Astar (ASTR)
Astar is a decentralized multichain platform designed to assist developers in creating smart contracts, decentralized applications (dApps), and layer 2 solutions. It offers interoperable web 3.0 infrastructure, incubation programs, technical support, and financial incentives. Astar Network supports both Ethereum virtual machine (EVM) and WebAssembly (WASM) virtual machines, allowing developers to earn a utility token called ASTR.
History of Astar
| Ticker | ASTR |
| Category | Smart Contract Platform |
| Website | https://astar.network/ |
| @AstarNetwork | |
| Telegram | PlasmOfficial |
Early beginnings (2019 - 2021)
Astar was founded in January 2019 by Sota Watanabe under the name Plasm Network. Initially, it was a scalable smart contract platform implementing Layer 2 technology on Polkadot. In June 2021, it rebranded to Astar and launched on Polkadot as a multi-chain smart contract platform. Astar's Layer 2 technology was just one part of its innovative development pipeline, evolving into a dApp hub supporting EVM, WASM, and Layer 2 solutions.
The rebranding (2022-to-date)
Astar was made public in January 2022, gaining support from major blockchain industry players like Binance Labs, Coincheck, and Coinbase Ventures. The platform enables Web3 developers to build dApps or blockchain infrastructure with both EVM and WASM compatibility, facilitating communication between ecosystems such as Ethereum, Polkadot, and Cosmos. Astar Network was awarded Product of the Year 2022 by the Japan Blockchain Association (JBA), and its founder, Sota Watanabe, received the Person of the Year award. Astar has become a leading solution for bringing Web3 to Japan, collaborating on projects such as a $4 billion deal with NTT Docomo and creating manga NFTs with Japanese artists.
Astar's ASTR token
dApp staking
The native token of Astar Network, ASTR, serves multiple functions, including dApp staking, transactions, and on-chain governance. Through dApp staking, developers are incentivized for building on the Astar Network. Token holders can stake their ASTR tokens to support specific dApps, and rewards are distributed based on the amount staked.
Transactions
ASTR is used to pay for gas fees in on-chain transactions. The fees are burned and deposited with the collator, ensuring smooth transaction processing on the network.
On-chain governance
Astar emphasizes decentralized decision-making through on-chain governance, allowing community members to participate in shaping the future of the network. This approach ensures that all members have a voice in the ecosystem's development.