If you're feeling optimistic about the Polkadot ecosystem, you may be interested in exploring one of its most exciting parachains, ASTR. This scalable blockchain has the potential to become the number one multi-chain smart contract hub in Japan and is already being hailed as the country's first public blockchain. If the Polkadot ecosystem continues to grow and doesn't suffer the fate of other projects like EOS, ASTR could be a frontrunner in this space.
Below are the main points that I find particularly appealing for myself.
- Brings smart contract to polkadot
- Supports both EVM & WASM
- Swanky suite for smart contracts
- Build2earn program (dApp staking)
- #1 chain in Japan
- Giga brain founder
- Japanese & global blue chips partnering at every opportunity
Now, let's examine in greater detail the primary reasons why ASTR has the potential to lead Japan's innovation network Web 3.
Clear strategy Astar Network, previously known as Plasm Network, is a dApp hub for Polkadot based in Japan. It supports various features like Ethereum Virtual Machine, WebAssembly, dApp staking, and layer 2 solutions. The team has been continuously building and innovating since 2019. I would suggest taking a closer look at their roadmap/starmap 2023 for a more comprehensive understanding.
Strong technology Astar is a parachain in the Polkadot ecosystem that empowers developers to build apps that are interoperable. It is a Layer-1 chain that supports both Ethereum Virtual Machine (EVM) and WebAssembly (WAS) smart contracts, and also enables cross-consensus messaging through XML and cross-virtual machine messaging through XVM.
Innovative Build2Earn model Astar operates under a unique Build2Earn model, which allows developers to receive compensation through a dApp staking mechanism for their code and dApp building efforts. By staking $ASTR on the dApps created on the Astar network, users can generate revenue.
Ecosystem Astar has won the third Polkadot parachain slot auction and continues to remain active. In 2022, it has onboarded 70 projects, making its ecosystem vibrant. With the support of XCM and continuous protocol iteration, as well as expanding local partnerships in Japan, its ecosystem is rapidly growing.
Team&Founder Astar was founded in 2019 by Sota, and since then, its team has grown from a Japanese-based group to a global team of passionate, efficient, and distributed builders. In 2022, Astar launched Astar Japan Lab to accelerate its expansion and partnerships in Japan. CEO Sota is a successful serial entrepreneur and has been recognized for his achievements. He was awarded Forbes 30 Under 30 Asia and was named "Person of the Year" by the Japan Blockchain Association for the second consecutive year in 2022, earning him a well-deserved place among top industry leaders.
Backed by Astar has secured a total funding of $35 million from prominent venture capital firms in the industry, such as Binance Labs, DFG, Polychain Capital, CB Ventures, Fenbushi Capital, Crypto.com Capital, and GSR Ventures, among others. Moreover, the token $ASTR is listed on major international exchanges such as Binance, OKEx, Kraken, and KuCoin. Despite strict listing regulations, it has also been listed on major Japanese exchanges and the largest Korean exchange, Upbit Global.
Enterprise adoption Many are underestimating the potential of $ASTR, despite it being the most popular Layer 1 blockchain in Japan and gaining popularity throughout Asia. Astar has attracted major corporations such as Toyota, Sony, NTT Docomo, Microsoft, and even the Japanese government, which has made Web3 a part of its national strategy. Astar is among the group that works closely with the government to speed up Web3 innovation. The partnership between Fukuoka City and Astar Japan Lab further demonstrates the expanding influence of Astar in Web3 expansion.
It's worth noting that Astar has already achieved recognition as Japan's most prominent L1 blockchain. In fact, it was named 'Product of the Year' at the 4th annual Blockchain Award presented by the Japan Blockchain Association, and it was also identified as one of the top 100 promising Japanese companies for 2023 by Nikkei, Japan's largest business media. Looking at the pictures below, it should be clear why I am bullish about this ecosystem, especially if the Polkadot main network continues to develop. However, it's important to note that my optimistic outlook may be tempered as GLMR, a strong competitor, should not be underestimated.
I would like to draw your attention to the fact that my evaluation was based solely on the progress made by Astar Network and its ecosystem Show Less