Astar (ASTR) is a multi-chain decentralized application (dApp) hub on the Polkadot ecosystem, designed to be scalable and interoperable. It supports both Ethereum (EVM) and WebAssembly (Wasm) virtual machines, aiming to streamline the development process for Web3 programmers by improving multichain interoperability and lowering costs for startups. The native token, ASTR, serves various functions such as staking rewards, gas, and grants, incentivizing developers and participants in the network.
Astar (ASTR) is the native token of the Astar Network, a Layer 1 blockchain designed to streamline the development process for Web3 programmers. The token serves several crucial functions within the ecosystem:
dApp Staking: ASTR is used to incentivize developers by rewarding them with a portion of block rewards generated by network participants. This mechanism, known as Build2Earn, encourages developers to create innovative applications and supports the growth of the network.
Transactions: ASTR is used to pay for gas fees in transactions. A significant portion of these fees is burned, which helps reduce the overall supply of ASTR in circulation.
On-chain Governance: ASTR is used to facilitate governance activities such as voting and referenda, ensuring that the community has a say in shaping the network's future.
Grants: ASTR is used to fund projects within the community through the Astar Treasury and Community Treasury, supporting network growth and development.
Inflation Reduction: The token's utility is enhanced by mechanisms that reduce the rate of inflation. For example, unused rewards are burned, and a portion of gas fees are burned, which helps moderate the increase in ASTR supply.
These functions make ASTR an integral part of the Astar Network, supporting both developer incentives and network activity while maintaining a balanced token supply.
To store Astar (ASTR) tokens, you can use several options:
MetaMask Wallet: You can add the Astar Network to your MetaMask wallet by following these steps:
- Install MetaMask.
- Open MetaMask and click on the profile icon at the top right.
- Select "Settings" and then "Networks."
- Click "Add a network" and enter the necessary information:
- Network Name: Astar
- RPC URL: https://rpc.astar.network:8545
- ChainID: 592
- Symbol: ASTR
- Block Explorer URL: https://astar.subscan.io
- Save the network and you can now store ASTR tokens in your MetaMask wallet.
D'CENT Biometric Wallet: You can also use the D'CENT Biometric Wallet to store ASTR tokens. This wallet supports cold staking, which allows you to stake ASTR tokens securely.
Coin98 Wallet: Coin98 Wallet will support ASTR tokens in the future, allowing you to store them securely.
- Astar Portal: The Astar Portal provides detailed guides on managing assets, including transferring tokens between different accounts and networks. You can create Astar Native and EVM accounts and manage your tokens through the portal.
These options provide secure and convenient ways to store and manage your ASTR tokens.
To buy Astar (ASTR) tokens, follow these steps:
Choose an Exchange: Select a reputable cryptocurrency exchange that supports ASTR, such as Uphold, Kraken, KuCoin, Binance, CoinEx, OKX, gate.io, or MEXC. Each exchange has its own features, fees, and security measures, so research and compare them before making a decision.
Create an Account: Register for a free account on the chosen exchange. This typically involves providing personal information, including your name and email address. Some exchanges may require Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.
Verify and Fund Your Account: Verify your email address and identity as required by the exchange. Then, add funds to your account using a debit card, credit card, wire transfer, or Bitcoin.
Navigate to the Trading Page: Go to the trading page and find the ASTR trading pair. This is usually listed as ASTR/USDT or ASTR/BTC, depending on the exchange.
Place a Buy Order: Decide whether to use a Market Order or Limit Order. A Market Order executes the trade at the best available price, while a Limit Order specifies the maximum price you are willing to pay.
Execute the Trade: Once you have set your order type and price, execute the trade. The ASTR tokens will be added to your exchange wallet.
Store Your ASTR: You can store your ASTR tokens in your exchange wallet or transfer them to a non-custodial wallet for added security.
Monitor Your Investment: Keep track of your ASTR investment performance and adjust your strategy as needed.
Additionally, if you want to buy ASTR on a decentralized exchange (DEX) like Arthswap, you will need to bridge Ethereum assets like USDT to the Astar Network and then swap them for ASTR.