Following the smooth completion of its initial parachain auctions, the Polkadot (DOT) ecosystem has started to gain relevance with 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 streak 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, ASTR price has surged 104% to hit a daily high of $0.208 on April 1, as demand for the token has been multiplied by 20.
Three reasons behind the ASTR token rally include the completion of a $22 million funding round, the expansion of the Astar ecosystem through protocol launches and partnerships, and an increase in users and total value locked. in the Astar network.
A strong institutional interest
The event that helped kick-start Astar’s progress in 2022 was the successful completion of a $22 million fundraising round on January 28.
Participants in the fundraiser included Polychain, Alameda Research, Alchemy Ventures, Crypto.com Capital, and Digital Finance Group, along with multiple angel investors including Dr. Gavin Wood, Richard Ma, and Keisuke Honda.
The fundraising followed the launch of the Astar mainnet on January 17 and will be used to help develop the Astar ecosystem to be compatible with both the Ethereum Virtual Machine (EVM) and WebAssembly, allowing developers to deploy Solidity contracts. as well as native Polkadot smart contracts.
In the months since the launch of its mainnet, Astar has seen multiple projects launch on its network and anticipates adding more in April.
— Polkadot Nation (@PolkadotNation) April 1, 2022
The project refers to the month of April as “Astar Season” because it plans to launch at least 15 new projects on the network as part of its push 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 revealed a new partnership with Oasys, a single-layer blockchain built for game developers.
Network TVL skyrockets
A third factor that has helped push Astar forward has been the influx of new users into the ecosystem, which now boasts over 100,000 unique wallet addresses.
Another day, another milestone Feeling excited about all the growth we are seeing on Astar Network! pic.twitter.com/mGUTcb4Gb4
—AstarNetwork | WASM + EVM HUB on Polkadot (@AstarNetwork) March 29, 2022
Another day, another milestone. We are excited about all the growth we are seeing at Astar Network!
As a result of the influx of new users and the launch of multiple projects on the network, the total value locked in Astar hit a new all-time high of $1.16 billion on April 1, according to data from Defi Llama.
Recent growth has seen Astar have the highest TVL of all Polkadot parachains and has helped it become the 8th EVM supported chain by TVL.
$1.3B in TVL. No. 8 EVM Blockchain. LFG pic.twitter.com/RNH5pLs1fm
—AstarNetwork | WASM + EVM HUB on Polkadot (@AstarNetwork) April 1, 2022
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