The Astar Network (formerly Plasm Network) aims to build an open-source, decentralized, scalable and interconnected Web3 infrastructure. Astar is built with Parity's Substrate framework and helps link multiple layer 1 blockchains to the Polkadot network. ASTR is the name and ticker symbol for Astar's native utility token.
Astar launched its mainnet on January 17, 2022, after securing a slot on the Polkadot parachain. Its multi-chain smart contract platform supports EVM, DeFi, NFTs, DAOs, dApps staking and layer 2 solutions.
DApp staking incentivizes developers to build dApps on the network. Rewards are distributed between developers and nominators. On the other hand, Astar's layer 2 scaling solutions are supported by their Optimistic Virtual Machine (OVM).
ASTR has various use cases, such as paying on-chain transaction fees, facilitating governance mechanisms and building layer 2 applications.
ASTR price and tokenomics
ASTR has a total supply of 7 billion tokens, subject to a 10% yearly inflation. 20% went to Astar's first parachain auction on Polkadot, which secured them a slot. 30% went to early users who supported the network by participating in crowdfunding and staking programs. 10% was reserved for further project development and the remaining went to other essential allocations.
ASTR uses a 1:1 ratio for staking and liquidity and tokens are released through multiple drops to balance inflation. Furthermore, staking rewards increase proportionately to the inflation rate, incentivizing stakers to stake more. Ultimately, the token's inflationary forces and token circulation affect ASTR's price.
About the founders
Astar Network was founded by Sota Watanabe of Stake Technologies, which powers and backs the Astar Network. Maarten Henskens is the acting VP of Growth for both Stake Technologies and Astar Network.
Astar is financially backed by several prominent names such as Hypersphere, Huobi Ventures, Microsoft for Startups and more.
Astar raised $22 million worth of funds with the help of investors like the co-founder and CTO of Ethereum, Dr. Gavin Wood, as well as financial backers like Polychain, Alameda Research and Animal Ventures, to name a few.
