Astar Network is a multi-chain smart contract platform that can connect with multiple blockchains and virtual machines, powering interoperability between various decentralized ecosystems. The platform can connect the Polkadot ecosystem with Ethereum, Cosmos, and other leading Layer-1 blockchain networks.
In addition, Astar has native support for Ethereum Virtual Machine (EVM) and WebAssembly (WASM), letting developers deploy decentralized applications (dApps) designed for Ethereum and other blockchains conveniently on Polkadot’s infrastructure. It is one of the few decentralized technologies that support interoperability not only among Layer-1 networks but also supports Layer-2 rollups and scaling solutions in the market.
The Polkadot native dApp hub Astar employs a unique model of Build2Earn to incentivize developers via a dApp staking mechanism to foster its ecosystem. The technique offers remuneration for developers for coding and deploying their dApp projects on Astar’s infrastructure.
ASTR is the native cryptocurrency of the Astar Network and serves as the utility and governance token of its ecosystem. ASTR token is used for paying transaction fees, facilitating on-chain governance, staking, and as a deposit for Layer-2 developers to deploy their dApps on the Astar platform.
Astar aims to offer the best smart contract platform for dApps developers that is highly scalable and supports interoperability. Here’s how it does this:
The Astar Network ensures scalability through technology that enables high throughput by processing more transactions per second, low transaction costs, and faster finality.
Through its compatibility with Polkadot - the blockchain network designed for interoperability, Astar Network supports the seamless operation and cross-chain data and asset transfer between leading Layer-1 blockchain networks. It is also one of the unique projects that support Layer-2 rollup networks for interoperability.
Astar employs a #Build2Earn protocol to give developers a chance to earn basic income when creating dApps for its network. The technique incentives dApp development on the Astar Network and fosters its developer community even as it drives innovation.
To enable blockchain interoperability, Astar leverages Polkadot’s cross-chain messaging or cross-consensus messaging system, XCM. XCM allows cross-chain assets to quickly integrate across different blockchain ecosystems without needing bridges, offering a more seamless and secure way to scale projects across networks.
Astar Network was originally called Plasm Network and was founded by leading blockchain enthusiast Sota Watanbe in January 2019. The project is managed by Watanbe and the team via Stake Technologies. It was rebranded to Astar Network in June 2021.
Watanbe and Stake Technologies initially focused on developing a Layer-2 scaling solution for the Polkadot network. However, Astar Network evolved beyond the original vision to become an interoperable smart contract platform that supports Ethereum Virtual Machine and enjoys WASM compatibility.
Its Series A funding round was conducted in February 2021 and raised $2.4 million through a private token sale. In June 2021, the Astar team completed a second private sale round for strategic funding, raising $10 million from investors.
Its key focus areas through 2022 include the launch of the Astar Network in Q1 2022, along with XCM integrations and EVM tooling. In Q2, the team focused on dApp staking performance metrics, on-chain governance pallet, WASM contract tooling, and xVM protocol demo with EVM.
Through Q3, the developers behind Astar Network will add native bridge interactions with Astar Portal, Layer 2 developer tooling and demo app, and dApps staking multi-token demo. Key features expected in Q4 2022 include Astar consensus, Layer 2 partnerships, and more.
Astar Network could be a good crypto asset in your portfolio as it is backed by solid fundamentals and has growth potential. Its features for interoperability and supporting smart contracts make the platform a desirable option for powering the Web 3.0 revolution.
As more developers create and deploy scalable Web3 projects on the Astar Network infrastructure, the ASTR to USD price could experience a significant uptrend. Higher on-chain activity due to the launch of more dApps getting more users on it could send the Astar price past its highest price and to a new all-time high in the future.
Suppose the Astar Network team announces new significant upgrades to its infrastructure, which make it an even more affordable and attractive platform to develop and deploy dApps on. In that case, this could further power an uptick in the adoption and price of Astar Network. Projects like this have the potential to take Web 3.0 mainstream by providing scalability for real-world applications of decentralization.
Although it is impossible to make an accurate ASTR price prediction over any duration, several fundamental and sentiment factors could drive a price change in the Astar Network token. Let’s take a look at some of them:
As more developers design and deploy dApps on Astar Network, bringing in more end users to the platform, the level of on-chain activity on the platform increases. This could, in turn, boost the ASTR price statistics.
Astar Network supports the staking of its native ASTR token. Higher interest in staking $ASTR could also power bullish moves in the Astar price, taking it higher. However, a decline in the staking activity could cause a potential downtrend in the price of ASTR.
One of the biggest reasons for price action in the crypto market, the sentiment among investors can play a huge role in deciding how the Astar Network price moves. A bullish or risk-on mood supports Investor confidence and increases buying activity in ASTR and other digital assets. On the other hand, a risk-averse mood or a bearish sentiment drives sell-off across the cryptocurrency market and could contribute to weakness in the Astar Network value.
$ASTR is the native crypto asset of the Astar Network ecosystem. Here are some of its applications:
ASTR is used to pay transaction fees when using the Astar Network. Users pay gas fees using $ASTR when using the network to transfer payments or interact with dApps, while dApps pay in ASTR when executing smart contracts on the network.
Astar Network uses the $ASTR token for on-chain governance. Token holders enjoy voting rights and can submit and contribute their say on proposals submitted by others, effectively decentralizing and democratizing the future development of the ecosystem.
The dApps staking feature is unique to Astar Network and is an innovative way for the network to incentivize dApp developers to work on and launch projects on their network. ASTR token holders can stake their holdings via the Astar Portal on dApps of their choice to extend support to those projects. In addition to generating block rewards for their staking efforts, the activity also offers a way for dApp developers to earn dApps rewards based on the number of $ASTR staked with them.
You can trade Astar Network in the crypto market to profit from the volatility and changes in market conditions. Buy or sell ASTR against other crypto assets or hold the token long-term if you believe in the future potential of the Astar Network project. Review the real-time Astar Network price, ASTR market cap, circulating supply, 24-hour trading volume, and the latest crypto news before you trade ASTR in the market.
KuCoin lets you generate passive income from your ASTR holdings. Head to the KuCoin Crypto Lending page to lend liquidity for ASTR on our platform. Earn attractive daily interest over seven days, 14 days, or 28 days to grow your portfolio safely and conveniently.
As of September 2022, the circulating supply of $ASTR stands at around 3.6 billion out of a total supply of 7 billion. This figure changes based on the extent of on-chain and staking activity within the Astar ecosystem.
At the time of the project’s launch, the initial allocation of ASTR tokens was as follows:
1. 30% was earmarked for lockdrop participants
2. 30% was set aside for Polkadot parachain auctions
3. 5% was kept as a reserve for the parachain auction
4. 10% went for protocol development and grant programs
5. 5% was allocated to the on-chain DAO
6. 5% of ASTR total supply was allotted to marketing activities
7. 10% was set aside for institutional investors and would become transferable after Astar won a slot in the parachain auction
8. 5% of the $ASTR supply was given to its team of developers
Astar Network offers a unique dApp Staking program that helps you earn rewards for your efforts while also supporting dApp developers in creating projects on their network. Here’s how to stake on Astar dApps:
1. Visit the Astar Portal and connect your wallet to the app’s interface. Ensure you have sufficient $ASTR for staking by buying the token on KuCoin or other supported platforms and transferring them into your wallet.
2. Ensure that you are connected to the Astar Network for enabling dApp staking of $ASTR.
3. Review the list of dApps available to which you can stake your ASTR tokens.
4. Click on Stake on the dApp of your choice, enter the number of tokens you wish to stake, and click on the Stake button to confirm the transaction.
5. Sit back, earn rewards for your $ASTR staking, and earn passive income conveniently.