Astar (ASTR) Price

What is Astar Network (ASTR)?

The Astar Network, a multi-chain smart contract platform on Polkadot, is designed to support the creation of decentralized applications (dApps) and layer 2 solutions. Founded in 2019 by Sota Watanabe, a notable figure in blockchain technology, Astar stands out for its commitment to interoperability and developer support. It allows for the coexistence and communication of Ethereum Virtual Machine (EVM) and WebAssembly (WASM) smart contracts. Astar's unique infrastructure connects the Polkadot ecosystem with layer 1 blockchains like Ethereum and Cosmos, fostering a hub for DeFi, NFTs, DAOs, and more. The platform's dual-layer architecture, built on the Substrate framework and using the Optimistic Virtual Machine for scalability, highlights its innovative approach to blockchain development.

Key Functionalities

Astar Network's distinctiveness lies in its full-scale multi-chain capabilities, supporting various layer 2 solutions, blockchains, and virtual machines. Built on Parity Substrate, Astar benefits from features like upgradable blockchains, modular architecture, and customizable block execution logic. The network introduces unique features such as Operator trading, which allows for the tokenization and transfer of smart contracts, and Multi-Lockdrop, facilitating token distribution across the network. Additionally, Astar's dApp staking and reward system, which splits rewards between developers, nominators, and validators, incentivizes contributions to the ecosystem and bolsters the value of the ASTR token.

Staking and Rewards System

Astar's innovative reward system divides the reward per block, with half going to developers of dApps and the other half to validators. This system encourages nominators to stake on smart contracts, increasing the ASTR token's value. ASTR operates as a utility, governance, and staking token within the network, with a total supply of 7 billion ASTR and a circulating supply of over 4.48 billion as of April 2023.

History and Team

Sota Watanabe, Astar’s founder, is a distinguished blockchain pioneer, recognized in Forbes30 Under 30 Asia in 2022. With a degree in economics from Keio University and a diverse background in technology and entrepreneurship, Watanabe leads Astar and its parent company, Stake Technologies. Originally known as Plasm Network, Astar rebranded and launched on Polkadot in January 2022, reflecting its evolution and expanding capabilities.

Tokenomics: Utility and Distribution of ASTR

ASTR's distribution includes 30% to users and early supporters, 5% to the team, and allocations for marketing, protocol development, a DAO treasury, early financial backers, parachain auction, and an auction reserve. This distribution strategy supports the network's sustainability and equitable growth.