Astar (ASTR) token has been in a near-consolidation phase over the past month. The daily price movement reveals the token may be on an upside breakout from the consolidation as it gained by 15% during the day. At the time of writing, the ASTR token stands at a price level of $0.16. The daily trading volume has also surged upwards by more than 350%. During the daily timeframe, the cryptocurrency has moved from a low of $0.13 to a high of $0.16. Astar is currently standing at a market rank of #235 with a capitalization of $232 million.
What is Astar?
Astar was previously known as Plasm Network and is native to the currently twelfth-largest cryptocurrency, Polkadot. It is essentially a hub for decentralized applications on Polkadot. The network enables developers to create next-generation futuristic applications through layer-2 solutions. ASTR supports Ethereum, WebAssembly, Cosmos and will be adding support for other chains soon. It is currently working towards expanding its scope by building a multi-chain smart contract platform that will support DeFi, NFTs, and DAOs. Through this updated vision, the project aims to become the heart of multi-chain in the crypto industry.
Why should you invest in ASTR?
Astar is currently trending as interesting developments unfold on the network. ASTR token got listed on the leading crypto exchange Binance today – which is marked as a hallmark step in the growth trajectory of the token. Moreover, the platform will also be launching campaigns to celebrate its Binance listing which will further increase the activity on the network.
Astar also crossed $700 million in total value locked a couple of days which is the highest recorded to date in the Polkadot ecosystem. Moreover, the network also owns 42% of the total value locked in Polkadot’s ecosystem. The network also has the highest NFT volume on Polkadot. The projects on the platform are also doing incredibly well as one of its native projects Arthswap currently has the highest TVL on Polkadot in the DeFi segment.
This is a testament to the potential the network possesses and where it can possibly grow to in the future. Astar has, arguably, become one of the fastest-growing projects in the Polkadot ecosystem which makes it a particularly interesting project to invest in. Moreover, multi-chain capabilities are a need of the hour in the crypto market which also positions the platform at a very attractive place in the market.
