’s value to network activity while managing revenue better. So far, the Superchain handles 13% of all blockchain transactions and 61.4% of layer-two fees. If the plan is approved, half of future revenue will go toward buying OP tokens every month, and all purchased tokens will go back into the treasury.
Perpetual trading landscape
Cryptocurrency perpetual futures trading is growing at a high rate. As per DeFiLIama data, daily trading volume now reaches $19.9 billion, with open positions worth about $20.2 billion. Over the past 30 days, total trading topped $803 billion, even though weekly activity dipped slightly by 2.06%.
Among exchanges, Aster leads them with more than $4 billion traded in a single day and $2.6 billion in active positions. Over a week, Aster’s trading volume hits $31.6 billion, and over a month it exceeds $118 billion, showing strong and steady activity.
Hyperliquid comes in second, with a slightly lower 24-hour trading volume of $2.8 billion. However, it takes the lead when it comes to open interest, standing at $8.5 billion. Following Hyperliquid are Lighter, edgeX, and Variational, with each showing different levels of trading activity and user engagement.
Also Read: Hyperliquid Wins the Perp Wars as Lighter’s Volume Falls 70%
