The LIGO detection of gravitational waves (GW) from merging black holes in 2015 marked the beginning of a new era in observational astronomy. The detection of an electromagnetic signal from a GW source is the critical next step to explore in detail the physics involved. The Antarctic Survey Telescopes (AST3), located at Dome A, Antarctica, is uniquely situated for rapid response time-domain astronomy with its continuous night-time coverage during the austral winter. We report optical observations of the GW source (GW~170817) in the nearby galaxy NGC 4993 using AST3. The data show a rapidly fading transient at around 1 day after the GW trigger, with the $i$-band magnitude declining from $17.23pm0.13$ magnitude to $17.72pm0.09$ magnitude in $sim 1.8$ hour. The brightness and time evolution of the optical transient associated with GW~170817 are broadly consistent with the predictions of models involving merging binary neutron stars. We infer from our data that the merging process ejected about $sim 10^{-2}$ solar mass of radioactive material at a speed of up to $30%$ the speed of light.
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