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What Is Astar Network (ASTR)?
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What Is Astar Network (ASTR)?
What Is Astar Network (ASTR)?
Beginner
Published Jul 12, 2024
Updated Jul 22, 2024
6m
Disclaimer: This article is sponsored content and should not be considered as financial or investment advice. The opinions expressed in this article are those of the contributor/author and do not necessarily reflect the views of Binance Academy.
Key Takeaways
Astar Network supports multiple programming languages and virtual machines, simplifying the creation and deployment of decentralized applications (DApps).
The recent launch of Astar's Layer 2 zkEVM, built with Polygon technology, enhances blockchain scalability and privacy, attracting companies like Japan Airlines and Mazda.
Astar's DApp staking system rewards developers based on their DApps' performance, promoting innovation and growth within the network.
Introduction
Blockchain developers often struggle to find a network that can offer flexibility, interoperability, and robust security. Astar Network addresses this problem by providing a decentralized platform that supports multiple virtual machines and programming languages, enabling seamless development and deployment of decentralized applications (DApps) both on the Polkadot and Ethereum ecosystems.
What Is Astar Network?
Astar Network is a multi-chain smart contract platform that allows developers to create and interact with DApps using various programming languages and frameworks, enhancing the flexibility and interoperability of blockchain applications. Its primary mission is to offer a scalable and secure infrastructure for the next generation of DApps, making it easier for developers to build and deploy applications with minimal friction.
How Does It Work?
Astar Network operates as both a Layer 1 and Layer 2 solution to enhance blockchain interoperability and scalability. Astar’s Layer 1 is secured by the Polkadot relay chain, which uses a Nominated Proof-of-Stake (NPoS) consensus algorithm to ensure security and decentralization. Astar's Layer 2 zkEVM, built with Polygon CDK technology, allows for the efficient execution of Ethereum-compatible smart contracts using zero-knowledge proofs (ZKPs), enhancing performance and privacy.
What Makes Astar Network Unique?
Astar Network stands out with its dual ecosystems, offering a Layer 1 secured by Polkadot’s NPoS and a Layer 2 zkEVM built with Polygon CDK technology. This setup allows developers to use multiple virtual machines, including the Ethereum Virtual Machine (EVM) and WebAssembly (Wasm), enabling them to deploy smart contracts written in popular languages like Solidity and Rust. The Layer 2 zkEVM enhances scalability and privacy through ZKPs, ensuring the efficient execution of Ethereum-compatible smart contracts.
Key advantages of Astar Network include its flexibility and interoperability, which simplify the development and deployment of DApps. By supporting cross-chain interactions and providing a secure, high-performance environment, Astar addresses problems like scalability, security, and developer accessibility.
What Is the ASTR Token?
ASTR is the native token of the Astar Network. It is used for a variety of purposes within the network, such as transaction fees (gas), staking, governance, and incentivization.
Staking
Users can stake their ASTR tokens to participate in the DApp staking system. By
locking up their ASTR tokens, they can earn rewards in ASTR while supporting their favorite projects, builders, and the overall ecosystem.
Builders can use these rewards to pay for development fees, build a community treasury, or fund other initiatives that will help them develop a sustainable business model. There are no limitations to how teams can use their ASTR rewards.
Governance
ASTR tokens are essential for the governance of the Astar Network. Token holders can use their ASTR to vote on important proposals and decisions that affect the future development and direction of the platform. Proposals may include changes to protocol parameters, the introduction of new features, or modifications to existing ones.
Ecosystem incentives
ASTR tokens also serve as an incentive mechanism for developers and users within the
Astar network. For example:
Developers are incentivized to build DApps using the DApp staking system.
Collaborators receive ASTR rewards for collecting on-chain transactions from users to create state transition proofs for validators.
Stakers can receive rewards by locking their tokens on the Astar Portal or through Binance staking.
ASTR Tokenomics
Details:
Token ticker: $ASTR
Total initial supply: 7,000,000,000
Token decimals: 18
Inflation: ~665,000,000 yearly
Allocation:
30% for Users and Early Supporters
20% for Parachain Auction in 2021
5% for Parachain Auction Reserve (Update: Community voted to burn this 5% allocation)
10% for Protocol Development
5% for On-Chain DAO
5% for Marketing
5% for Team (Employee Incentives)
10% for Early Financial Backers
10% for Foundation
Please note that the function and allocation of ASTR tokens is dynamic and may vary slightly based on network governance decisions and other factors over time.
Astar’s Ecosystem
The Astar Ecosystem is a network designed to support the development and deployment of various DApps. Several DApps and projects have gained more traction in Astar’s ecosystem:
ArthSwap. A decentralized exchange (DEX) built on Astar, offering seamless token swaps and liquidity provision.
AstridDAO. A decentralized finance (DeFi) platform that provides stablecoin issuance and collateralized lending services.
Astar Degens. An NFT-based community VC DAO, enabling users to democratically participate in investment opportunities while managing a robust treasury.
Goals of Astar Network
Connecting businesses with developers is one of the main goals of the Astar Network. This is done through event collaborations and partnerships with various companies worldwide, fostering innovation and practical applications of blockchain technology.
1. Hackathon sponsored by Toyota
In collaboration with Hakuhodo Key3, Toyota organized a hackathon leveraging Astar Network as the underlying infrastructure. The event attracted over 420 applicants, evenly split between international and Japanese participants. Twelve teams advanced past the first round, with five prizes awarded at the end. Participants worked alongside mentors from the Astar Foundation and Alchemy to create DAO tooling that could enhance management workflows for businesses collaborating with Toyota.
2. Sony Incubation Program
Working together with Sony Network Communications, the Astar Foundation ran a Web3 incubation program aimed at accelerating projects from around the world. The first round of the program concluded on June 18, 2023, with a Demo Day held at Sony’s offices in Tokyo and in the COSMIZE metaverse.
3. Enterprise-grade solutions
The Astar Foundation has focused on integrating Web3 tooling for businesses and users. Companies can build their business on the Astar blockchain using platforms trusted by various enterprises, including Fireblocks and hardware wallets. Cold storage solutions like the Ledger Live app can be used to securely store and transfer assets from on-chain to platforms like Binance.
What’s Next for Astar Network?
The Astar Foundation, a key entity within the Astar ecosystem, is currently the main contributor and maintainer of the Astar Network source code. The foundation is leading the development of Astar Evolution, the next major milestone for the network.
Closing Thoughts
Astar has established itself as a blockchain company in Japan that has partnered with various Japanese enterprises, such as Sony, NTT Docomo, and Toyota, driving forward Web3 adoption and integration across various industries in Japan. As Astar Network grows and solidifies its position as a smart contract platform, it remains dedicated to providing developers with the essential tools to build a better web. The commitment to on-chain staking and robust developer support is driving Astar network's global growth and the evolution of its ecosystem, ensuring that it grows in both scale and innovation.
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