South Korea’s largest cryptocurrency exchange, Upbit, has announced its decision to list Astar Network’s (ASTR) cryptocurrency, a move intended to facilitate the integration of the Web3 infrastructure. Following this announcement, ASTR’s price experienced a double-digit increase.
The listing announcement by Upbit led to a significant rise in the price of ASTR. Before the announcement, the altcoin was trading at around $0.075. Following the announcement, it saw an increase of over 70%, reaching as high as $0.1481.
Astar Network is a network that helps developers create decentralized applications (dApps) and second-layer solutions. It operates compatibly with the Ethereum Virtual Machine (EVM) by providing Web3 infrastructure, financial incentives, incubation programs, and technical support, and allows for the functioning of both EVM and WASM smart contracts together.
Astar Network connects the Polkadot ecosystem with first-layer Blockchain networks such as Ethereum (ETH) and Cosmos (ATOM). Designed as a Polkadot Parachain, the project serves as a Polkadot dApp hub, enabling developers to focus more on developing applications rather than the infrastructure.
The project is supported by Binance Labs and Coinbase Ventures and consists of two layers: the first layer is built on the Substrate framework, while the second layer uses the Optimistic Virtual Machine (OVM) to provide scalability.