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Aster launched AOS-2, a blockchain-based process for perpetual futures listings, as ASTER traded near $0.60 after a two-week decline. The launch came while a whale opened a $4.33 million leveraged long and committed $2.42 million of ASTER to four-year staking.
ASTER traded around $0.6015 at press time after falling 0.6% over 24 hours. Reduced market activity and weak capital inflows kept the token inside a narrow range near $0.59 and $0.60. Still, Lookonchain reported that one whale opened a 4x long using 7.2 million ASTER worth $4.33 million on Aster DEX. The position showed an unrealized loss of about $322,000 as the market moved little.
Meanwhile, the same whale staked 4.02 million ASTER, worth $2.42 million for four years. The long commitment removed those tokens from active circulation during the staking period. Despite that positioning, ASTER’s bearish market structure remained intact. Its Stochastic Momentum Index continued falling after recording a bearish crossover two days earlier.
Can renewed whale demand counter ASTER’s two-week decline as Aster expands the token’s utility?
Under AOS-2, qualified projects must deposit 1 million ASTER before applying for a perpetual futures listing. Aster locks those tokens for four years and offers no early-release mechanism. Aster Chain validators then review applications through an on-chain vote and publish their decisions publicly. Approved proposals move to Aster’s risk team, which sets leverage limits and other contract terms.
Aster targets a T+1 launch schedule after technical preparations finish. Projects that fail the validator vote receive their full 1 million ASTER deposit back. Yet Aster has not specified the voting period, required approval threshold, or refund timing. Its risk team also keeps final authority over leverage settings and contract specifications after validator approval.
AOS-2 extends the open-listing model that AOS-1 introduced for spot markets. AOS-1 focused on tokens available through Binance Spot markets or Binance Alpha channels. Before AOS-2, Aster arranged perpetual listings through bilateral agreements. In April, it launched a GENIUS perpetual contract and paired the market with a $200,000 ASTER trader incentive program.
The 1 million ASTER requirement adds another use for the native token. Its dollar cost changes with ASTER’s market price, while the required token amount stays fixed.
Read More: Aster Launches L1, XRP Eyes Breakout, Mastercard Bets $1.8B on Stablecoins
Aster’s tokenomics previously directed 99% of daily trading revenue toward open-market ASTER repurchases. The platform also announced plans to cut the maximum supply from 8 billion tokens to 3 billion. Meanwhile, CoinGecko’s 2026 Crypto Perpetuals Report showed decentralized perpetual exchanges increasing their open-interest share from 3.6% in early 2025 to 13.5% by early 2026.
Combined open interest across major perpetual DEX platforms rose from $1.19 billion at the start of 2024 to $14.99 billion by January 2026. Centralized exchanges still led activity during the first four months of 2026. Binance held 33% market share, while OKX held 15%. Aster also said AOS-3 remains in development.
Aster’s AOS-2 adds a transparent route for perpetual listings while requiring a four-year 1 million ASTER commitment. At the same time, a whale has taken a $4.33 million leveraged long and staked $2.42 million. ASTER’s weak price structure, however, remains intact.
