As the final deadline set by the decentralized exchange Aster (Aster DEX) arrived, the highly anticipated Aster Stage 3 airdrop deadline officially passed at 20:00 (UTC+8) on January 15, 2026.
For crypto users who have been closely tracking this project, this milestone marks more than just the end of the "Dawn" phase reward distribution; it signals the entry of the $ASTER token into a brand-new deflationary experimental period. According to on-chain data and official announcements, this airdrop involved the distribution of approximately 200 million tokens, and its subsequent market effects and integration with Stage 4 (Harvest) are now the focal point of community discussion.
The "Deflationary" Core of Stage 3
During the operation of Stage 3, Aster demonstrated an operational logic distinct from traditional DEXs. The most notable aspect was its aggressive token management actions:
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Robust Buyback Support: According to the finalized S3 data, Aster utilized approximately $49.3 million USDT for buybacks during this phase, cumulatively purchasing and processing 47 million $ASTER tokens. This approach of directly intervening in secondary market supply using protocol revenue has, to some extent, offset the potential selling pressure caused by airdrop releases.
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Evolution of User Behavior: Compared to Stage 2, Stage 3 introduced a "Multidimensional Scoring System." In addition to trading volume, it incorporated factors such as holding duration and team contribution weights. This mechanism design was intended to filter for genuine traders rather than short-term "airdrop farmers."
However, this high-intensity buyback strategy has also raised concerns among some observers. From a neutral standpoint, while relying on protocol revenue for large-scale buybacks benefits token price in the short term, whether it might weaken the project's cash reserves for handling extreme market risks remains a subject for debate.
The "Game Theory" of Stage 4 Claim Rules
With the Aster Stage 3 airdrop deadline behind us, eligible users have begun shifting their attention to Stage 4. According to the Aster Stage 4 claim rules explanation, the platform has introduced a more strategic choice for reward distribution:
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Option A: Immediate Realization — Users can choose to claim 50% of their allocated share immediately, but the remaining 50% will be permanently burned.
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Option B: Patience for Full Value — Users can choose to wait until the lock-up period expires in April 2026 to claim 100% of their allocated share.
This design reflects a new trend in Web3 governance: inducing user self-selection through "burn mechanisms." For users seeking liquidity, Option A provides an exit path while objectively reducing total supply; for "HODLers," Option B offers the potential for higher returns. By avoiding absolute rules, Aster provides users with autonomy while creating a price floor for the token.
Risks and Challenges: The Inevitable Flipside
While airdrop activities bring immense hype and traffic, objective industry observers must point out the practical challenges Aster faces.
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Token Selling Pressure: Despite buyback and burn mechanisms, the circulating supply will inevitably increase as various airdrop phases are released. If platform trading volume fails to grow consistently to provide sufficient buyback funds, the token price may face downward pressure.
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Regulatory Compliance: As a DEX offering complex financial products like perpetual contracts, Aster faces increasing scrutiny. How it addresses compliance requirements across different jurisdictions remains a "Sword of Damocles" hanging over the project.
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Mainnet Transition Uncertainty: According to the Aster Chain L1 mainnet roadmap, the project plans to migrate to its own sovereign mainnet in Q1 2026. The leap from the application layer to the infrastructure layer often involves technical risks, liquidity migration losses, and an exponential increase in the difficulty of ecosystem building.
Industry Outlook: Moving Toward L1 Infrastructure
Aster’s ambitions clearly extend beyond being a mere DEX. With the conclusion of Stage 3, Aster is accelerating its evolution from a protocol to an ecosystem.
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| Dimension | Current Status (Stage 3) | Vision (Stage 4 & Mainnet) |
| Underlying Architecture | Dependent on external L2s/L1s | Aster Chain L1 Native Chain |
| Incentive Model | Periodic Airdrop Rewards | Node Staking, Fee Sharing, Governance |
| Product Matrix | Derivatives, Rocket Launch | On-chain Orderbook, Synthetic Assets |
Conclusion: Next Steps for Crypto Users
For users who missed the Stage 3 claim deadline, it is no longer possible to retrieve those shares. However, the decentralized exchange airdrop claim tutorial indicates that eligibility checks for Stage 4 opened on January 14, with the formal claim window expected to open on January 28.