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 realize traction with the cryptocurrency group as the primary chains start to return 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.

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Knowledge 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.

Three causes for the rally embrace the completion of a $22 million funding spherical, the growth of the Astar ecosystem by 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.

Contributors of the fundraiser included Polychain, Alameda Analysis, Alchemy Ventures, Crypto.com Capital and Digital Finance Group, together with a number of angel traders equivalent 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.

Astar Season is coming
Welcome to new pals simply becoming a member of on @AstarNetwork in early April#Polkadot #Astar #cryptonews #blockchain #giveaway pic.twitter.com/6f1IPFa2DU

— Polkadot Nation (@PolkadotNation) April 1, 2022

The venture is referring to the month of April as “Astar Season” as a result of it has plans to launch no less than 15 new tasks on the community as a part of its push to draw new customers.

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

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

Associated: Web3: Onboarding the subsequent billion customers — The street forward

Community TVL soars

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

One other day, one other milestone Feeling enthusiastic about all the expansion we’re seeing on Astar Community! pic.twitter.com/mGUTcb4Gb4

— Astar Community | WASM + EVM HUB on Polkadot (@AstarNetwork) March 29, 2022

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

The current development has given Astar the biggest TVL of all of the Polkadot parachains and helped it to grow to be the eighth-ranked EVM-compatible chain by TVL.

$1.3B in TVL. No. 8 EVM Blockhain. LFG pic.twitter.com/RNH5pLs1fm

— Astar Community | WASM + EVM HUB on Polkadot (@AstarNetwork) April 1, 2022

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you need to conduct your individual analysis when making a call.