Polkadot Parachain Astar Launches $100M Boost Incentive Program

The new fund will offer liquidity and financial support for smart contract developers.

AccessTimeIconFeb 11, 2022 at 12:07 p.m. UTC
Updated Feb 11, 2022 at 10:45 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

Astar Network, a parachain or parallel chain of the Polkadot network, has announced the $100 million Astar Boost Program fund to provide liquidity and offer financial support and incentive programs to smart contract developers. The company told CoinDesk that the program was funded through $22 million in fundraising, as well as an allocation of the native ASTR token.

  • Last month, Astar raised $22 million from crypto venture capital firms Alameda Research and Polychain Capital.
  • Polkadot, a framework for connecting various blockchains, doesn't support smart contracts on its main Relay Chain. Astar provides that support for smart contract developers.
  • Astar also lets developers earn tokens for building smart contracts or infrastructure, supported by the #Build2Earn protocol and paid out in ASTR.
  • The new Astar Boost Program has already supported liquidity and incentives for decentralized finance (DeFi) applications on the protocol, including decentralized exchanges ArthSwap and PolkaEx, and multichain asset bridge Celer cBridge.
  • “Astar Network will support projects committing to Astar financially by Astar Boost Program as well as dApp Staking, our original incentive system for developers,” Sota Watanabe, founder of Astar Network, said in the announcement blog. “We expect to grow rapidly together. Through this program, our community will be extra rewarded for their on-chain activity.”

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.