We are already seeing where governments are heading: more control, more regulation, more KYC, more restrictions, more licenses, and more obstacles to operating freely. That is exactly why I believe the future of crypto will increasingly move toward DEXs, and Hyperliquid has already proven that demand exists.
To me, ASTER is not simply “Hyperliquid on BNB.” That is the easy and surface-level way to look at it. My thesis is that CZ is not supporting ASTER merely as another perpetual DEX. He may be helping build it as an emergency exit.
CZ and Binance have learned one important lesson: when you are the largest centralized exchange in the world, you become the perfect pressure point for governments, regulators, and censorship systems. Let’s not forget that CZ has literally been to prison and Binance paid a $4 billion fine.
Today, Trump seems crypto-friendly and everyone appears to be getting along, but that can change overnight. If political power shifts again, the regulatory pressure could return stronger than ever. By then, even Europe’s increasingly restrictive crypto regulations may look mild in comparison. The Binance we know today could become impossible to operate, and the same would apply to most major CEXs.
If you control Binance, you control on-ramps, off-ramps, liquidity, stablecoins, users, and data. It is simply too important for governments to ignore. That is why it makes sense for Binance, CZ, and YZi Labs to be quietly supporting decentralized alternatives around the BNB ecosystem—Aster, Genius, prediction markets, and more.
The only three tokens CZ has publicly stated that he holds are BTC, BNB, and ASTER. Why would he support something that directly competes with Binance’s most profitable business model?
Maybe ASTER is not a competitor at all.
Maybe Binance is building its decentralized version before it actually needs one.
By the time regulators fully come after Binance—and I believe they eventually will—the centralized entity could simply become an empty shell, while the real infrastructure has already migrated elsewhere.
A CEX relies on servers, licenses, executives, bank accounts, and jurisdictions. A well-designed DEX relies on on-chain liquidity and decentralized infrastructure that can continue operating even if the company, brand, or legal entity faces pressure.
ASTER fits perfectly into that framework: a perpetual DEX, multichain, non-custodial, with hidden orders, privacy-focused execution, a CEX-like user experience, collateral assets such as asBNB and USDF, and the long-term ambition of running on its own Aster Chain.
Aster is backed by YZi Labs, formerly Binance Labs. CZ has publicly supported the project, purchased ASTER, confirmed that several former Binance employees are involved, and stated that he acts as an advisor rather than a team member.
That is exactly what you would do if you wanted to build a parallel route without making the connection appear too direct.
In short, my thesis is not only that ASTER fits perfectly into the DEX narrative—which I believe will become one of the most important narratives in crypto—or that it can capture market share and compete with Hyperliquid.
The most important part of my thesis is this:
ASTER could become the on-chain Binance.
The insurance policy that allows Binance to survive the day regulators come after its centralized version.