ASTR First Interoperable Token on Superchain OP
Astar Network launches ASTR as the first interoperable token on OP Superchain using Chainlink CCIP, unifying Polkadot, Ethereum and new networks. With reduced inflation and new tokenomics, it paves the way for a more integrated and scalable DeFi.
Japan's Astar Network has become the first blockchain to implement the SuperchainERC20 standard for its ASTR token, aiming to solve persistent interoperability problems between networks such as Ethereum and Polkadot.
The OP Superchain collective, made up of dozens of initiatives aimed at scaling Ethereum, can now communicate internally thanks to the SuperchainERC20 standard.
ASTR can now circulate between Astar (based on Polkadot layer-1), Sony Soneium and, in the future, all OP Superchain networks, according to the company.
According to Astar, ASTR represents one of the first real links between the Ethereum and Polkadot ecosystems, and could therefore evolve into a multi-chain asset with more uses.
Zane Bacchus, product manager at OP Labs (the organisation developing Superchain), said that ASTR's interoperability "creates the perfect foundation for the growth of DeFi on Ethereum and Superchain".
The cross-chain functionality is enabled by Chainlink's CCIP protocol, designed to securely transfer tokens between different blockchains.
According to Maarten Henskens, CEO of Astar Network:
Astar Network (ASTR) is a collective project aimed at promoting the adoption of Web3 by uniting Polkadot and Ethereum. The mainnet was publicly launched in January 2022.
Currently, the ASTR token has a market capitalisation of $226 million and is worth less than three cents.
Astar Network against inflation
The ASTR token plays a central role within the Astar network: it is used to pay transaction fees and to participate in staking. However, its value has been steadily declining, partly due to the network's dynamic inflationary model.
In April, Astar's developers modified the tokenomics to reduce inflationary pressure.
The network's projected annual inflation rate dropped from 4.86% to 4.32%, after the reward base for staking was lowered from 25% to 10%.
As a result, Astar is expected to issue about 360 million ASTR tokens per year, a reduction of 11%.
Astar is not the only project to rethink its token supply: in January, Multicoin Capital submitted a proposal to switch Solana to a variable-rate issuance model, to curb inflation and counter token concentration.
Astar, real interoperability and sustainable growth
The introduction of the SuperchainERC20 standard and the integration with Chainlink CCIP opens up new horizons for the cross-chain interoperability of Astar Network (ASTR). With these innovations, ASTR becomes the first truly interoperable asset between Polkadot, Ethereum and the OP Superchain ecosystem, greatly expanding its use cases and fostering the growth of DeFi.
Despite the current low price and inflationary pressure, Astar Network is taking proactive measures to optimise the economics of the ASTR token. The recent reduction in the staking base rate and inflation adjustment demonstrate a commitment to sustainable growth.
These measures make Astar a key player in the development of multi-chain solutions for the Web3, and lay a solid foundation for future network growth and investor confidence.
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