股市老人币圈新

股市老人币圈新

What does the merger of APX Finance and Astherus mean for Binance Labs investment?

On December 5, Astherus announced on Twitter that the on-chain perpetual contract APX Finance will undergo a strategic merger with Astherus. Both parties will deeply integrate their teams, products, and business functions to promote innovative businesses such as on-chain yield aggregation, liquidity deployment, and perpetual contract trading. At the same time, the existing $APX will be mapped to the new Astherus token $ASS, and APX DAO will undergo transformation and updates.

In fact, both APX Finance and Astherus are star projects within the Binance Labs investment camp, and both are innovators and leaders in the DeFi space. Through this new integration, the Astherus ecosystem not only surpasses the single performance appeal of Hyperliquid but also provides a user experience close to the CEX level that Hyperliquid advocates. Additionally, it further combines the modular capabilities of the on-chain derivatives market with the integrity of the yield ecosystem, forming a strong complementary effect and further creating a dual narrative of Hyperliquid + Ethena, achieving a "1+1>2" effect.

APX Finance and Astherus strategic merger, Hyperliquid + Ethena dual narrative?

APX Finance + Astherus, 1+1 greater than 2

In fact, both APX Finance and Astherus are innovative protocols in the DeFi derivatives track, but there are certain differences in their focus.

APX Finance (APX) is a multi-chain derivatives platform that offers on-chain perpetual contract trading based on liquidity providers (LPs). APX has built an order book model that supports users in trading perpetual contracts through limit orders. It has also launched a Dumb trading mode, allowing users to profit from short-term predictions of asset volatility. APX Finance not only meets diverse trading needs and various yield models but also enhances trading levels through leverage of over 1000 times, zero slippage, and competitive fees, achieving the highest returns in the perpetual trading platform through stablecoin LP pools.

Based on the derivatives product system of APX Finance, any trader with on-chain derivatives trading needs can meet their trading requirements within the APX ecosystem. It is reported that the protocol's total trading volume first surpassed $300 billion in June this year, with protocol revenue exceeding $25 million, becoming a new force in the on-chain derivatives market. The comprehensive and functionally prominent product system reflects the APX Finance team's deep insights into the on-chain derivatives market, and the protocol has accumulated a wealth of market experience through long-term cultivation, backed by a large quality user base.

From the perspective of Astherus's product system, it is also one of the best examples of innovative DeFi. The protocol has launched two major product segments, AstherusEx and AstherusEarn. The former is a perpetual contract DEX that supports derivatives trading of mainstream assets such as BTC. This DEX supports the deposit of a series of LST/LRT and some mainstream assets, providing incentives such as Au (Astherus's points, which can be exchanged for $ASS tokens in future airdrops). Additionally, these deposited funds can serve as full-margin collateral for derivatives trading and can even be directly used for derivatives trading.

The latter, AstherusEarn, is a strategy yield product where users can stake supported assets to earn intended yield assets asToken. AstherusEarn will collaborate with mainstream CeFi institutions such as Ceffu (Binance's asset custody service provider) to generate income from both the crypto market and traditional finance through actively managed yield strategy pools, providing substantial real returns for asToken holders. Currently, it supports BTC asset staking to mint asBTC and will soon support BNB staking to mint asBNB. It is reported that asBNB will be a multi-chain super yield asset jointly created with Lista DAO, and considering the wealth effect of Launchpool, asBNB holds great promise.

Astherus is providing comprehensive DeFi scenarios for crypto assets, allowing these assets to further enhance capital utilization and achieve substantial real returns. By deeply connecting DeFi and the liquidity staking market, it explores the potential of the two main tracks. Through collaboration with traditional financial institutions and CeFi service providers like Ceffu, coupled with the new benefits brought by ETF compliance and the upcoming elections, traditional finance is expected to enter the Web3 world through Astherus.

In this new development phase, Astherus has once again partnered with Ceffu to launch the yield stablecoin asset USDF. This stablecoin is supported by short positions in the crypto asset and futures markets and will become an important source for USDT asset holders to unlock a second yield curve through DeFi.

Based on product innovation and development potential, Astherus has become one of the first four projects in Binance Labs' Season 7 incubation program and has received a series of resource support from Binance Labs. The market narrative for Astherus is also well-received; as an emerging protocol, by the end of November, the protocol's TVL had surpassed $117 million.

Regarding the new strategic merger of the two, it can bring APX Finance's long-term accumulated market experience, keen insights into the DeFi market, and a large active user base into the Astherus ecosystem, further enhancing Astherus's competitiveness in the on-chain derivatives field, improving the product strength of the on-chain trading platform, and accelerating the improvement of the ecological product system to foster ecological innovation, achieving a 1+1 greater than 2 effect. Similarly, the new overall and brand reshaping will further consolidate Astherus's position as a top-tier one-stop yield ecosystem.

Better Hyperliquid + Ethena dual narrative

The new integration of APX Finance and Astherus is also enriching Astherus's narrative direction and will shape the dual narrative of Hyperliquid + Ethena.

From Ethena's perspective, it combines the functions of the on-chain foreign exchange market and stablecoins, launching the on-chain native US dollar stablecoin USDe. USDe is a non-collateralized but multi-asset-backed stablecoin that helps stabilize its price by introducing liquidity from the foreign exchange market. Ethena also provides a variety of hedging tools to help users reduce risks from market volatility while attracting market demand for stablecoins and safe-haven assets. Its products emphasize the combination of the foreign exchange market and on-chain finance, aiming to expand DeFi's application in the global market.

Hyperliquid, on the other hand, is positioned as an on-chain derivatives trading platform, focusing on providing low-latency and efficient trading experiences through its own blockchain, primarily targeting high-frequency trading users and professional traders. It elevates trading performance to levels close to centralized exchanges while optimizing liquidity and user experience. Hyperliquid sees itself as a high-performance exchange in the Web3 world, adding choices for on-chain trading scenarios through technological means.

The merger of Astherus and APX Finance combines the core competitiveness of the on-chain derivatives market with the potential of a comprehensive yield ecosystem, forming a significant competitive advantage.

In fact, Astherus's USDF stablecoin shares similarities with Ethena's USDe in terms of issuance logic and innovation, but it places more emphasis on supporting its stability through short positions in the futures market. Unlike the foreign exchange derivatives logic of USDe, USDF focuses on the deep integration of the DeFi ecosystem, allowing USDT holders to easily obtain multiple yield overlaps through USDF, meeting multi-dimensional yield needs.

Additionally, Astherus's LST (liquidity staking tokens) and LRT (liquidity yield tokens) models provide further possibilities for enhancing asset utilization. After the merger, the protocol supports full-margin trading, synchronously enhancing the flexibility and yield capacity of assets, creating multi-layer narratives that Ethena's product line cannot directly cover. With these two points, Astherus will meet the demands of the on-chain stablecoin and yield market with more diversified scenarios.

Similarly, after merging with APX, Astherus can leverage APX's modular economic system advantages to further connect multiple protocols and trading scenarios, providing users with a more unified trading and asset management experience. Through the new liquidity integration, Astherus not only combines on-chain liquidity pools with the high-performance deep liquidity of DEX but also collaborates with mainstream CeFi platforms like Ceffu to provide additional guarantees for trading depth, surpassing Hyperliquid's single performance appeal and offering a user experience close to the CEX level that Hyperliquid advocates. By optimizing trading performance, Astherus not only attracts professional traders but also meets the needs of more ordinary users for efficient trading.

Overall, Astherus and APX, through the integration of the modular capabilities of the on-chain derivatives market and the integrity of the yield ecosystem, further form the dual narrative of Hyperliquid + Ethena. Through economic systems, deep liquidity integration, and innovative asset logic, Astherus is expected to open new tracks in the on-chain financial market, becoming a leading force in the on-chain derivatives and yield ecosystem.

Integration of two Binance Labs ecosystem projects, TVL may welcome a new round of growth

Currently, driven by a new round of market trends triggered by the elections, the crypto market shows an overall warming trend, with mainstream coins experiencing continuous growth. We observe that the total market capitalization of the crypto market has risen from less than $2 trillion to $3.6 trillion in a short period, indicating that a large amount of external capital is flowing into the crypto market, injecting new vitality. Capital seeks profit, and liquidity never stops, which also suggests that massive funds will continue to gather in higher-yielding areas.

From the overall yield level of the on-chain market, some mainstream DeFi protocols and LSD protocols have an APY of less than 3%, while some lending protocols' annualized yields have dropped to 5%-10%, significantly declining compared to earlier stages and becoming highly competitive. In contrast, the Astherus protocol, based on a series of real yield scenarios, can provide investors with continuous and substantial returns. For example, at this stage, users holding asUSDF assets can achieve a potential APY of 20%-30% (by minting USDF with USDT and depositing USDF on AstherusEarn to continue minting asUSDF), and there are many similar income options available.

As the strategic merger of APX Finance and Astherus further enriches the product system, Astherus's yield effects and wealth effects will be further amplified, making Astherus the best place for incremental market capital flow and bringing about TVL growth. With the Trump administration in place, a series of friendly policies aimed at the market are still expected to bring new incremental funds to the crypto market, which will provide a solid foundation for the further surge of Astherus's TVL.

On the other hand, both Astherus and APX Finance are important projects within the Binance Labs ecosystem and have received support from the Binance ecosystem during their development. This integration not only enhances market attention but is also expected to gain deeper support from Binance Labs in terms of market resources and ecological expansion, further accelerating the overall development of Astherus's ecosystem. This also represents a new opportunity for Astherus to achieve further growth.

Additionally, the $ASS token is also a point worth noting. Although the $ASS token has not yet completed its TGE, it can be anticipated that with the integrated Astherus ecosystem, $ASS will gain more practical application scenarios and continuously enhance its value potential. At the same time, thanks to the user base and community support of Astherus and APX Finance, $ASS will be backed by a larger user system and value system, laying a solid foundation for its future development. Furthermore, the positioning and concept of $ASS have also been expanded, likely attracting a broader market user base and achieving value growth in the ongoing ecological construction.

With a complete ecosystem and support from Binance Labs, the $ASS token is expected to have good market conditions and high expectations for listing on major exchanges after its TGE, continuously building momentum for its future explosion.

Earn AU points, capture early opportunities for $ASS

AU points are the main reward points of the Astherus protocol. Users can earn AU points by participating in activities such as deposits, minting, and earning. Holding points is expected to yield $ASS airdrop rewards. Several methods include:

  1. Participate in staking LST tokens

  2. Mint USDF by staking USDT and holding it to earn up to 5 times AU points

  3. In the Earn section, stake BTC to obtain asBTC and hold it, earning 2%-6% APY while receiving up to 5 times AU points incentives.

  4. In Earn, mint asUSDF by using USDF and holding it to earn up to 20% annualized yield while receiving AU points incentives.

Gem Points: Obtain through official releases or market activities jointly initiated with partners, 1000 gem = 1 Astherus token. Currently, ongoing activities include weekly AMA lottery and OG identity group activities in Discord.

astherus.finance/en/earn/cedefi

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