Astar
Astar Network is a dApp hub powered by Polkadot that works with Ethereum, WebAssembly, and Layer 2 solutions like ZK-Rollups. The objective of Astar is to become a multichain smart contract platform that can operate on several blockchains and virtual machines. The Polkadot relay chain is not designed to enable smart contracts, allowing Astar to take the initiative.
Astar Network was launched in January 2019 by Sota Watanabe, a recognized expert in the blockchain industry. Watanabe and his team maintain Astar through Stake Technologies, which is based in Singapore but operates in Japan. The project was initially called Plasm Network, but in June 2021, it was rebranded as Astar.
Scalability is the most important need for dApp developers. The Astar Network lets developers make any app they want without having to worry about scalability.
The initial objective of the project was to provide a Layer 2 scaling solution for Polkadot, which it accomplished and continues to expand upon. Astar, on the other hand, is well-known today as a smart contract platform used by Web 3.0 developers that is compatible with both the Ethereum Virtual Machine (EVM) and WebAssembly (WASM). The initiative intends to increase efficiency for developers in increasingly crowded blockchain settings, both in terms of cost and time. With the introduction of dApp staking, users can fund projects of their choice instead of staking to secure the network.
The Astar Network operates on two layers. The first layer (also known as the base layer) is a layer one blockchain created with the Substrate blockchain technology. The second layer is an Optimistic Virtual Machine (OVM) scaling approach developed by the Plasma Group. Astar enables developers to customize their scaling design by using the OVM module. Eventually, developers can connect their application layers to Astar's base layer using Plasma or ZK rollups. Astar's base layer stores data and commits state transitions for Layer 2 solutions.
ASTR is Astar's utility and governance token, which is used for the following purposes: Transaction Fees: Users will need ASTR tokens to pay for gas fees and execute smart contracts. Governance: Allows holders of ASTR tokens to suggest council members and vote on the network. Network Staking: Users can stake ASTR to participate in the network consensus as a validator or delegate, and will be paid with ASTR in exchange. dApp Staking: Rather than staking to participate in network consensus, users can delegate their ASTR tokens to projects building on the Astar network in exchange for ASTR. Layer 2 Implementations: ASTR tokens will be used to maintain the status of layer 2 applications. When developers deploy dApps on layer 2, they must deposit ASTR on layer 1 of the Astar Network.
| DATE | NEWS/EVENTS | IMPACT |
| 24/05/2022 | Astar (ASTR) crypto has joined Microsoft's (MSFT) startup program | +40% Increase |
| 07/05/2022 | TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath | -58% Decrease |
| 01/04/2022 | Crypto.com App lists Astar (ASTR) | +51% Increase |
| 28/01/2022 | Multichain dApp protocol Astar has raised $22 million in a new round led by Polychain | +26% Increase |
Astar Network is one of the projects that is making the most contribution to assuring interoperability and developing equal use cases across the blockchain industry. It is opening up new opportunities for developers across the industry, no matter which chain or coin they support. As a result, it is helping Web 3.0 emerge faster and develop more quickly.
Even with its help, it will be a while before Web3 is big and useful enough to be a real alternative to the current internet. However, projects like this are a small step in the right direction, which is very important for the future of this whole industry.
