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

After the smooth completion of its first parachain auctions, the Polkadot (DOT) ecosystem has started to gain traction for the crypto community as the first chains start to go live and integrate with Ethereum (ETH).

Astar (ASTR) is one such polkadot-based project that ended March on a hot note after the multi-chain smart contract platform attracted the attention of retail and institutional crypto investors.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.107 on March 22, the price of ASTR surged 104% and hit an intraday high of $0.208 on April 1 as demand for the token increased by 20 was multiplied.

ASTR/USDT 4 hour chart. Source: TradingView
Astar (ASTR) price is doubling as the network prepares to add 15 new projects in April
Astar (ASTR) price is doubling as the network prepares to add 15 new projects in April

Three reasons for the ASTR token rally are the closing of a $22M funding round, the expansion of the Astar ecosystem through protocol launches and partnerships, and an increase in users and value locked into the Astar network overall.

A strong institutional interest

The event that kickstarted Astar’s progress in 2022 was the successful completion of a $22 million fundraising round on January 28th.

Fundraiser participants included Polychain, Alameda Research, Alchemy Ventures, Capital and Digital Finance Group, as well as several angel investors including Dr. Gavin Wood, Richard Ma, and Keisuke Honda.

The fundraiser followed the launch of the Astar mainnet on January 17th and will be used to develop the Astar ecosystem to be compatible with both the Ethereum Virtual Machine (EVM) and WebAssembly, allowing developers to leverage existing Solidity contracts as well as native Polkadot smart contracts.

ecosystem growth

In the months since the launch of its main network, Astar has launched several projects on its network and expects to add more in April.

The project calls the month of April “Astar Season” because it plans to launch at least 15 new projects on the network to attract more users.

Upcoming releases include Decentralized Finance (DeFi) protocols like Avault and Alnari Finance, gambling protocol Astar Farms, and decentralized autonomous organizations (DAOs) AstridDAO and ADAO.

The network also recently announced a new partnership with Oasys, a single-layer blockchain designed for game developers.

Network TVL is skyrocketing

A third factor that has contributed to Astar’s momentum has been the influx of new users into the ecosystem, which now has over 100,000 unique wallet addresses.

As a result of the influx of new users and the launch of multiple projects on the network, the total value locked in Astar reached a new all-time high of $1.16 billion on April 1, according to data from Defi Llama.

Total blocked on Astar network. Source: Defi Llama

Recent growth has resulted in Astar having the highest TVL of any Polkadot parachain and has helped become TVL’s 8th EVM-backed chain.

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