What is Astar?

Astar (ASTR) is a network that aims to facilitate the development of decentralized applications (dApps) and layer 2 solutions by providing interoperable web 3.0 infrastructure, compensation mechanisms, incubation programs, and technical support. It strives to cater to all developers by supporting Ethereum Virtual Machine (EVM) and creating a parachain where EVM and WebAssembly (WASM) smart contracts can co-exist and communicate. Astar aims to connect the Polkadot ecosystem with layer 1 blockchains like Ethereum and Cosmos. It operates on two layers: the first layer is built on the Substrate framework, and the second is built using Optimistic Virtual Machine (OVM) for scalability.

How does Astar work?

Astar operates as a Polkadot Parachain and aims to serve as a multi-chain Polkadot dApp hub with support for decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). It allows developers to focus more on application development rather than infrastructure. Astar's native token, ASTR, functions as a utility token, a governance token, and a staking token. Users can use ASTR to pay transaction fees, participate in the platform's governance, and stake tokens for consensus and rewards. Astar also features operator trading, a mechanism for exchanging dApps, and Multi-Lockdrop, a modified Lockdrop which lets you distribute tokens across a network.

What are the potential use cases for Astar?

Astar aims to become a full-scale multi-chain smart contract platform that supports various layer 2 solutions, blockchains, and virtual machines. It seeks to provide a platform where developers can build dApps and layer 2 solutions, thereby contributing to the growth of the ecosystem and adding value to the Astar Network. Astar's monetization model centers on a reward system for dApp developers. There’s a division of the reward per block, where 50% of the reward is distributed among developers of dApps, and the other 50% is distributed among validators. This mechanism encourages nominators to stake on smart contracts, which in turn may influence the utility of the ASTR token.

What is the history of Astar?

Astar Network was founded in 2019 by Sota Watanabe, a blockchain pioneer who featured in Forbes 30 Under 30 Asia in 2022. The Astar Network was known as Plasm Network until 2021, at which point it rebranded to Astar and then launched as a multi-chain smart contract platform on Polkadot in January 2022. Astar was developed by Stake Technologies, which is headquartered in Singapore and operates from Japan. Soto Watanabe, Astar’s founder, is also CEO of Stake Technologies. The network's native token, ASTR, had a total supply of 7,000,000,000 $ASTR with a circulating supply of 4,487,130,325 $ASTR, as of April 2023.