A crypto investor who bought $226,000 worth of APX two years ago is now sitting on more than $7 million, thanks to APX’s explosive rally this week.
According to data from Arkham Intelligence, wallet 0x9d22 accumulated 3.62 million APX tokens in 2022 through a series of swaps and transfers. At the time, the token was trading below $0.07. With APX now hovering around $1.95, that same stash is worth $7.07 million.
APX surged over 120% in the past 24 hours, briefly touching an all-time high of $1.98 on Sunday, according to data from CoinMarketCap. The rally pushed its market cap to $827 million, with daily volume hitting $79 million. The token is now up nearly 8,000% from its all-time low in 2022.
APX is the native token of APX Finance, a decentralized exchange for crypto derivatives on BNB Chain and Arbitrum, offering order book and onchain perpetual trading with up to 1001x leverage. It also provides high-yield opportunities for liquidity providers through stablecoin-heavy LP pools.
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APX surges after token swap to ASTER goes live
The recent price spike follows the launch of a highly anticipated token upgrade. APX holders are now able to swap their tokens for ASTER, the native token of the Aster protocol.
The exchange window opened on Wednesday, with early participants rewarded with better swap rates. The exchange ratio declines across five time periods, incentivizing immediate action.
According to Aster’s announcement, APX DAO stakers were able to unlock their positions penalty-free starting Tuesday and swap their recovered tokens under the same terms. All DAO rewards ended last week.
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Aster’s TVL spikes to $2 billion
As Cointelegraph reported, Aster briefly crossed $2 billion in total value locked (TVL) after launching its native token, APX, before sharply falling back to $545 million.
The token debut fueled a surge in trading volume, with Aster logging $434 million in 24 hours, making it one of the most active DeFi derivatives platforms. However, it still trails rival Hyperliquid, which boasts higher volume and open interest.
Binance-linked YZi Labs previously incubated Aster and invested in its predecessor, Astherus. A BNB Chain spokesperson confirmed Aster received mentorship, exposure and technical support through the program, and called it the top perpetual DEX on the chain.
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