Astar

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Astar?

Astar (ASTR) is a multi-chain decentralized application (dApp) hub on the Polkadot ecosystem, designed to be scalable and interoperable. It supports both Ethereum (EVM) and WebAssembly (Wasm) virtual machines, aiming to streamline the development process for Web3 programmers by improving multichain interoperability and lowering costs for startups. The native token, ASTR, serves various functions such as staking rewards, gas, and grants, incentivizing developers and participants in the network.

How is Astar used?

Astar (ASTR) is the native token of the Astar Network, a Layer 1 blockchain designed to streamline the development process for Web3 programmers. The token serves several crucial functions within the ecosystem:

  1. dApp Staking: ASTR is used to incentivize developers by rewarding them with a portion of block rewards generated by network participants. This mechanism, known as Build2Earn, encourages developers to create innovative applications and supports the growth of the network.

  2. Transactions: ASTR is used to pay for gas fees in transactions. A significant portion of these fees is burned, which helps reduce the overall supply of ASTR in circulation.

  3. On-chain Governance: ASTR is used to facilitate governance activities such as voting and referenda, ensuring that the community has a say in shaping the network's future.

  1. Grants: ASTR is used to fund projects within the community through the Astar Treasury and Community Treasury, supporting network growth and development.

  2. Inflation Reduction: The token's utility is enhanced by mechanisms that reduce the rate of inflation. For example, unused rewards are burned, and a portion of gas fees are burned, which helps moderate the increase in ASTR supply.

These functions make ASTR an integral part of the Astar Network, supporting both developer incentives and network activity while maintaining a balanced token supply.

How do I store Astar?

To store Astar (ASTR) tokens, you can use several options:

  1. MetaMask Wallet: You can add the Astar Network to your MetaMask wallet by following these steps:

    • Install MetaMask.
    • Open MetaMask and click on the profile icon at the top right.
    • Select "Settings" and then "Networks."
    • Click "Add a network" and enter the necessary information:
    • Save the network and you can now store ASTR tokens in your MetaMask wallet.
  2. D'CENT Biometric Wallet: You can also use the D'CENT Biometric Wallet to store ASTR tokens. This wallet supports cold staking, which allows you to stake ASTR tokens securely.

  3. Coin98 Wallet: Coin98 Wallet will support ASTR tokens in the future, allowing you to store them securely.

  1. Astar Portal: The Astar Portal provides detailed guides on managing assets, including transferring tokens between different accounts and networks. You can create Astar Native and EVM accounts and manage your tokens through the portal.

These options provide secure and convenient ways to store and manage your ASTR tokens.

How to buy Astar?

To buy Astar (ASTR) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports ASTR, such as Uphold, Kraken, KuCoin, Binance, CoinEx, OKX, gate.io, or MEXC. Each exchange has its own features, fees, and security measures, so research and compare them before making a decision.

  2. Create an Account: Register for a free account on the chosen exchange. This typically involves providing personal information, including your name and email address. Some exchanges may require Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Verify and Fund Your Account: Verify your email address and identity as required by the exchange. Then, add funds to your account using a debit card, credit card, wire transfer, or Bitcoin.

  1. Navigate to the Trading Page: Go to the trading page and find the ASTR trading pair. This is usually listed as ASTR/USDT or ASTR/BTC, depending on the exchange.

  2. Place a Buy Order: Decide whether to use a Market Order or Limit Order. A Market Order executes the trade at the best available price, while a Limit Order specifies the maximum price you are willing to pay.

  3. Execute the Trade: Once you have set your order type and price, execute the trade. The ASTR tokens will be added to your exchange wallet.

  1. Store Your ASTR: You can store your ASTR tokens in your exchange wallet or transfer them to a non-custodial wallet for added security.

  2. Monitor Your Investment: Keep track of your ASTR investment performance and adjust your strategy as needed.

Additionally, if you want to buy ASTR on a decentralized exchange (DEX) like Arthswap, you will need to bridge Ethereum assets like USDT to the Astar Network and then swap them for ASTR.

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History of Astar

Astar Network, originally known as Plasm Network, was founded in 2019 by Sota Watanabe, a Japanese entrepreneur and a recognized figure in the blockchain community. Watanabe, based in Singapore, was studying economics at Keio University in Tokyo, Japan, at the time.

Initially, the project focused on building a scalability solution for the Polkadot ecosystem, drawing on ideas from Plasma Network, now known as Optimism. This effort secured funding from Japanese investors and the Web3 Foundation, leading to a close relationship with Parity, the primary entity developing the Polkadot code.

In 2021, the project pivoted to become Astar 1.0, expanding its vision to create a multi-chain smart contract hub supporting EVM, WebAssembly, and layer-2 solutions. This new direction included the development of a Cross-virtual machine (XVM) supporting both EVM and WASM contracts, allowing seamless interactions between different virtual machines. Additionally, Astar introduced dApp Staking, a mechanism that rewards developers with passive income for their contributions to the ecosystem.

During this period, Astar established itself as the leading smart contract multichain hub on Polkadot, with a significant total value locked (TVL) and a strong presence in Japan. The network became the go-to choice for building dApps in Japan, with 43% of respondents in a survey by the Japanese Blockchain Association selecting Astar as their top choice. Astar was also listed on Japanese exchanges, with its token registered as a cryptocurrency rather than a security.

In 2023, Astar announced its new vision, Astar 2.0, which aims to further enhance the network's capabilities and drive the adoption of web3 technology globally.

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How Astar works

Astar (ASTR) is a scalable and interoperable infrastructure for Web3, built on Parity's Substrate framework. It is designed to provide a platform for developers to build and deploy decentralized applications (dApps) with ease, leveraging the security and interoperability of Polkadot and Ethereum. Here's a detailed overview of how Astar works:

Key Components
  1. Astar Network: Astar is a layer 1 permissionless public blockchain that allows anyone to join and participate. It serves as the default root chain for developers to connect their applications.

  2. Astar Substrate: This is the backend technology powering Polkadot’s leading parachain. It enables seamless building across virtual machines and layers, ensuring interoperability with Polkadot SDK and substrate-based protocols.

  3. Astar zkEVM: This is an Ethereum Layer-2 scaling solution that leverages Polygon's CDK and AggLayer technology. It inherits Ethereum's security while maintaining EVM equivalence, making it suitable for enterprises looking to leverage Ethereum's network effects without sacrificing user experience.

Functionality
  1. dApp Staking: Astar incentivizes developers to create dApps by offering rewards in the form of ASTR tokens. This program is designed to financially support developers in building and improving their dApps.

  2. Staking Mechanism: ASTR token holders can stake their tokens on dApps or at the network level, earning additional ASTR tokens as rewards. This mechanism incentivizes users to hold and stake ASTR.

  3. Governance: ASTR tokens are used for voting on important developments and decision-making within the network. This ensures that the community of token holders has a say in the project's evolution and improvement.

  1. Gas Fees: ASTR tokens are used to pay for gas fees, which are necessary for executing transactions and smart contracts on the network.

  2. Grants: ASTR tokens are used to fund projects and support network growth through the Astar Treasury and Community Treasury.

Tokenomics
  1. Token Utility: ASTR tokens serve various functions, including staking rewards, gas fees, and grants, providing essential utility for the ecosystem.

  2. Inflation Reduction: Network activity and dApp staking mechanisms help reduce the rate of inflation of ASTR tokens. Unused rewards are burned, and a portion of gas fees are also burned, further reducing the supply of ASTR tokens.

Interoperability

Astar Network supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups, aiming to become a multi-chain smart contract platform. This interoperability enables the connection of various blockchains, expanding the reach and capabilities of smart contracts and dApps.

Development and Partnerships

Astar has received significant funding and support from prominent investors like Binance Labs and has partnered with companies like Sony Network Communications and Startale Labs to develop Japan's largest public blockchain. The network continues to evolve, with new technologies and partnerships being added to enhance its capabilities and adoption.

Overall, Astar (ASTR) provides a robust and scalable platform for developers to build and deploy dApps, leveraging the strengths of Polkadot and Ethereum while offering innovative features like dApp staking and tokenomics that incentivize growth and adoption.

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Astar's strengths

Astar (ASTR) has several strengths that contribute to its utility and value within the Astar ecosystem:

  1. Ultimate Utility: ASTR serves various functions, including staking rewards, gas fees, and grants, providing essential utility for the ecosystem.

  2. Innovative Features: Astar Network is known for its innovative dApp staking feature, which financially incentivizes developers to create and improve dApps. This feature is available to both Substrate and Ethereum-based dApps, attracting a broader pool of developers.

  3. Scalability and Interoperability: Astar Network is built on Parity’s Substrate framework and supports multiple virtual machines, including Ethereum and WebAssembly. This allows for seamless integration and scalability across different blockchain platforms.

  1. Governance: ASTR tokens are used for voting on important developments and decision-making within the network, ensuring a decentralized governance model.

  2. Layer 2 Solutions: Astar zkEVM provides a Layer 2 scaling solution that leverages Polygon's CDK and AggLayer technology, offering a secure and efficient environment for developers.

  3. Inflation Reduction: Mechanisms such as burning unused rewards and gas fees help reduce the overall rate of increase in ASTR, maintaining a balanced supply.

These strengths position Astar as a versatile and scalable platform for web3 development, fostering a robust ecosystem that supports a wide range of use cases and applications.

Astar's risks

Astar (ASTR) is associated with several risks, primarily related to the volatility of the cryptocurrency market and the staking process. Key risks include:

  • Market Volatility: The value of Astar tokens can fluctuate significantly, leading to potential losses for stakers if the price drops.
  • Technical Issues: Vulnerabilities in the staking platform can result in the loss or theft of staked tokens.
  • Slashing: Malicious behavior or protocol violations can lead to penalties, causing stakers to lose a portion of their tokens.
  • Network Congestion: Congestion or downtime on the network can impact staking rewards or the ability to unstake tokens.

Despite these risks, Astar is currently considered a low-risk investment based on its risk gauge score, which assesses the potential for price manipulation and recent changes in volume and market capitalization.

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Did Astar raise funds?

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Astar’s team

  • Sota Watanabe: Founder of Astar Network and CEO of Stake Technologies.
  • Hoon: Former CTO of the Astar Foundation, CEO and founder of Team STEP, and a key contributor to the development of Astar governance.

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