Astar’s DOT Festival: important facts.
On May 4th, Polkadot introduced XCM, a “Cross-Consensus Messaging” format that allows communication between the network’s multiple parachains. It was a huge upgrade for the whole Polkadot ecosystem. The release opens up a new world of opportunities for what can now be constructed on Polkadot.
In honor of this release, Astar presents the DOT Festival, which is here!
The festival will be available during the next few weeks, starting from May, 31th. At the moment Astar’s team is collaborating with several of the biggest DeFi protocols based on Astar and Shiden: AstridDAO, Starlay Finance, ArthSwap to bring attractive options for earning more than just staking on Validators and making your DOT work for you. Yes, this is made possible by the introduction of XCM.
You will need unbonded and transferrable DOT to participate. Turn on notifications for Astar’s social media and be ready for announcements after your DOTs are unbonded and you are allowed to withdraw it.
Also Astar has provided a brief tutorial to demonstrate how simple it is to move your relay chain assets to Astar and Shiden.
Few words about XCM on Astar
You may now transfer KSM or DOT from Kusama and Polkadot to Shiden and Astar via XCM on the Astar Portal. Astar dApps are adding XCM capabilities into their protocols at this time, so expect to have DeFi usage of it. Furthermore, HRMP will be available very soon. Now it is possible to transfer DOT as the initial asset, but when HRMP becomes accessible in the coming weeks, any token will be transferable.
One of the most important things you should remember today is that XCM represents a general message format meant to be a language for communication between two systems. As the name implies, it is not limited to Substrate-based or Dotsama chains — XCM may be adopted and utilized by any system employing any concepts.
Astar DOT Festival begins, so be ready to win big: a few million Astar tokens can’t wait to participate in the party! Through this event, ArthSwap, Starlay, and AstridDAO will introduce DOT-related pools with higher farming incentives. Astar has also committed 6,000,000 $ASTR bonus rewards to help fund the establishment of these pools.
The festival will be divided into three events that will run 7–10 days each. If you invest in the DOT pools, you will earn not only the project’s native token, but also $ASTR incentives. Every event will introduce a new liquidity pool into which the community can stake their DOT, as well as a new opportunity to win additional $ASTR prizes. Participate in all three DOT Festival activities to maximize your benefits!
Astar is providing 6 million $ASTR to help build the DeFi ecosystem and to demonstrate the capabilities of Cross-Consensus Messaging. Transferring DOT from the relay chain to Astar adds fresh functionality and opens up the potential for DOT as a valued asset on Astar.
So, what’s going on now?
DOT Festival Event #1 — ArthSwap’s Triple Hitter to Earning Rewards
05/31/2022 — ArthSwap, the one-stop defi on Astar Network, is the first project to join the festivities!
ArthSwap has launched a new WASTR/DOT trading pair and increased the rewards multiplier for the pool. 1 million Astar tokens were allocated LP providers! Participating now is a best chance to earn triple the rewards:
- Passive Income of $WASTR + $DOT through Trading Fees
- Harvesting $ARSW Farming Rewards
- Earning a portion of 1M $ASTR rewards
Why is participation in the Astar Festival worthwhile?
Just have a look at this projects!
Since winning its parachain auction in January 2022, Astar Network has risen to the top of the Polkadot ecosystem in terms of TVL and the number of Ethereum assets moved across.
Astar supports dApps built on different virtual machines, specifically WASM and EVM, and provides the finest technical solutions together with financial incentives for Web3 developers to build on top of a secure, scalable, and interoperable blockchain through its Build2Earn and Incubation Program.
AstridDAO is a decentralized money market protocol and multi-collateral stablecoin built on Astar and the Polkadot ecosystem, allowing you to borrow $BAI, a stablecoin hard-pegged to USD against risk assets at 0% interest and minimum collateral ratio. This mechanism enables you to leverage the value in your risk assets, including $ASTR, $BTC, $ETH, and $DOT without selling them. Recently AstridDAO announced a partnership with Microsoft.
Starlay Finance is a protocol that allows users to deposit and borrow assets on Astar swiftly and efficiently. Depositors can provide liquidity in exchange for interest, generating a steady stream of revenue, while borrowers can leverage their assets without selling them.
ArthSwap is the most popular decentralized exchange on Astar, with the largest community. It features an extremely high APY and a simple user interface that makes it very easy to operate.
Want more details? Check put Astar DOT Festival docs!