With the successful completion of the first parashin auctions, the Polkadot (DOT) ecosystem is starting to take hold in the cryptocurrency community as the first blockchains start appearing on the network and integrating with Ethereum (ETH).

Astar (ASTR) is one such Polkadot-based project that ended with a successful selling streak in March after the multi-chain smart contract platform caught the attention of both retail and institutional crypto investors.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.107 on March 22, the price of ASTR surged 104% to a daily high of $0.208 on April 1 as demand for the coin increased 20x.

ASTR/USDT 4-hour chart. Source: Trading View
The three reasons for this pool include completing a $22 million funding round, expanding the Astar ecosystem through protocol launches and partnerships, and increasing the number of users and total value limited to the Astar network.

Institutional investors flock
The event that helped Astar start making progress in 2022 was the successful completion of a $22 million fundraising round on January 28th.

The fundraiser involved Polychain, Alameda Research, Alchemy Ventures, Crypto.com Capital, and Digital Finance Group, as well as several angel investors such as Dr. Gavin Wood, Richard Ma, and Keisuke Honda.

The fundraiser follows the launch of the Astar mainnet on January 17 and will be used to develop the Astar ecosystem to support the Ethereum Virtual Machine (EVM) and WebAssembly, allowing developers to distribute existing Solidity contracts as well as Polkadot’s own smart contracts.

Astar Ecosystem Expands
In the months following the mainnet launch, Astar launched several projects on the network and plans to add more in April.

The project calls April “the stellar season”, as it plans to launch at least 15 new projects on the network as part of its work to attract new users.

Upcoming launches include decentralized finance (DeFi) protocols such as Avault and Alnari Finance, gaming protocols Astar Farms, AstridDAO, ADAO, and decentralized autonomous organizations (DAOs).

Astar also recently announced a new partnership with Oasys, a first team blockchain designed for game developers.

Source: CoinTelegraph

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