The Astar Network is a multi-chain dApp center that can also be used as a staking mechanism. Built on the Polkadot network, Astar works with other projects like Ethereum Virtual Machine, Layer 2 solutions and WebAssembly.
This project, however, stands out from the rest because of its versatility, and it’s considered a high potential project for the future of crypto.
Ever since its launch in late January 2022, Astar Network has seen the total value lockup increase to reach a high of almost $400 million.
How Astar Works
Astar Network is a scalable smart contract platform that supports the growth of the Web3 space.
Astar is built with Parity’s Substrate framework and is seen as the future parachain on the Polkadot ecosystem. The Polkadot relay chain was not designed to support smart contracts, which is why Astar Network works through an alternative method to ensure the smart contracts get to the platform – a smart contract hub, in other words.
When developing a new application, decentralized application developers always keep scalability in mind. One of the most remarkable features of the Astar ecosystem is the fact that developers are free to create any apps they like, secure in the knowledge that the Astar Network will guarantee the apps’ scalability and availability for continuous use.
A new platform for open-source projects is now available for developers to use thanks to Astar Network. This opens up a wide variety of new avenues for them to utilize.
Users should recognize that the interoperable infrastructure of the Astar network is what differentiates it from competitors and transitions the project exponentially to be compatible with multiple blockchains.
What Is Astar Used For?
As mentioned, Astar Network is a hub for all things dApps on Polkadot, which supports WebAssembly and Layer 2 solutions such as ZK Rollups and Ethereum.
Astar is one of the various blockchain platforms looking at this kind of innovation in exchanging information.
Their ultimate aim is to create the “next version” of the Internet – “Web 3.0” – and Astar Network intends to be a major contributor.
Not all blockchains were created for the same reason. Some were built as development platforms for the creation of smart contracts
Others, like Bitcoin and Dogecoin, are exclusively used for conducting financial transactions. In the future, these blockchains might also benefit from the implementation of smart contracts.
Blockchains should be able to access this information even if there is no interest in using the smart contracts that are being discussed. Astar will have the capability to bring the features and benefits that these smart contracts offer to chains that do not currently support it.
Astar’s long-term goals include not only connecting chains but also providing support for a variety of virtual machines.
Layer 2 application development is just one of the many advantages that Astar provides to its customers. This gives developers the ability to make a deposit on the smart contract for Layer 1, and then proceed to create applications for Layer 2.
After the dApps have been created, developers are able to send them to numerous new chains for the initial deployment. Because of Astar’s simplicity, decentralized applications do not need to go through significant changes in order to enter new chains.
What is the ASTR token used for?
Astar has the ASTR token the network’s utility token, which can be used for a range of purposes.
Firstly, the token can be used to pay transaction fees, which the developers use to make deposits on Layer 1 smart contracts. It can also be used for staking purposes.
Apart from these, the ASTR token is used in the platform’s governance.
ASTR token holders can vote on various developments to improve the project and help it evolve.
Astar is entirely decentralized, so they depend on the community to assist with voting on changes set forth by the company.
Where To Buy Astar
Astar has become a leader in the Web3 space, and its popularity is only set to grow.
The ASTR token can be bought on various centralized crypto exchanges using fiat currency. Tokens will then be placed in your digital wallet. The exchanges where you can buy ASTR include:
Once you have your tokens in digital wallets, these holders will then link up their wallets to decentralized platforms to make use of the various services.
Note: This is not financial advice. Everything in this article is for educational purposes only.
About Astar
How long has Astar existed?
In January 2019, Sato Watanabe, a well-known leader in the blockchain industry, founded Astar Network. It was previously known as Plasm Network before they rebranded the company in June 2021.
Watanabe and his team from Stake Technologies maintain the company from their offices in Japan and Singapore. Over the years, Astar Network has raised roughly $33 million and become a valuable player in the Polkadot ecosystem.
Astar Network has seen immense growth in its user base over the years as it has taken initiative with new projects and offered financial incentives.
What’s controversial about Astar?
The cryptocurrency and blockchain industry needs to earn the trust of the general public. Because there are still many scams operating unchecked within the industry, one of the ways that this can be accomplished is by regulating the sector.
This has a detrimental effect on businesses that are making efforts to improve the lives of people. Regrettably, Astar is in the same predicament as the other companies, as they too must contend with controversy.
There are whispers going around that Astar is a con, but it is far too soon to say for certain what the future will bring. It has a 24-hour trading volume of $7,536,229, which places it at position #231 on Coinmarketcap at the moment.
The company has been successful to this point in achieving its goals, and it appears that it will maintain this forward momentum going forward as well.
You can expect the company to treat any endeavor that requires you to part with your hard-earned money with the utmost professionalism and transparency. However, before investing money in any project, it is always a good idea to do as much research as possible on the venture.
How many Astar Tokens are there?
During the time of writing this article, ASTR has a circulating supply of 3.75B ASTR with a total token supply of 7,000,000,000.
Can Astar be mined?
Unfortunately, ASTR tokens can’t be mined – you can only stake them.
Staking ASTR token holders can stake them in two ways: either on dApps, or the network level.
It doesn’t matter which you choose; you will be able to earn ASTR tokens. It is as straightforward as it sounds.
The company wanted to keep the process simple for users who want to stake ASTR tokens. In turn, more users will stake their ASTR token and raise the network’s value.
What is the market cap of Astar (ASTR)?
The complete market cap of the ASTR token is currently $195,297,471, with a fully diluted market cap of $366,928,559 during the time of writing this article.
Biggest Competitors Of Astar (ASTR)
Over the course of the past year, the entire Web3 ecosystem has experienced extraordinary growth, which has encouraged a variety of new businesses to enter the market.
As Astar gains popularity among developers and users of decentralized applications (dApps), several projects have the potential to pose a threat to its market share.
These competitors include:
What Are The Future Plans Of Astar (ASTR)?
The ultimate goal of Astar is to be the multichain smart contract platform that can run on multiple blockchains and EVMs. They have an opportunity to take the lead on this, as the Polkadot relay chain was never designed to support smart contracts.
Pros and Cons Of Astar (ASTR)
Pros:
- Scalability: Centralized databases have a much higher transaction per second than their decentralized counterparts. This is due to the consensus mechanism blockchains have by design, which results in most blocks containing only a certain amount of data. Astar has, however, worked around that and improved its network significantly. Two examples are:
- Transactions are cheaper
- A higher number of transactions per second results in faster confirmation
- Interoperability: It is the ability of blockchains to communicate and share information. Only a few blockchains have this quality, and Astar is one of them.
The smart contracts Astar offers are written in several languages, making interoperability available for blockchains to operate seamlessly between each other.
Cons:
- User experience: The user experience never stays the same when moving from one chain to the next, even though you are accessing the application through the preferred network.
- Less liquidity: You won’t find assets on various blockchains simultaneously. For this reason, the liquidity can become fragmented across on-chain environments, which results in less liquidity, higher slippage, and reduced trading fees.