Many people are criticizing the market maker of ASTER, but the outcome of this project has been predetermined since its inception. No matter how many pros publicly state their holdings or how much they pump it in the short term, it cannot change the fact that it is a low-quality project. Today, let's clarify this: how far a project can go is never dependent on the persona standing behind it, but rather on whether the underlying logic can hold up.

ASTE positioning is a decentralized perpetual contract platform. It sounds good, with concepts like hidden orders and multi-chain trading that are indeed quite innovative. But looking at it closely, the most painful issue is: the token distribution is extremely uneven, with 96% concentrated in a few wallets. Understanding it from another angle—if 96% of a company's shares are held by a few people, they can pump it up or crash it down as they wish, while retail investors are reduced to mere accessories, having no say. This structure is essentially centralized, which is contrary to what the project promotes.

Looking at the valuation aspect again. ASTER's market capitalization is comparable to many leading projects, but its actual application value is significantly lacking. The real moat of a perpetual contract platform lies in technological breakthroughs and trading depth, and ASTER has not achieved notable results in either of these areas. Endorsements from pros may serve as short-term catalysts, capable of driving a wave of price increase, but in the long run, the project lacks real value support, and any halo will eventually fade.

In the current market environment—frequent liquidations across the network, large investors continuously exiting, and the overall trend being in a downward cycle. In such a context, the disadvantages of low-quality projects will be exponentially magnified, and a collapse is almost inevitable. ASTER is not the first, and there will be more to come. Instead of being concerned about market makers, it is better to focus on how to identify the true underlying logic of the projects.