Astar Network Announces $100M Fund to Provide Liquidity Support for Projects on Polkadot
Astar Network, a distributed or parallel chain of the Polkadot network, announced the fund Astar Boost program $100 million to provide liquidity and provide financial support and incentive programs for smart contract developers. The company says the program will be funded by $22 million in donations as well as a native ASTR token allocation.
Last month, Astar raised $22 million in strategic funding from crypto venture capital firms Polychain and Alameda Research.
Polkadot, a framework for connecting different blockchains, does not support smart contracts in its main relay chain. Astar provides this support for smart contract developers.
Astar Network also allows developers to earn tokens for building smart contracts or infrastructure powered by #Build2Earn protocol and paid in ASTR.
The Astar Boost program has supported liquidity and incentivization for decentralized finance (DeFi) applications on the protocol, including decentralized exchanges ArthSwap, PolkaEx and Celer cBridge, an omnidirectional asset bridge.
“Astar Network will support projects that tie themselves financially to Astar through the Astar Boost program as well as dApp staking, our initial developer incentive scheme. We assume that together we will develop quickly. Through this program, our community will continue to be rewarded for their on-chain activities,” shared Sota Watanabe, Founder of Astar Network.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews