[Interview] Aster’s Vision for the Future of DeFi: "Product Competitiveness and Absolute Privacy are the Essence"

The Perpetual Futures DEX (Perp DEX) ecosystem has reached a new turning point. As liquidity and user experience begin to compete directly with Centralized Exchanges (CEX), the focus has shifted from blind airdrop incentives to the "sustainability" of the protocol itself.

Leonard, CEO of Aster—an on-chain trading platform led by veterans from Binance and traditional finance—holds a firm philosophy: "Acquire users with airdrops, but retain them with product excellence." In this in-depth interview, we discuss the evolution of 3rd-generation Perp DEXs, the necessity of ZK/Stealth Address privacy on Aster Chain, the role of DEXs in macro-economic risks, and Aster’s 10x revenue growth goal and vision for the Korean market.

Launch of L1 ‘Aster Chain’... Entering the 3rd Cycle of Perp DEXs Aster, which offers perpetual futures, spot trading, and interest-bearing ‘Earn’ products, has grown with investment from EZ Labs (formerly Binance Labs). Leonard, drawing from his experience in trading systems and risk management at Binance and Bank of America (BofA), diagnoses the current market as a stage where DeFi can truly compete with CEXs.

Addressing concerns about a downtrend in Perp DEXs, he explained, "Following the 1st gen (dYdX) and 2nd gen (GMX liquidity models), we are now in a 3rd cycle led by Central Limit Order Book (CLOB) platforms like Aster. With each cycle, product maturity and liquidity have improved, making the decentralization of the futures market an inevitable super-trend." To support diverse assets including stocks and commodities, Aster recently launched its independent Layer 1, 'Aster Chain,' building a dedicated infrastructure optimized for DeFi.

‘Private Trading Rooms’ via ZK & Stealth Addresses Leonard’s primary focus for Aster Chain is 'Privacy.' Most DEXs allow anyone to track user patterns and positions under the guise of transparency, leading to "position sniping" on platforms like Hyperliquid.

"There is no security without privacy," Leonard asserts. While CEXs offer convenience at the cost of data control, Aster solves this via ZK-proofs and Stealth Address mechanisms. By making all transactions private through stealth addresses and validating them via ZK-proofs without exposing data, Aster introduced 'Hidden Orders.' This allows whales and institutional traders from CEXs to move positions on-chain without the burden of information exposure—a key competitive moat for Aster.

"Airdrops for Inflow, Product for Retention"... Evolution as a Macro Hedge While early support from the BNB Chain and former Binance CEO CZ played a role, Leonard emphasizes that the true foundation is the product and trust built by the team. Regarding airdrops, he noted they are a double-edged sword that can attract "farmers" without real demand. "What matters is not inflated figures during incentives, but how many users remain to generate sustainable revenue afterward," he stated, setting a clear standard: "Inflow via airdrops, retention via product."

This philosophy shines during macro-economic instability. On weekends when traditional markets are closed, Perp DEXs like Aster serve as the only window for traders to hedge geopolitical risks, such as crude oil futures.

10x Revenue Growth Goal & The Importance of the Korean Market With the Aster Chain mainnet launch, the ASTER token's role has evolved. Beyond governance, it now facilitates staking rewards and distributes a significant portion of protocol fee revenue to holders. Leonard is focused on a tangible goal: "10x growth in protocol revenue this year." He believes market valuation will naturally follow fundamental growth.

South Korea is a key strategic hub for this leap. "Korea is a priority region where we have worked closely with builders since the beginning," Leonard concluded. "Many Korean builders are already using Aster’s liquidity to build their own white-label Perp DEXs. We will continue to invest in the Korean market and seek partners to lead the innovation of decentralized trading infrastructure."