A crypto investor who purchased $226,000 worth of APX tokens 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 that time, the token was trading below $0.07. With APX now hovering around $1.95, that same stash is worth approximately $7.07 million.
APX surged over 120% in the past 24 hours, briefly hitting an all-time high of $1.98 on Sunday, according to CoinMarketCap data. The rally pushed its market capitalization to $827 million, with daily trading volume reaching $79 million. The token is now up nearly 8,000% from its all-time low in 2022.
**What is APX?**
APX is the native token of APX Finance, a decentralized exchange (DEX) for crypto derivatives on BNB Chain and Arbitrum. The platform offers an order book and on-chain perpetual trading with leverage up to 1001x. Additionally, APX Finance provides high-yield opportunities for liquidity providers through stablecoin-heavy liquidity pools.
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### APX Surges Following Token Swap Launch to ASTER
The recent price surge follows the launch of a highly anticipated token upgrade. APX holders can now 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 over 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 favorable terms. All DAO rewards concluded last week.
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### Aster’s Rapid TVL Growth
As reported by Cointelegraph, Aster briefly crossed $2 billion in total value locked (TVL) after launching its native token, APX, before falling back to $545 million. The token debut fueled a surge in trading volume, with Aster logging $434 million in 24 hours. This makes it one of the most active DeFi derivatives platforms, though it still trails its rival Hyperliquid, which boasts higher volume and open interest.
Binance-linked YZi Labs previously incubated Aster and invested in its predecessor, Astherus. A spokesperson for BNB Chain confirmed that Aster received mentorship, exposure, and technical support through the program, calling it the top perpetual DEX on the chain.
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With APX’s ongoing developments and the promising prospects of the Aster protocol, investors and traders are closely watching the platform as it solidifies its position in the DeFi derivatives space.
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