Coinbase Ventures Joins with a Follow-up Round in Astar Network

Coinbase Ventures joins the Strategic round of Astar Network along with Binance Labs, Crypto.com Capital, Polychain, and Dr. Gavin Wood among other key firms that have already invested $22M.

Astar Network is a dApp Hub on Polkadot that supports Ethereum Virtual Machine and WebAssembly to unlock Web3 for Web2 developers. Astar Network is one of the top three projects to win a Polkadot Parachain slot last December and launched its mainnet on January 17th, after two and a half years of development. Astar has raised $33M to date with participation from Polychain, Binance Labs, Alameda Research, Huobi Ventures, OKX Ventures, Crypto.com Capital, Alchemy Ventures, Digital Finance Group, Scytale Ventures, Dr. Gavin Wood, and other industry-leading investors. Astar now enters into the next exciting phase of growth with this follow-up investment round from Coinbase Ventures.

Steady growth and expansion since the launch

Since the mainnet launch in January of this year, the TVL of Astar Network has been growing rapidly. As of February 23rd, Astar’s TVL exceeded $700M and recorded the highest TVL in the Polkadot ecosystem. On the same day, Astar owned 42.4% of the total TVL of all Polkadot parachains.

Projects and dApps on Astar Network have been steadily increasing as well. Arthswap, a one-stop DeFi on Astar Network has reached a $90M TVL making them the highest TVL DeFi in the Polkadot ecosystem. Be on the lookout for more projects launching soon, like Starlay, a 1st Astar native lending protocol. NFT movement on Astar is a must-watch as well. To support promising projects in the Astar/Shiden ecosystem, we have also launched the Astar Incubation Program and $100M Astar Boost Program in February.

Since the launch, Astar has announced a number of integrations to support the Astar community and developers. Through the partnership with Celer cBridge, the Astar community can bridge their tokens from networks such as Ethereum, Polygon, and BNB Chain to Astar. The Network has also partnered with Subsquid, a GraphQL API service provider, to make on-chain data management easier for the developers. Many more integrations are planned in Q1 and beyond to expand the Astar ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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