Astar Network, previously known as Plasm Network, is a blockchain infrastructure developed by the Japanese startup Stake Technologies, which is known for its development of decentralized Web3 protocols.
The project has undergone a complete rebranding in June 2021, and has raised $34.4 million in three funding rounds from investors such as Binance Labs, Polychain Capital, and Crypto com Capital. Astar Network has been recognized as the most popular blockchain in Japan for two years in a row by the Japanese Blockchain Association (JBA), and has been named the Product of the Year 2022.
Astar Japan Lab: Facilitating collaboration between Japanese companies and Astar Network
Astar Japan Lab, a division launched in the summer of 2022, aims to facilitate collaboration between Japanese companies and Astar Network to accelerate the adoption of Web3. The lab currently involves dozens of companies, including Dentsu, Hakuhodo, Microsoft Japan, AWS, Mitsubishi UFJ Trust and Banking, SMBC Nikko Securities, Softbank, Accenture, and PwC Japan.
ASTR: The native token of Astar Network and its use cases
Astar’s token, ASTR, has been registered by the Japanese government as a cryptocurrency rather than a security, as mentioned in the company’s blog.
Astar has recently conducted several hackathons in Japan, including Astar Web3, sponsored by Toyota, which attracted over 400 developers to create digital applications. The joint incubation program with Sony Network Communications also received 200 applications.
Partnerships: Astar’s collaborations with major corporations like NTT DOCOMO and Toyota
Of particular note is Astar’s partnership with NTT DOCOMO, Japan’s largest mobile operator. The two companies have decided to work together to use Web3 technology to address various issues facing modern society, such as regional development and environmental problems.
Astar Network: Connecting Polkadot with Other Blockchains Using ASTR Token
Astar Network is a parachain that is particularly important for the Polkadot network, which does not have built-in support for smart contracts. Astar connects the Polkadot ecosystem with Ethereum, Cosmos, and all major layer-one blockchains. The native token of the Astar Network is ASTR.
ASTR is used for various purposes, including network fees, staking, and dApp staking (as compensation for developers’ contributions to the development of the Astar network). The total supply of ASTR is 7,000,000,000, with 4,179,756,768 currently in circulation. The project has an annual inflation rate of 10%, with 62.38 million ASTR being unlocked on the 18th of each month.
Astar Network Development: DeFi, NFT Projects, and Strategic Relationships in Japan
Currently, there are about 50 DeFi and NFT projects, as well as several infrastructure projects, being developed on the Astar network. The project team has recently published a development roadmap for 2023 with quarterly breakdowns.
The development of Astar in Japan is impressive, with the project establishing strategic relationships with local authorities and large corporations. However, the main risk for the project is that Astar is betting on the success of one ecosystem – Polkadot. Therefore, the development of Astar will largely depend on the speed of the Polkadot network’s development. Nonetheless, the prospects for Astar look promising.
Based on the information presented in the article, it appears that Astar Network has a promising outlook. With the given details, it is possible to assume that the cryptocurrency will continue to develop and grow in the future:
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Astar Network has emerged as a highly sought-after blockchain infrastructure in Japan, facilitating interconnectivity between the Ethereum, Cosmos, and other major blockchain networks through the Polkadot ecosystem. Its native token, ASTR, serves as a means of payment for network fees and staking, as well as for dApp staking. The Astar network has been fostering strategic collaborations and witnessing an increasing number of project developments, thereby indicating a bright future. Nevertheless, the success of the project hinges significantly on the development of the Polkadot network.