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Astar (ASTR) price doubles as the network prepares to add 15 new projects in April

Astar (ASTR) price doubles as the network prepares to add 15 new projects in April

Following the profitable completion of its preliminary parachain auctions, the Polkadot (DOT) ecosystem has begun to achieve traction with the cryptocurrency group as the primary chains start to come back on-line and combine with Ethereum (ETH). 

Astar (ASTR) is one such Polkadot-based venture that completed off the month of March on a scorching streak after the multi-chain sensible contract platform attracted the eye of retail and institutional crypto traders.

Information from Cointelegraph Markets Professional and TradingView reveals that after hitting a low of $0.107 on March 22, the worth of ASTR has climbed 104% to a every day excessive at $0.208 on April 1 as demand for the token elevated 20-fold.

ASTR/USDT 4-hour chart. Supply: TradingView

Three causes for the rally embody the completion of a $22 million funding spherical, the growth of the Astar ecosystem by way of protocol launches and partnerships, and a rise in customers and complete worth locked on the Astar community.

Institutional traders pile in

The event that helped kickstart the progress Astar has made in 2022 was the profitable completion of a $22 million fundraising spherical on Jan. 28.

Individuals of the fundraiser included Polychain, Alameda Analysis, Alchemy Ventures, Crypto.com Capital and Digital Finance Group, together with a number of angel traders corresponding to Dr. Gavin Wooden, Richard Ma and Keisuke Honda.

The fundraise adopted the mainnet launch of Astar on Jan. 17 and will likely be used to assist develop the Astar ecosystem to help each Ethereum Digital Machine (EVM) and WebAssembly, permitting builders to deploy current Solidity contracts in addition to Polkadot native sensible contracts.

The Astar ecosystem expands

Within the months since launching its mainnet, Astar has seen a number of tasks launch on its community and is anticipating the addition of much more in April.

The venture is referring to the month of April as “Astar Season” as a result of it has plans to launch a minimum of 15 new tasks on the community as a part of its push to draw new customers.

Upcoming launches embody decentralized finance (DeFi) protocols corresponding to Avault and Alnari Finance, the gaming protocol Astar Farms and the AstridDAO and ADAO decentralized autonomous organizations (DAOs).

Astar has additionally just lately revealed a brand new partnership with Oasys, a layer-one blockchain constructed for sport builders.

Associated: Web3: Onboarding the following billion customers — The highway forward

Community TVL soars

A 3rd issue propelling the momentum for Astar has been the influx of recent customers to the ecosystem, which now has greater than 100,000 distinctive pockets addresses.

Because of the influx of recent customers and the launch of a number of tasks on the community, the overall worth locked on Astar hit a brand new all-time excessive of $1.16 billion on April 1, according to information from Defi Llama.

Complete worth locked on the Astar Community. Supply: Defi Llama

The latest progress has given Astar the most important TVL of all of the Polkadot parachains and helped it to grow to be the eighth-ranked EVM-compatible chain by TVL.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your individual analysis when making a choice.

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