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ASTER Open listing agreement expands to derivatives
Emerging decentralized exchange Aster announced the launch of Aster Open Standards Phase 2 (AOS-2), expanding its open listing framework from the spot market to perpetual contract trading. This development marks a major shift-Aster introduces unlicensed listing agreements to a market area. It is predicted that by 2026, transactions in this field on centralized and decentralized platforms will account for more than 70% of total cryptocurrency transactions.
With the launch of AOS-2, Aster allows projects to be placed on perpetual contract trading pairs through a transparent, permission-free model. Under the new agreement, projects wishing to put their products on shelves must be approved and 1 million ASTER tokens pledged for a lock-up period of at least four years, during which time no early redemption is allowed.
This upgrade is based on AOS-1. AOS-1 has previously introduced open listing in the spot market based on a set of public and clear standards. AOS-2 applies this principle to the perpetual contract market, abandoning the closed, centralized listing decision-making process and moving to a mechanism led by validator governance and token pledge commitments.
By replacing the centralized listing committee with pledge commitments and verifier governance, Aster has aligned its listing system with trends led by platforms such as Uniswap and dYdX, promoting a community-driven approach to market screening. The new system draws on the practices of other decentralized platforms and aims to increase community participation, while providing strong anti-spam measures by requiring applicants to invest a large amount of tokens and time.
Risk Mitigation and Governance
In AOS-2, Aster retains oversight of a number of key risk management tools, including leverage controls, funding rates, and liquidation thresholds. These mechanisms are designed to protect the broader ecosystem from market abuse and systemic risks, especially in the context of increasingly decentralized governance and operations.
The company emphasized that all AOS rules and standards will be managed as public governance initiatives, open to participation by a broad community of validators. However, analysts pointed to potential challenges, such as the risk that large holders could exert centralized influence, actual voting rates, and the effectiveness of these mechanisms in times of market stress.
Aster said that events worthy of attention include the first batch of AOS-2 market candidates, the participation of verifiers, and how the agreement handles T+1 executions during volatile trading hours.
Mini Dictionary
A perpetual contract (or perpetual swap) is a derivative contract with no expiration date in which a trader can continue to hold positions and speculate on asset prices. Such tools are key to the growth of crypto-derivative trading.
Future developments and prospects
Aster said that the development of AOS-3 is ongoing, marking a possible further expansion into new tools such as options and other derivatives. As the project continues to promote decentralization of governance and product supply, industry observers point out that Aster's approach may become a reference model for future decentralized perpetual contract exchanges that pursue scale and neutrality.
If this community-screening experiment is successful, decentralized futures exchanges may view AOS-2 as a potential framework for balancing neutrality and scalability in on-chain markets. Possible milestones for the next phase include monitoring verifier engagement and evaluating the model's performance in high-pressure trading environments.
