Interview with Aster CEO: CZ's role, Differences from Hyperliquid, and Future Roadmap

In this episode of WuBlockchain Podcast, Leonard, CEO of Aster, discusses his career journey from traditional finance to the world of decentralized finance (DeFi) and the role Aster plays in the evolving crypto ecosystem. He shares insights into Aster’s unique product features, and its community engagement approach. Leonard also talks about the development of privacy-focused blockchain infrastructure, Aster’s roadmap, and his views on the broader market trends affecting Web3 and cryptocurrencies.

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Introduction: Leonard’s Entrepreneurial Journey

Maodi: Hello, Leonard. Thank you for taking the time to speak with us today. Could you briefly introduce your background? How did you transition from traditional finance into the crypto space?

Leonard: Thanks for the invitation. I’m Leonard, and I previously worked in traditional finance. I started in an investment bank, focusing on high-frequency trading infrastructure. After about three years, I transitioned to software development, building risk engines for global equity markets. I spent five to six years in traditional markets before venturing into entrepreneurship.

I founded a P2P lending platform in China. Although it wasn’t successful, it provided me with deep insight into the challenges and opportunities of entrepreneurship. It was during this period that I was first introduced to blockchain technology and started learning about it.

I initially entered the crypto space through investing, joining the ICO boom in 2018. My first ICO brought me a 20x return, but I lost most of my money in subsequent projects. This experience sparked my interest in blockchain technology, and I began learning how to develop applications on Ethereum.

Later, I attempted to launch a DeFi project, but it didn’t last long. Around that time, I joined Binance as a project manager, where I was involved in developing new products. This experience taught me how to quickly adapt to market demands, build teams, and achieve product-market fit.

A key turning point for me was using Uniswap and dYdX, which made me realize the potential of decentralized trading. This ultimately led to the creation of Aster. Initially, it was another project, but it gradually evolved into what it is today. This is my journey — from initial exploration to the outcome we have now.

Collaborating with CZ: How Trust Was Built

Maodi: Interesting. Many people are curious about your relationship with CZ, BNB Chain, and YZi Labs. Could you elaborate on how you first connected with CZ and gained his trust? What does the partnership look like today, and on what levels are you currently working together?

Leonard: I first came into contact with CZ when I was working at Binance. Back then, it wasn’t the huge company it is now; it was still relatively small compared to today’s Binance. He doesn’t work at Binance anymore, of course.

But back then, he was the CEO, and there were several projects where I had to interact directly with him. I think he’s a very rational person. He was very hands-on with many of the product and project decisions. I never felt like it was difficult to work with him as a boss or manager because he’s very rational and focused on results. You just had to get things done, show results, and everything else would happen naturally.

Obviously, he’s very intense, but as long as you can justify your decisions with clear reasoning, it’s easy to agree with him, and even to disagree when necessary. He’s someone who values execution, quick iteration, and getting things done.

Back then, I was working with him at Binance, but we eventually went our separate ways. I moved on to work on Aster, and he had his own journey, of course.

But later on, after YZi Labs became an investor in our project, we haven’t actually raised any more funds from outside investors. So, as a major shareholder of the YZi Labs fund, he became a big stakeholder in our project. We have regular meetings to report to him, not just about how we’re doing, but also to discuss our plans. YZi Labs has a whole portfolio of projects, and we’re well integrated into the BNB ecosystem. They can provide valuable ideas and resources to help us integrate better, as well as advice on trends and strategies — things we should do, or even things we should stop doing.

On a personal level, he’s my mentor. I regularly reach out to him via text, and we have catch-ups both personally and professionally. I think one of the biggest ways he’s helped me is in dealing with all the attention that comes with having a very successful token launch. Very few people on the planet have that kind of experience, especially with rapid growth like Aster has had, particularly in terms of token price and the experience that comes with BNB’s rise. His advice has been invaluable in how to deal with the attention, how to convert that into something beneficial for the project and the holders, and how to prepare for the potential risks that come with such a volatile token price. That’s how we interact, and I think he’s been an incredibly important advisor for both myself and the project.

Aster’s Competitive Edge: Differentiation from HyperLiquid

Maodi: How do you plan to compete with HyperLiquid? What are Aster’s advantages or unique qualities?

Leonard: We are often asked to compare ourselves with Hyperliquid, and rightly so, as they are a market leader, and I have a lot of respect for them. However, as a PERP DEX, we are still in the early stages and relatively small, mainly attracting users from centralized exchanges. The market is growing, and eventually, there will be room for multiple exchanges that focus on different areas.

Our goal isn’t to compete directly with HyperLiquid. We focus on integrating with other ecosystems, supporting native multi-chain functionality rather than relying on bridging. We’re also more active in collaborating with other ecosystem projects, which sets us apart from them.

Our initial goal was to recreate the centralized exchange trading experience, but we’ve expanded our product range, including stablecoin support and a spot market. Our current focus is on improving user experience, not just building a simple ecosystem. We are focused on attracting new users.

In addition, we’ve invested significantly in community services, providing traditional customer service by engaging directly with the community and addressing their questions. Many decentralized projects overlook this, but we take a different approach by interacting with users, solving problems, and providing solutions. This is a labor-intensive process and a key reason for our larger team size.

We believe that providing a user experience similar to centralized exchanges is essential, especially in customer service, where decentralized exchanges are generally weaker. We are expanding our team to keep up with the rapid growth of our user base after the token generation event.

Another key focus is privacy. We are developing our own blockchain and offering privacy options to allow users to shield their trading information, which contrasts with the public trading model of most competitors. As privacy demands continue to grow, we aim to attract more traditional traders.

Currently, there is a lack of such solutions in the market, which is why this is a key direction for our development. We are investing significant resources and plan to roll out a fundamentally different solution early next year, helping drive widespread adoption of our products.

Aster’s Token Airdrop Program: Enhancing Community Engagement and Utility

Maodi: Okay, that makes sense. The Aster airdrop program is currently in its fourth phase. Are there any highlights or special updates you’d like to share with our readers?

Leonard: Well, yes, we’re now in Phase 4, and we’ve learned a lot from Phase 1 through Phase 3. Actually, we started with Phase 0 to Phase 3, and throughout those phases, we’ve been continuously refining how we distribute points to make it fairer. While the rules have remained relatively stable, the most exciting update is that, because we’ve completed our token generation event (TGE), we now want to add more utility to the Aster token.

In this stage, we’ve introduced additional point rewards specifically for Aster token holders. The goal is to encourage the community to actively engage in the ecosystem, contribute to Aster’s growth, and support the holding of Aster tokens. I think this is the biggest difference in Phase 4 — it’s really focused on increasing utility for token holders and incentivizing deeper involvement from the community.

Aster’s Roadmap: Infrastructure, Token Utility, and Privacy Solutions

Maodi: Could you briefly share Aster’s roadmap?

Leonard: Our roadmap revolves around three core pillars. The first is infrastructure. We position ourselves as the infrastructure layer for decentralized trading. We are adding more assets, including real-world assets like gold and stocks, and we plan to address liquidity issues. We also focus on listing early-stage assets, partnering with early platforms to provide liquidity, which is a competitive advantage of perpetual exchanges over centralized exchanges.

Our focus is on AMM (Automated Market Maker) infrastructure, supporting multi-chain interoperability. To achieve this, we launched the Rocket Launch program to help early-stage projects gain liquidity and exposure. We will continue to optimize this program to ensure high-quality assets are listed.

In terms of privacy, we are building a privacy-focused blockchain, implementing hidden order features, and developing new technologies. We plan to launch this solution in Q1 2026, with internal testing and a demo or testnet available by the end of this year.

Regarding tokens, we are committed to increasing their utility. We’ve added features like VIP discounts and other use cases for the token. With the launch of our Layer 1 blockchain, staking will become an important use case, allowing token holders to earn rewards and participate in governance.

We are also collaborating with other players in the ecosystem to enhance our “Trade & Earn” functionality, improving capital efficiency and attracting more institutional users. Additionally, we are enhancing our broker program to simplify the process for developers to collaborate with us.

We are exploring AI technology to simplify the perpetual trading experience for users. Working with the community and partners, we are utilizing our infrastructure to build AI-driven solutions and encouraging developers to innovate through Aster.

In the future, we will focus on developing ecosystem partnerships to drive large-scale adoption and innovation of our products.

Maodi: What new products or features have you launched recently? What are the top three priorities for Aster in the next quarter? How do you measure success?

Leonard: We launched Rocket Launch, which is part of our spot market, designed to provide liquidity to early-stage projects and help them succeed. Users can also gain value by participating in airdrops. APRO was the first project launched through this initiative, and it was very successful, generating over $2 billion in trading volume.

The three most important priorities for the next quarter are: first, improving the trading experience, which is at the core of our product. We will focus on responding to customer feedback and enhancing trading features. Second, we will continue to list more Real-World Assets (RWA) to meet user demand and offer valuable trading assets. Lastly, we will focus on optimizing tokenomics to ensure the project creates value for users and builds a sustainable cycle.

We measure success using the “North Star” metrics of active users and trading volume. If users continue to use the product and pay fees, it’s a clear indication that we’ve achieved product-market fit and created real value.

DeFi Users’ Concerns and Aster’s Trust-Building Strategy

Maodi: What are DeFi users most concerned about right now? What unique approaches does Aster take in community building and user education?

Leonard: I believe trust is the most important factor for DeFi users, with security and consistency being critical. There are too many scams and rug pulls in the crypto space, and even large projects face issues, such as high TVL stablecoins becoming unstable. Past cases, like FTX, have made it difficult for users to trust any protocol.

DeFi users’ core concerns are twofold: first, the prevalence of active scams, and second, whether the team is genuinely prioritizing the interests of users and holders. Even the best teams can fail without proper risk management. The cyclical nature of the market means that teams may abandon projects during downturns, which adds to users’ anxiety.

At Aster, we build trust over the long term, not just through a single feature. Trust involves whether a team is committed to always prioritizing users’ interests, something that can’t be solved by smart contracts alone. We have proven that, even through transitions, we consistently put user interests first.

In addition to trust, user experience is also a key factor. DeFi has historically had poor user experiences, especially compared to centralized exchanges. However, the experience on perpetual trading DEXs has now reached a point where it is comparable to or even surpasses centralized exchanges. While there are still issues like wallet connections and gas fees, we are working to minimize these frictions and help users transition smoothly to decentralized platforms.

As trust in decentralized protocols builds, users will start to care more about governance and alignment of interests, eventually realizing they have the power to influence the protocol. This is one of the beauties of decentralized projects.

Aster takes a grassroots approach to community building. Our official team actively engages with users in various communities, particularly on platforms like X and Discord. We want users to feel like they are talking to real people, not just interacting with a decentralized code system. While we have been very active in the Asian market, we are also expanding our presence in English-speaking markets, hiring more team members to enhance community engagement and personal connection.

Market Outlook: Optimism Amid Pullbacks and the Key to Survival

Maodi: The market has not been doing well recently. Bitcoin and many altcoins have seen significant pullbacks. What is your outlook for the market moving forward?

Leonard: Oh, that’s a tricky question. First, this is not financial advice, but like most entrepreneurs, I remain optimistic. Personally, I don’t feel like the market has pulled back too much. In my view, BTC is still above $100k (This interview was recorded on November 11), right? I understand that many people have recently entered the market, and for them, a 10%-20% pullback may seem significant. However, if history repeats itself, a 20% pullback is nothing for Bitcoin. I don’t see how central banks will stop injecting liquidity into the market. As long as this liquidity continues, it becomes new “hard money,” which increases the likelihood of Bitcoin reaching new all-time highs.

As for altcoins, it’s difficult to predict which ones will succeed because most market expectations are already priced in. However, in my personal opinion, projects or altcoins with a clear path to positive cash flow are more likely to survive. Survival is the most important factor, as it is the surest way to successful investment. Projects that survive one cycle are more likely to reach their all-time high again or even hit new all-time highs in the next cycle.

As for this cycle, it’s hard to predict if it’s over. If not, we might see altcoins hit new all-time highs this season. But another way to look at it is to focus on projects that can survive at least one cycle. If they can do that, they are likely to come back in the next cycle and perform well. Each cycle, we see that projects with positive cash flow manage to create higher all-time highs.

There are certain sectors, like stablecoins, that clearly have a very defined path to positive cash flow. I personally believe these types of projects are more likely to survive and achieve long-term success.

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