Astar (COIN: ASTR) is a layer-1 blockchain built on Substrate that supports Web3 innovations. The platform is designed to support fast and efficient transactions for a seamless user experience.
The Astar project ranks amongst the most successful multichain smart contract platforms in the blockchain world. It is currently ranked at #99 overall by market cap and it’s success is due to its desire to solve a lack of interconnectivity in the blockchain sector.
The Current Blockchain Landscape
Since the first blockchain network, Bitcoin, went live in 2009, there has been a lot of innovation in what has evolved into the Cryptocurrency industry. Various products have been developed, such as smart contracts, NFTs, blockchain games, metaverses, DeFi protocols, and more. While these innovations are impressive, the problem of interconnectivity lingers.
Astar seeks to create an interconnected system, thereby creating one large ecosystem. Doing so will ensure the use cases of any blockchain can be brought to every other blockchain. For instance, it would be extremely useful to add smart contract functionality to all blockchain networks that lack the ability.
How Astar Works
Astar is designed as a scalable infrastructure to support Web3. It was built using Parity’s Substrate Framework and supports the Polkadot ecosystem as a Parachain, while also being a scalable smart contract platform. The main issue with the Polkadot Relay Chain is that it was not built with native smart contract support.
The addition of Astar to the Polkadot ecosystem ensures that there is a method to utilize smart contracts. It is currently Polkadot’s biggest smart contract platform and supports both Wasm and EVM. Besides Polkadot, Astar has also bridged into leading ecosystems like BNB Smart Chain (BSC), Ethereum, Polygon, Cosmos, and many others.
Astar Scalability Solution
A major benefit of the Astar platform is scalability, which allows developers to build any project without worrying about whether it will be scalable enough to allow for seamless transactions. Its #Build2Earn program ensures that decentralized application (dApp) developers can earn a basic income and offers direct funding to projects building on Astar.
By design, most blockchains are not scalable due to the blockchain trilemma. Besides that, there is an upper limit on how much data each block can store, and during times of heavy network use, transaction confirmation time can drop significantly.
Astar’s solution is the next generation of multichain smart contracts that utilize the best EVM and WebAssembly Virtual Machines. At the same time, the platform supports numerous application-specific blockchains in the Polkadot ecosystem, while remaining future-proof.
$ASTR Token Overview
$ASTR is the native cryptocurrency token of the Astar Network. The tokens have a circulating supply of 5.25 billion and a total supply of 7.91 billion. $ASTR is an inflationary token with an estimated inflation rate of 665 million tokens annually. The tokens are used for dApp staking, transaction fees, and on-chain governance.
$ASTR Token Price Performance
$ASTR tokens are currently trading at $0.05798 with a market cap of $304.6 million. The 24-hour trading volume for September 11, 2023, stands at $8,947,741. A huge chunk of that volume is on Binance on the ASTR/USDT pair, which accounts for $4,069,275. $ASTR achieved an all-time high price of $0.3353 on April 10, 2022. Its current price represents a _83.57% discount on the all time high (ATH) price.
[Click The $ASTR Chart Above To View On CoinMarketCap]
Social Media
Astar has 350.2k followers on Twitter, 42,379 members on Discord, 22,270 members on Telegram, and 4.25k subscribers on YouTube.
Final Thoughts
The Astar Network provides a scalable and efficient solution to the blockchain interoperability problem. By providing a working smart contract solution on Polkadot, the $ASTR token’s demand will continue to grow as interest in DeFi and Web3 rises. Its current ranking of #99 by market cap and will likely continue rising in the coming months.
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