Core Insights - Aster's trading activity is under scrutiny due to allegations of wash-trading, leading to its initial delisting from DeFiLlama [1][4] - The platform has been relisted on DeFiLlama, but concerns regarding the legitimacy of its trading volume persist [2][4] - Aster's CEO suggests that inflated trading activity may be attributed to airdrop farming rather than wash-trading [6][7] Summary by Sections Delisting and Relisting - Aster was delisted from DeFiLlama due to allegations of wash-trading, which raised questions about its trading volume [1][4] - The platform has since been relisted at Aster's request, ending a multi-week absence from the rankings [2][5] Allegations of Wash-Trading - The pseudonymous founder of Aster, 0xngmi, noted suspicious similarities between Aster's trading volume and that of Binance's perpetual futures exchange [2][3] - Despite the relisting, 0xngmi emphasized that the platform remains a "black box" and that the numbers cannot be verified [5] Airdrop Farming Explanation - Aster's CEO, Leonard, indicated that the observed suspicious trading patterns could be explained by airdrop farming activities [6] - Traders may have opened positions on Aster while hedging on Binance, a common strategy in decentralized finance to maximize airdrop rewards [7]

Core Insights - Perpetual DEXs have become a popular platform for traders seeking to earn token airdrops through liquidity provision and trading activities [1][2] - The strategy of airdrop farming has evolved significantly, with retail traders aiming to replicate the success of established exchanges like dYdX and Hyperliquid [2] - Not all perpetual DEXs are equal, with some having substantial venture capital backing and high trading volumes, while others are still in beta [2] Company Summaries Lighter - Lighter has rapidly gained traction, becoming the second-largest perpetual exchange by volume, reporting daily turnover exceeding $7 billion and open interest of nearly $1.4 billion [4] - Traders can earn Lighter Points, currently valued at around $50 each in the OTC market, through trading, competitions, and referrals, with token distribution expected by the end of December 2025 [6] - The platform features a zero-fee trading model and a unique point system that incentivizes liquidity provision in low open interest pairs, appealing to risk-tolerant traders [6][7] Paradex - Paradex has positioned itself as a significant player in the perpetual DEX airdrop space, nearing $100 billion in lifetime trading volume as of September 2025 [8] - The exchange is backed by prominent venture capital firms, including Paradigm, Jump, Dragonfly, and DCG, enhancing its credibility [8] - Paradex distributes 4 million XP tokens every Friday, with its airdrop program currently in Season 2 [8]

Crypto Trading & Banking - The crypto industry is exploring the challenges of cashing out substantial crypto trading profits (7+ figures) to traditional banks [1] - The industry is concerned about potential AML (Anti-Money Laundering) scrutiny from banks when cashing out large crypto profits [1] - The industry is interested in understanding the specific documentation (source of funds etc) banks require for large crypto cash-outs [1] - The industry seeks to learn about the processes involved in cashing out crypto profits in different countries [1]

Btw I was actually just performing a highly profitable airdrop farming strategy ...

On-Chain Trading Roles - The report identifies several roles within the on-chain trading ecosystem [1] - "Perps trader" indicates a focus on perpetual futures trading [1] - "MEV/HFT" suggests involvement in Miner Extractable Value and High-Frequency Trading strategies [1] Farming Strategies - "Stable farmer" points to strategies focused on earning yield with stablecoins [1] - "Airdrop farmer" indicates participation in activities to qualify for airdrops [1] Role Hierarchy - The report uses "top," "jungle," "adc," and "support" to categorize roles, possibly indicating a hierarchy or specialization within a team or community [1]