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Two years ago, a crypto investor purchased $226,000 worth of APX tokens. Thanks to a remarkable rally this week, that investment has surged past $7 million. According to data from Arkham Intelligence, the investor’s wallet collected approximately 3.62 million APX tokens in 2022 through a series of swaps and transfers. At that time, the token’s price was below $0.07. Today, with APX trading around $1.95, the holdings are valued at over $7 million, reflecting an extraordinary increase.

APX’s price skyrocketed over 120% within 24 hours, briefly reaching an all-time high of $1.98 on Sunday, according to CoinMarketCap. The rally pushed its overall market cap to approximately $827 million, with daily trading volume surging past $79 million. Since its lows in 2022, APX has delivered nearly 8,000% gains, showcasing the explosive growth within the DeFi sector and crypto derivatives markets.

APX is the native token of APX Finance, a decentralized exchange focused on crypto derivatives operating on BNB Chain and Arbitrum. The platform offers on-chain perpetual trading with leverage of up to 1001x, along with high-yield opportunities for liquidity providers via stablecoin-heavy liquidity pools. This functionality appeals to seasoned traders seeking advanced tools within the DeFi ecosystem.

APX surges following token swap to ASTER

The recent rally coincides with the launch of a strategic token upgrade, allowing APX holders to swap their tokens for ASTER, the native token of the Aster protocol. The swap window opened on Wednesday, with early participants offered more favorable exchange rates. The ratio decreases over multiple periods, encouraging prompt action from traders.

According to Aster’s official announcement, DAO stakers were able to unlock and swap their tokens penalty-free starting Tuesday, with all staking rewards concluding the previous week. This upgrade has in part fueled the recent price performance, bolstering investor enthusiasm.

Aster’s total value locked spikes to $2 billion

Following the launch of its native token, APX, Aster briefly surpassed $2 billion in total value locked (TVL), a remarkable milestone for a DeFi derivatives platform. Trading volume during this period hit $434 million within 24 hours, making it one of the most active decentralized exchanges for crypto derivatives. Despite this surge, it continues to trail behind competitors like Hyperliquid, which commands higher trading volumes and open interest.

Previously, Binance-affiliated YZi Labs incubated Aster and invested in its predecessor, Astherus. The project received mentorship, technical support, and exposure through Binance’s program, positioning Aster as a leading perpetual DEX on BNB Chain.

The recent developments underscore the rapid evolution and volatility of crypto markets, especially within DeFi derivatives and token governance. As the token scene in decentralized exchanges continues to expand, investors remain watchful for further innovations and regulatory developments shaping the future of cryptocurrency trading platforms.