Astar is a Japanese-led initiative aiming to advance web3 adoption by linking the Astar Network with the Soneium ecosystem. Soneium is a cutting-edge Layer 2 solution designed by Sony Block Solutions Labs, fostering Astar's expansion by supporting the widespread acceptance of Web 3.0 via user-friendly applications, payment systems, and decentralized finance. The ASTR token acts as the central asset within this collective, driving innovation in Soneium and reinforcing its connection to Astar Network's core capabilities.
The Astar Network functions as the governance and staking layer, providing a secure and scalable environment that supports multiple virtual machines. Meanwhile, Soneium serves as the adoption layer, utilizing Ethereum's OP Stack to deliver rapid, cost-effective transactions specifically tailored for entertainment and consumer use. The ASTR token seamlessly links these two ecosystems, enabling interoperability through various solutions. By merging the strengths of Astar Network and Soneium, the Astar collective is setting the stage for a future of interoperability and accessibility, empowering both developers and users to realize Web 3.0's full potential and bring blockchain technology to a global audience.
Supported by Binance Labs and Coinbase Ventures, the project operates on a dual-layer framework: the first layer is built using the Substrate framework, while the second employs the OVM, or Optimistic Virtual Machine, to achieve scalability.
Who Established Astar?
The Astar Network was founded in 2019 by Sota Watanabe, a blockchain trailblazer who was recognized in Forbes 30 Under 30 Asia list in 2022.
Watanabe holds an economics degree from Keio University in Japan. Throughout his professional journey, he has worked as a marketing expert at Chronicled, an IT firm in San Francisco, and has established multiple companies, including Next Web Capital, an investment entity that backs entrepreneurs and their crypto ventures.
Originally known as Plasm Network, Astar rebranded in 2021 before launching as a multi-chain smart contract platform on Polkadot in January 2022.
Astar was developed by Stake Technologies, headquartered in Singapore with operations in Japan. Sota Watanabe, the founder of Astar, also serves as the CEO of Stake Technologies.
What Distinguishes Astar (ASTR) from Others?
Astar's ambition is to evolve into a comprehensive multi-chain smart contract platform supporting a range of layer 2 solutions, blockchains, and virtual machines.
The network is constructed on Parity Substrate, a platform designed for building web 3.0 blockchains. Networks like Astar, built on Substrate, enjoy benefits such as upgradable blockchains, a modular structure, customizable block execution logic, and interchangeable consensus mechanisms, making blockchain development swift and straightforward.
Besides Substrate modules, Astar includes features like:
Operator trading: A mechanism for buying and selling dApps, allowing users to tokenize smart contracts, transfer ownership to others, or designate users as operators.
Multi-Lockdrop: An enhanced Lockdrop method for token distribution across a network. Participants temporarily lock tokens from other blockchains, with native tokens gradually distributed to holders, encouraging active network participation.
DApps staking and rewards: Astar's monetization model hinges on rewarding dApp developers contributing to the ecosystem's growth and value. Rewards per block are divided, with 50% going to dApp developers (10% to nominators and 40% to operators or smart contract administrators), and the remaining 50% allocated to validators. This setup motivates nominators to stake on smart contracts, thereby increasing ASTR token value.
How Many Astar (ASTR) Tokens Are in Circulation?
ASTR, the network's native token, functions as a utility, governance, and staking token. Users can utilize ASTR to pay transaction fees, engage in platform governance by voting or proposing referenda, and stake tokens for consensus rewards.
As of April 2023, ASTR has a total supply of 7,000,000,000 tokens, with 4,487,130,325 in circulation. The token distribution includes:
30% for users and early supporters;
5% for the team;
10% for the foundation;
5% for marketing;
10% for protocol development and grants;
5% for the on-chain treasury (DAO);
10% for early backers;
20% for parachain auctions;
5% for auction reserves.
How is the Astar Network Protected?
Built with a nominated Proof-of-Stake (NPoS) consensus mechanism, ASTR operates as a Polkadot Parachain. This setup allows it to benefit from Polkadot's scalability and security features, which are facilitated by its segmented design and shared security framework.
Where Can You Purchase Astar (ASTR)?
Astar (ASTR) is available for purchase on a variety of exchanges, including Binance, KuCoin, Kraken, Gate.io, OKX, Huobi, Crypto.com Exchange, BKEX, CoinEx, MEXC, Bitbank, WhiteBIT, XT.COM, BigONE, BingX, CoinW, Hotbit, and ZT.
To monitor ASTR prices live, consider downloading the CMC mobile app.
