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- Polkadot’s Astar Network has launched the Astar 2.0 Vision as part of its plans to stay relevant in the future and attract billions of people to Web 3.
- The native token of Astar Network (ASTR) would be redesigned to modify some features including inflation rate, gas fees, and staking rewards.
In a bid to move towards a more futuristic innovation and set its network up for evolution, one of the most active parachains on the Polkadot Network has launched a project called Astar 2.0 Vision. With a remarkable entry into the Web3 ecosystem, Astra 2.0 would focus on some important aspects of the network such as token redesign, organizational structure, and technological foundations.
Since its inception, the Astar Network has been pushing for accelerated adoption among brands and institutions. Interestingly, most are also building Web 3.0 products on the network. Earlier this year, it launched one of its biggest products, Cross-Virtual Machine (XVM), in testnet.
The Astar 2.0 Vision was announced on June 15 as part of the plans to drive billions of people into Web3. This development is also in response to the increased interest in base layers that provide scalability, security, and interoperability to blockchain developers.
Astar Network is positioning itself as the best Layer-1 blockchain by providing tools, resources, and support to developers to build effective Decentralized Applications. The long-term goals and objectives for the Astar ecosystem are also highlighted by the Astra 2.0 Vision by ensuring that the tokenomics, organizational structure, and technological foundations are in line with the objectives of the network according to reports.
Per explanation, the current tokenomics would be updated to agree with the organization’s long-term strategy while the DAO also makes it relevant in the future.
The Astar Network Token’s Redesign
The Founder of Astar Network, Sota Watanabe, spoke on their expectations in this Initiative.
We will push the network to unlock Web3 for billions. Each part of Astar 2.0 is being shaped and improved, starting with token economics and developer tooling to ensure the sustainable long-term growth of the network.
The native token of Astar Network (ASTR) is currently trading at $0.055259. With a bullish sentiment, it has staged a 26 percent price surge in the last seven days. According to analysts, the price could even surge higher after the token redesign.
The redesign initiative is meant to advance its functionality for the full benefit of the Users, developers, and business partners. This process would also modify some important features including inflation rate, gas fees, and staking rewards for decentralized applications. Astar Link would allow developers to come up with an infinite variety of solutions. It is also said to enable several applications ranging from gaming to corporate by simply connecting disparate ecosystems.
It is important to understand that Startale Labs, the enterprise arm that enables users and businesses to adopt blockchain in Japan, exists as one of the leading organizations that support the Astar Network. It is said to have been a leading contributor and maintainer of the network’s Source Code. Both Astar Foundation and Startale Labs have played an important role in the launching of Astar 2.0 by collaborating with stakeholders. Astar Network has also partnered with Toyota Motor Corporation and Sony Network Communications to investigate the potential of Web3.
