Polkadot: Astar Network the parachain which was worth 1 billion

Polkadot’s Rising Star – Polkadot is a project theorized in 2016, whose mainnet was deployed in May 2020. Its objective is to ensure better interoperability of blockchains. To do this, Polkadot presents itself as a layer 0 blockchain, which serves other parallel blockchains called parachains. Since their launch, oriented parachains Challenge continue to evolve and now bring together more than a billion dollars of TVL.

Astar: Polkadot’s unicorn

Astar is one of parachains of the Polkadot ecosystem. This was deployed in January 2022 after winning the auction conducted by Polkadot to distribute the parachain places.

In practice, Astar is a smart contract blockchain supporting multiple virtual machines. Thus, Astar supports both the native environment of Polkadot with WASM than that of Ethereum by implementing EVM.

In addition, Astar also has a multi-chain dimension by being interconnected to the Cosmos and BNB Smart Chain networks.

Earlier this week, the project pass an important milestone in its growth in hitting $1 billion TVL. Thus, more than a billion dollars have been deposited through the various decentralized applications hosted on the Astar network.

TVL’s billion dollar announcement on Astar.

In practice, this makes Astar the most active blockchain in the Polkadot ecosystem. Thus, it brings together approximately 45% TVL of entire Polkadot network.

Two main projects are behind the success of Astar:

  • artswapa DeFi protocol with a decentralized exchange and lending pools;
  • Starlay Financea fork of the Aave protocol offering a lending service.

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Astar unveils Build2Earn

Obviously, Astar does not intend to stop there. Thus, the project announced the launch of an innovative program called Build2Earn.

In fact, this program aims to incentivize developers to build new platforms on the Astar blockchain. To do this, Astar offers a basic income to developers who have staked tokens for the development of their application.

“To incentivize developers to join the Astar network, we are running a Build2Earn program, where smart contract developers can receive a base income from Astar tokens that have been staked for digital applications. that they create. »

Astar Network Announcement

Therefore, decentralized application developers can obtain a grant without having to go through traditional funding schemes involving venture capital companies.

At the same time, the other Polkadot parachains are also gaining traction. Thus, the project Acala recently announced the opening of a $250 million fundaiming to fund the development of DApps using its stablecoin.

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Polkadot: Astar Network the parachain which was worth 1 billion

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