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Astar (ASTR) price doubles as the network prepares to add 15 new projects in April

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Following the profitable completion of its preliminary parachain auctions, the Polkadot (DOT) ecosystem has begun to realize traction with the cryptocurrency group as the primary chains start to return on-line and combine with Ethereum (ETH). 

Astar (ASTR) is one such Polkadot-based venture that completed off the month of March on a sizzling streak after the multi-chain good contract platform attracted the eye of retail and institutional crypto buyers.

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Knowledge from Cointelegraph Markets Pro and TradingView exhibits that after hitting a low of $0.107 on March 22, the worth of ASTR has climbed 104% to a every day excessive at $0.208 on April 1 as demand for the token elevated 20-fold.

ASTR/USDT 4-hour chart. Supply: TradingView

Three causes for the rally embrace the completion of a $22 million funding spherical, the growth of the Astar ecosystem by means of protocol launches and partnerships, and a rise in customers and complete worth locked on the Astar community.

Institutional buyers pile in

The event that helped kickstart the progress Astar has made in 2022 was the profitable completion of a $22 million fundraising round on Jan. 28.

Contributors of the fundraiser included Polychain, Alameda Analysis, Alchemy Ventures, Crypto.com Capital and Digital Finance Group, together with a number of angel buyers comparable to Dr. Gavin Wooden, Richard Ma and Keisuke Honda.

The fundraise adopted the mainnet launch of Astar on Jan. 17 and shall be used to assist develop the Astar ecosystem to assist each Ethereum Digital Machine (EVM) and WebAssembly, permitting builders to deploy current Solidity contracts in addition to Polkadot native good contracts.

The Astar ecosystem expands

Within the months since launching its mainnet, Astar has seen a number of initiatives launch on its community and is anticipating the addition of much more in April.

The venture is referring to the month of April as “Astar Season” as a result of it has plans to launch no less than 15 new initiatives on the community as a part of its push to draw new customers.

Upcoming launches embrace decentralized finance (DeFi) protocols comparable to Avault and Alnari Finance, the gaming protocol Astar Farms and the AstridDAO and ADAO decentralized autonomous organizations (DAOs).

Astar has additionally lately revealed a brand new partnership with Oasys, a layer-one blockchain constructed for recreation builders.

Associated: Web3: Onboarding the next billion users — The road ahead

Community TVL soars

A 3rd issue propelling the momentum for Astar has been the influx of latest customers to the ecosystem, which now has greater than 100,000 distinctive pockets addresses.

On account of the influx of latest customers and the launch of a number of initiatives on the community, the full worth locked on Astar hit a brand new all-time excessive of $1.16 billion on April 1, according to knowledge from Defi Llama.

Complete worth locked on the Astar Community. Supply: Defi Llama

The current progress has given Astar the biggest TVL of all of the Polkadot parachains and helped it to turn into the eighth-ranked EVM-compatible chain by TVL.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your personal analysis when making a call.