Astar network, a new project that previously was Plasm, is a winner of the parachain auction in January 2022, is a WASM+EVM smart contract hub application to connect Polkadot and Ethereum.
ASTR’s current price is $0.05053, volume transaction $13,544,185, market cap $170,548,645, circulating supply 3.38 Billion ASTR of a total supply of 7 Billion at the time of writing.
At a rank of $231, the ASTR price formed an all-time high at $0.3353, on April 10, 2022, with an all-time low of $0.04194 in May 2022.
- 1 What is the Astar network?
- 2 The name before Astar
- 3 Founder Astar network
- 4 How does the Astar network work?
- 5 What is the Astar network used for?
- 6 Token $ASTR and $SDN in the Astar network
- 7 DOT Festival
- 8 Astar WASM smart contract
- 9 XCM
- 10 Investor Astar Network
- 11 Community
- 12 Is Astar a good investment?
- 13 Astar price predictions
- 14 Where to buy ASTR?
- 15 Conclusion
What is the Astar network?
Astar network tries to come up with an interoperability solution in the Polkadot ecosystem with other blockchains, Ethereum, Cosmos, and other layer 1 blockchains.
Astar network connects Polkadot with other blockchains, allowing Defi or NFTs, and DAO projects on the Ethereum blockchain to be brought to Polkadot as well. This platform can be said as a multi-chain bridge or gateway to connect layer 1 blockchain to Polkadot.
The Astar network uses multiple WASM and EVM virtual machines to support Dapps and provide solutions for Web3 developers to build secure, scalable, and interoperable blockchains. It is designed to fill a gap in the Polkadot Relay chain which does not support smart contracts. The Polkadot itself has two parts, called the Parachain and the Relay Chain.
The name before Astar
Before becoming Astar Network, this network had the brand name Palm. Palm will rebrand in 2021, which is written on the Astar blog on Medium.com.
Previously Palm had been in development for approximately two years, initially focusing on the layer 2 blockchains on Polkadot. However, they expanded and rebranded to become Astar Network, which is a multi-chain Dapp hub that supports Ethereum Virtual Machine and WebAssembly.
The reason for the rebranding development team is that they saw an important gap in the Ethereum blockchain with the Ethereum Virtual Machine and WebAssembly designed for Polkadot. Astar network came to support and connect the two to be more interactive.
Founder Astar network
The founder of Astar network is Sota Watanabe, he is also the founder of Next Web Capital Singapore which invests in Web3. Watanabe was also selected as a member of Forbes under 30 Asia in 2022 for enterprise technology.
Since June 2021 part-time, he has served as Director of the Japan Blockchain Association. He is also a task force member of the Cabinet Office, Government of Japan as well as part-time. Has education at Keio University bachelor’s degree in economics.
Sota Watanabe is not a new person in the world of blockchain technology, he has been known as a blockchain researcher from January 2019 – to March 2021 in Tokyo Japan.
Previously Watanabe also had experience in business development, operation, and creation of interactive programs with SDK at Softbank Group from December 2016-May 2017.
How does the Astar network work?
Basically, the Astar network uses the Substrate Runtime Module Library, which allows developers to add plasma functions to the substrate chain. Using the Astar Substrate Runtime Module Library, the substrate chain will gain scalability within minutes.
Everyone can join the Astar network because it is a permissionless blockchain.
Developers can connect applications to the Astar network with a root chain. Developers can also use the OVM (optimistic virtual machine) module and the Dapp staking module from the network for layer 2 use with ease.
Besides being able to add Plasma functionality, developers can also use Lightning Network and other Layer 2 protocols. Plasma itself is a scaling solution that enables scalable computing with an incentivized economic structure to run the blockchain autonomously without an operator.
Community members can create smart contracts and then deploy them on the Astar network. Holders can evaluate smart contracts and stake ASTR tokens. ASTR token holders can receive ASTR rewards based on contributions to smart contracts.
What is the Astar network used for?
Designed as a multichain on Polkadot that bridges the multi-blockchains of Ethereum, Cosmos, etc, the Astar network is used for multiple functions and features.
Users can use the Astar application through portal.astar.network can connect a substrate-based wallet and use ASTR tokens for the Stake Dapp which can be accessed through the application dashboard.
Developers can use the Astar network to build applications with smart contracts, as the Polkadot Relay chain does not support smart contracts.
Trading operators can sell and buy the Astar app, and earn by requesting other parties to serve various tasks. The trading operator can buy out if it has operator rights.
Token $ASTR and $SDN in the Astar network
Astar network has two tokens called ASTR and SDN or Astar token and Shiden token. The Astar token has five uses on the Astar network, as it is a utility token. First for Dapp’s staking, second for NPoS staking, third for transactions, fourth for on-chain governance, and fifth for Layer 2.
- Dapps staking. Astar token holders can stake Astar on Dapps and earn rewards.
- NPoS staking. Token holders also have the option to stake Astar in the network of validators and collators to receive reward nominations.
- Transactions. The Astar token is used for transaction fees on the on-chain network..
- On-chain governance. Astar tokens are planned for governance tokens, such as voting or referendums.
- Layer 2. Developers can deposit Astar tokens on layer 1 smart contracts to create applications at layer 2.
$ASTR which is the native token of the Astar network has a total supply of 7 billion tokens, with 18 decimal tokens and an inflation target of 10% yearly.
Allocation $ASTR according whitepaper Astar network is the following:
- $ASTR 30% allocation for users and early supporters.
- 20% for the 2021 parachain auction.
- 5% for the parachain auction reserve.
- 10% for protocol development.
- 5% for on-chain DAO.
- 5% for marketing.
- 10% for early financial backers.
- 5% for employee incentives (Team).
- 10% for the foundation.
Currently more than 3 billion ASTR are in circulating supply.
$SDN is a token of the Shiden network which is a fork of the Plasm or Astar network, acting with smart contracts on the Kusuma parachain. Kusuma itself is a canary network from Polkadot which is used as a testnet before a platform or application is launched on the main net.
In contrast to $ASTR, the total supply of $SDN tokens is 70 million with 10% yearly inflation. The allocation of $SDN tokens is as follows:
- 30% for users (#3 million).
- 30% for parachain auction.
- 5% for reserve parachain auction.
- 10% for protocol development.
- 5% for on-chain DAO.
- 5% for marketing.
- 10% for ecosystem growth.
- 5% for incentive employees (Team).
The DOT festival is an event held by the Astar network by bringing DOT tokens to the Astar network and has the opportunity to get rewards with a total of 6 million ASTR bonus rewards.
In addition to other bonus reward content in this event is to increase the reward for farming DOT in each related Defi pool. How to participate in the DOT festival event is to set up DOT in the EVM on the Astar network.
The DOT festival is held with three events, each of which lasts for seven to ten days. To be eligible to receive rewards from this event, users bring DOT to Astar. The most important thing is to link the native wallet and Metamask wallet via AstarPass.
Astar WASM smart contract
WebAssembly or better known as Wasm is a binary instruction format for a stack-based virtual machine.
In the Astar network, there are three elements associated with WebAssembly, the first is the Astar Wasm Stacks, the second is DSLs, and the third is nodes and clients.
XCM is a Cross-Consensus Message Format, which is a generic format designed as a language for communicating on two systems.
Where in the communication cross-chain there are two important parts, namely XCM and Cross-Consensus Protocols. Cross-Consensus Protocols is to specify to pass messages from XCM.
XCM is a large message format, which is useful for expressing the meaning of messages through each of the three communication channels in Polkadot, UMP (Upward Message Passing), DMP (Downward Message Passing), and XCMP. More about XCM can be found here.
Investor Astar Network
Investor support is very important in the growth of the Astar network. Referring to Parachain.info, Astar network got 31 big investors.
Polychain Capital. Alameda Research.Coinbase ventures.Fenbusi Capital.Hashkey Capital.KR1. IOSG ventures.DFG. Altonomy. Binance Labs.Block Dream fund.Blue Mountain labs.Crypto.com capital.Digital Strategies.East ventures.GSR. Gumi cryptos. Huobi capital.Hypersphere. Longhash ventures.Monday capital. Paka.ROK capital. Scytale ventures. SNZ holding. Sub0 capital.TRG capital. Vessel capital.Warburg Serres.
There are 15 partners according to Parachain.info.
Automata network. Celer network. Cere network. Coinversation. Crust network. Khala network. Kylin network. Patract. Phala network. Acala.Karura. Pichiu.Reef.
- Twitter. Joined September 2019 use nick @AstarNetwork has 363.8k followers.
- Discord. Address https://discord.com/invite/Z3nC9U4 current members 79.099.
- Telegram. Address https://t.me/PlasmOfficial. Current total members 32.210.
- Medium. Address https://medium.com/astar-network. Follow update news related company.
Is Astar a good investment?
Basically, cryptocurrency investment is risky. What is history today does not guarantee the same results in the future. The Astar network is here to close the gap in the Polkadot relay chain that doesn’t support smart contracts.
Meanwhile, we look at historical price statistics with high fluctuations with significant ups and downs. However, the Astar platform allows it to be a profitable investment with Dapps staking for the long term.
The image above shows the ASTR price chart of all prices since launch. Visible high volatility causes the price chart to rise quickly and also drop quickly.
The price chart shows that there is a role in the ups and downs of ASTR prices whose waves of change are very fast. Taking profit was one of the factors for ASTR’s drop price to the $0.04 level.
Astar price predictions
Wallet Investor. ASTR is bad investment, a years prediction decline to $0.00474.
PricePrediction.2022 average $0.084. 2023 average $0.13. 2024 average $0.18. 2025 average $0.27. 2026 average $0.38. 2027 average $0.55. 2028 average $0.79. 2029 average $1.14. 2030 average $1.68. 2031 average $2.57.
Digitalcoinprice. 2022 average $0.06. 2023 average $0.07. 2024 average $0.07. 2025 average $0.09. 2026 average $0.08. 2027 average $0.12. 2028 average $0.16. 2029 average $0.20. 2030 average $0.22. 2031 average $0.25.
Where to buy ASTR?
Here are some exchanges available ASTR for trading.
- Gate.io. The biggest transaction for ASTR paired to USDT in this exchange, a volume of $6,569,337 held 41.25%.
- Binance. The biggest transaction on the Binance exchange was ASTR/USDT with a volume of $4,442,435.
- Kucoin. Volume transactions $351,178 at ASTR/USDT.
Astar network that opens up opportunities as a multichain platform on Polkadot to connect with other major blockchains, Ethereum and Cosmos.
Even though the ASTR value is below $1, it still has the potential to grow in the long term.
Note: This article is for information only. Not investment advice or solicitation. Crypto and Forex CFD is a high risk, each investor is responsible for his investment.