The Aster Exchange will launch the fifth phase of its token airdrop on December 22, codenamed Crystal Plan, lasting 6 weeks until February 1, 2026. It will allocate 1.2% of the total supply, approximately 96 million ASTER. Users can choose a 3-month lock-up to earn higher returns. This is the latest part of Aster's continuous airdrop strategy, with the first four phases having already released a considerable proportion of tokens. The fifth phase is characterized by a historically low release ratio of only 1.2%. This supply discipline indicates that the project team is preparing for the launch of the Aster Chain mainnet, avoiding excessive inflation that could dilute the value of the tokens. The competitive landscape of exchanges shows that Aster, as an emerging derivatives trading platform, has been active recently, not only launching multiple popular contracts like ZKP, IR, and LIGHT but also incentivizing user activity through continuous airdrops. This strategy is comparable to competitors like Hyperliquid and Bitget, vying for market share in the liquidity mining war. In terms of token price performance, ASTER was quoted at approximately $0.70 on December 21. Although there is no 24-hour price fluctuation data, continuous airdrops usually create selling pressure. The project team alleviates this issue by setting a 3-month lock-up period, where locked users may gain additional returns. This is a common incentive design in DeFi. The outlook for Aster Chain indicates that the project announcement mentions this airdrop is a warm-up for the mainnet launch. Aster Chain may adopt a design similar to BNB Chain or Polygon, providing a native settlement layer for platform trading, reducing transaction costs and enhancing speed. If successful, it will form a dual value capture model of exchange tokens plus public chains. Comparing the evolution of BNB from an exchange token to an ecosystem token, Aster has similar potential, but the key lies in whether it can attract enough developers and users. Currently, DeFi TVL is concentrated in leading chains like Ethereum and Solana, and new public chains need to offer unique value propositions to break through. Airdrop participation strategy: For active users of the Aster platform, participating in the fifth phase of the airdrop is a low-cost opportunity to acquire tokens, but one must weigh the liquidity cost of the 3-month lock-up. If one is optimistic about the long-term value of Aster Chain, locking up is a rational choice. However, if it is merely for short-term arbitrage, it may be more flexible to buy and sell directly in the market. It is recommended to pay attention to subsequent disclosures about Aster Chain's technical details, including consensus mechanisms, TPS performance, compatibility, etc. If the technical roadmap is clear and there are commitments from leading DeFi projects to migrate, ASTER's valuation has room for growth. The current price of $0.70 relative to Hyperliquid's $34 still has room for imagination.