Astar (ASTR) crypto firm joins Microsoft’s (MSFT) startup program

Astar (ASTR) crypto rose 36.90% to US$0.07707 at 2:22 pm ET on Tuesday after it announced that its decentralized protocol AstridDAO joined Microsoft’s startup support program. 

What is AstridDAO?

AstridDAO is a decentralized money market protocol. Its native stablecoin is BAI, a multi-collateral stablecoin hard-pegged to the US Dollar.

AstridDAO is built on Astar and the Polkadot ecosystem. Astar said that its AstridDAO protocol joined the ‘Microsoft for Startup’ program that helps startups scale their operations.

Under the program, Microsoft will provide exclusive access to technology, coaching, marketing, and support to AstridDAO.

According to Astar’s official blog, Microsoft will also provide benefits worth US$350,000 through Microsoft Teams, Azure credits, and Github Enterprise. With this support, AstridDAO is now officially backed by Microsoft. 

BAI stablecoin:

AstridDao’s stablecoin BAI is different from other stablecoins. Users can borrow BAI at 0% interest against risk assets, including ASTR, BTC, ETH, and DOT, without selling them. They can redeem BAI for the collateral at face value. For example, 1 BAI for 1 ASTR.

BAI provides more stability due to over-collateralization. Its other features include more liquidity, high APY, Polkadot ecosystem exposure, and more flexibility & decentralization with DAO governance. 

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What is Astar?

Astar Network is a smart contract hub on Polkadot that supports Ethereum, WebAssembly (WASM), and layer-2 solutions. WASM is the short form for WebAssembly, a binary instruction format for the stack-based virtual machine. 

Astar is also the top Parachain on Polkadot in terms of Total Value locked (TVL).

Polkadot is a protocol to connect blockchains. Its relay chain does not support smart contracts. Thus, Polkadot has parachain for developers to build in its ecosystem. 

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Astar offers solutions for developers by supporting Ethereum Virtual Machine (EVM) and providing a parachain where WASM and EVM can co-exist and communicate. Astar aims to be a multi-chain smart contract platform to support multiple virtual machines and blockchains. 

Also Read: Crypto exchange FTX set to launch commission-free stock trading service

Data Source: coinmarketcap.com

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ASTR token:

ASTR token has a market capitalization of US$263 million. In the last 24 hours, its volume rose 555.21% to US$78.11 million.

Its circulating supply is 3.41 billion ASTR, and the total supply is 7 billion.

The token is available for trade on Binance, KuCoin, MEXC, OKX, etc. 

Also Read: Why is MMORPG Outer Ring (GQ) crypto gaining attention?

Bottom line:

This partnership will benefit AstridDAO to enhance its market influence; however, investors should apply due diligence before taking exposure to digital assets.

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