ASTR becomes OP Superchain’s first interoperable token via Chainlink CCIP

3 days ago

Users volition yet beryllium capable to transportation ASTR to immoderate Superchain network, according to OP Labs’ Zain Bacchus.

ASTR becomes OP Superchain’s archetypal interoperable token via Chainlink CCIP

Japan’s Astar Network has go the archetypal blockchain to instrumentality the SuperchainERC20 modular for its ASTR token, successful a determination aimed astatine addressing longstanding interoperability issues betwixt networks similar Ethereum and Polkadot.

SuperchainERC20 enables interoperability crossed Optimism’s Superchain collective, which consists of dozens of projects moving to standard Ethereum.

ASTR tin present determination betwixt Astar’s Polkadot-based layer-1, Sony’s Soneium and yet each OP Superchain networks, the institution told Cointelegraph.

The institution said ASTR represents 1 of the “first bridges betwixt the Polkadot and Ethereum ecosystems,” perchance opening the doorway to ASTR becoming a multichain plus with wider utility.

Zain Bacchus, a unit merchandise manager astatine Superchain developer OP Labs, said ASTR interoperability “creates an perfect instauration for DeFi maturation crossed Ethereum and the Superchain.”

The crosschain functionality is enabled done Chainlink’s CCIP protocol, which is designed for token transfers crossed blockchains.

“This is the archetypal real-world illustration of a secure, standards-based architecture for autochthonal crosschain interoperability, a glimpse into the aboriginal of however tokens volition determination crossed ecosystems,” Astar Network caput Maarten Henskens told Cointelegraph successful a written statement.

Astar Network is simply a corporate driving Web3 adoption by bridging Polkadot and Ethereum. Its mainnet opened to the nationalist successful January 2022.

Today, the ASTR token is valued astatine little than 3 cents with a full marketplace capitalization of $226 million.

Astar Network tackles inflation

The ASTR token plays a cardinal relation successful the Astar Network and is utilized for transaction fees and staking. However, its worth has declined steadily, successful portion owed to the network’s dynamic ostentation model.

In April, Astar developers introduced changes to the tokenomics to trim inflationary pressure.

The basal staking reward was chopped to 10% from 25%, lowering the network’s projected yearly ostentation complaint to 4.32% from 4.86%.

As a result, yearly ASTR emissions are projected to autumn by 11% to astir 360 cardinal tokens.

Astar is not unsocial successful rethinking token supply. In January, Multicoin Capital submitted a proposal to modulation Solana to a variable-rate emanation model, aiming to curb ostentation and code concerns astir concentrated token ownership.