- Overview of Astar Network and its contributions to Polkadot blockchain.
- Looking at Astar’s worthwhile choosing cryptos for investments.
Astar Network is the largest smart contract platform in the Polkadot ecosystem. Formerly known as Plasm Network, it was created to provide Layer 2 solutions for Polkadot.
Created by Sota Watanabe in 2019, the platform enables dApp developers to lower their costs, while using Plasma and rollups. It also focuses on improving interoperability. The network is maintained by Stake Technologies, which operates in Japan.
This network supports Ethereum Virtual Machines (EVM) and Web Assembly virtual machines. It also supports various dApp applications like DAO, DeFi, and NFTs. Over the years, Astar became a prominent para chain providing faster, cheaper, and more secure smart contract creation.
Astar has its native token, ASTR, which is also a utility token. This token allows users to perform the following functions:
- Network Staking: Through network staking, users lock their digital assets on Polkadot to support the blockchain. In this way, the blockchain network becomes more secure. By implementing proof-of-stake, investors earn returns when they engage in legitimate transactions.
By becoming a validator and staking their tokens, users earn rewards in the form of more cryptocurrency.
- dApp Staking: This staking technique is a unique feature of the Astar Network. Astar created dApp staking, allowing users to create smart contracts or stake their ASTR tokens to earn rewards. To make the application more decentralized, developers must bridge systems across users, stakers, and developers themselves.
In this, dApp staking is a method through which developers earn rewards.
- Build2Earn Program: Through the Build2Earn program, dApp developers earn incentives as they develop and maintain decentralized applications in the Astar ecosystem. Similarly, with the Stake2Earn program, users earn incentives whenever they stake tokens against their favorite projects.
Astar Network is delivering promising blockchain technologies with an equivalent focus on Layer 1 and Layer 2 solutions. The network also supports Ethereum, Polygon, and other major blockchains.
What the future holds for Astar Network
The current market price of ASTR is $0.051045, with a market cap of $230,104,149. Its cryptocurrency ranks at the 128th position, with a trading volume of $2,751,155. While the coin is performing at a downfall trend as of 23 May, the second half of the year may witness significant growth.
The price is expected to reach $0.076567 by December 2023. The network records suggest that the crypto is currently experiencing a bearish sentiment. ASTR saw a drop of 14.9% in the past 14 days. Reports indicate that the coin is becoming sluggish in attracting investors and might witness a downtrend. The crypto’s RSI (Relative Strength Index) ranges between 30-70 points, which shows that ASTR is experiencing neutral pricing. It might remain for a while before another potential dip.
The future price of ASTR will experience wavelike patterns. The price index suggests that the price for 2025 may go up to $0.16 and may dip to a low of $0.13.
The years ahead of 2025 will mark the most promising period for Astar. The overall price might reach a maximum level of $2.92 by 2032. A long-term investment in crypto can prove beneficial as the company grows.
