Friday, June 2, 2023

Astar Network Hits $1B in TVL


Astar Network is establishing itself as a leading blockchain project after winning the third parachain auction spot and going online on the Polkadot mainnet this year.

After winning the third parachain auction slot and launching this year on the Polkadot mainnet, Cosmos, and all major layer 1 blockchains. Through its Build2Earn program, it provides a variety of technology solutions as well as financial incentives. Astar Incubation Program for Web3 developers to build on top of a secure, scalable, and interoperable blockchain also includes.

The TVL is the value of a token staked on Astra. It indicates the investors’ and community’s long-term faith in the project. Even more astonishing is the fact that the $1 billion amount accounts for 45 percent of Polkadot’s TVL.

The network raised $22 million in a strategic fundraising round headed by Polychain earlier this year. Alameda Research, Alchemy Ventures, and were among the high-profile investors who backed Astar’s idea.

Revolutionizing Through Build to Earn

Astar’s Build2Earn program aims to change the way developers reward for creating blockchain software. Simultaneously, create a self-sustaining environment for the future. Developers of smart contracts can earn a basic income from Astar tokens pledged against any dApp they construct.

Developers are available to work on dApps that they are enthusiastic about thanks to this dApp staking program. This does not necessitate outside financing prior to development.

Astar Network’s Edge

Both Ethereum Virtual Machine and WebAssembly are supported by Astar. Developers can use Polkadot native smart contracts as well as existing Solidity contracts. It also serves as a foundation for bridges.

Astar Network has already bridged over $180 million in Ethereum assets in just three months of being operational on the Polkadot mainnet. The quality of the dApps created on top of the blockchain has also contributed to Astar’s success thus far. Astar Network now contains over 40 dApps, including certain DeFi protocols that have gained a lot of traction in the Polkadot ecosystem.

Tech Giants Partnership

Microsoft, one of the world’s most powerful IT companies, has recently teamed with Astar. This will aid them in their incubation efforts. Microsoft has agreed to provide marketing help and mentorship to selected startups from the Astar Incubation Program. All ideas that are selected will get unique access to the Microsoft for Startups Founders hub. This brings the two tech companies closer together.

Parachain Recognition

Astar Network has made the most of its parachain position, advancing its functionality, developer community, and collaborations at every opportunity. Polkadot’s technical innovations, along with Substrate’s versatility, have attracted the second largest developer community. Now that parachains is up and running, it’s time to show off the developers’ abilities to the rest of the world.

When projects apply for a parachain space through a crowdloan, they frequently enlist the help of their communities in exchange for their native coin. With approximately 610,000 DOT and 1,685 contributors, Equilibrium got the most current parachain position.

With over 524,000 DOT contributed by 2,271 contributors, Unique Network is positioning their initiative for the future parachain. Each parachain contributes to the ecosystem with its own set of features and applications.

Mary Santos
Mary Santos
Mary Santos has a degree in economics and after a successful career as an investment analyst, she found an interest in Cryptocurrency. Mary enjoys finding the latest scoop on crypto news.

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