Astar Network (ASTR) crypto rose to US$0.08678 on Tuesday after it announced that its decentralized money market protocol AstridDAO joined Microsoft’s startup support program. This means Microsoft will also provide benefits worth US$350,000 through Microsoft Teams, Azure credits, and Github Enterprise.
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“We are super excited to join the Microsoft for Startups program! With incredible resources sponsored by Microsoft, we will ensure AstridDAO can better serve the community and facilitate BAI to become the dominant native stablecoin for the whole Astar and Polkadot ecosystem.”
— AstridDAO Team On medium.
What is Astra $ASTR Network?
Astar Network is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines. Polkadot Relay Chain doesn’t support smart contracts. That’s why it’s important for the ecosystem to have a parachain that enables this for all developers who want to build in the Polkadot ecosystem. Astar is here to provide the best solution for all developers by supporting EVM and making a parachain where EVM and WASM smart contracts can co-exist and communicate with each other. Learn more
What is AstridDAO?
AstridDAO, a decentralized money market with a native stablecoin called $BAI, has partnered with Microsoft to keep AstridDAO’s innovation pace in the DeFi (decentralized finance) AstridDAO is also a borrowing protocol that allows you to draw interest-free loans against multiple collateral assets (e.g. ASTR, ETH, BTC, and etc.). Reference
How do AstridDAO loans work?
Loans are paid out in $BAI (a USD pegged stablecoin) and need to maintain a minimum collateral ratio depending on the collateral assets you deposit. In addition to the collateral, the loans are secured by a Stability Pool containing BAI where borrowers collectively act as guarantors to ensure a fast and safe liquidation process. Reference
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Five key features differentiate BAI from other stablecoins
- Over-collateralization = more stability. AstridDAO takes a conservative approach regarding its reserves and is, in fact, overcollateralized. In other words, the value of its collateralized assets exceeds the value of outstanding $BAI at any given time.
- High capital efficiency = more leverage & more liquidity. AstridDAO’s efficient liquidation mechanism allows users to get the most liquidity for their favorite crypto assets and maximize their leverage exposure.
- Native stablecoin = high APY. AstridDAO closely collaborates with other DeFi protocols in Astar/Polkadot ecosystem to provide optimized yield strategies and higher APY.
- XCM bridge = Polkadot ecosystem exposure. As a DeFi protocol in the Astar/Polkadot ecosystem, AstridDAO will soon reap the benefits of the XCM bridge, which will permit it to interoperate with the entire Polkadot ecosystem.
- DAO governance = more flexibility & decentralization. AstridDAO has on-chain governance, meaning it can adjust protocol parameters (e.g., liquidation ratio), add collateral assets, and improve proposals via veATID tokens. Reference
Last Updated on 05/25/2022 by Emmanuel Motelin
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