I am an avid follower of blockchain technology and have recently been diving into the various Layer 1 and Layer 2 solutions available. Astar Network has caught my attention due to its innovative approach to creating a multi-chain ecosystem that supports both EVM and WASM smart contracts.
I am particularly interested in exploring the potential use cases of Astar Network within the decentralized finance (DeFi) space. With DeFi continuously evolving, I believe Astar’s unique features, such as its support for different programming languages and interoperability with other chains, position it as a strong contender in this domain.
I would love to hear from the community about any existing or planned DeFi projects on Astar Network. Specifically, I am curious about the types of financial products or services being developed, how they leverage Astar’s capabilities, and what challenges developers are facing in this space.
I also check this: https://forum.astar.network/t/register-ded-as-an-xc-20-on-astar-networkqlikview But I have not found any solution. Could anyone guide me about this? Additionally, if anyone has insights on the overall ecosystem growth and community involvement in DeFi initiatives, I would greatly appreciate your input. I am eager to learn more and contribute to discussions that can help further enhance the Astar Network’s DeFi landscape.
Thank you for your time, and I look forward to hearing your thoughts!
This is a very interesting and difficult topic.
As Astar is also a general-purpose smart contract platform, I don’t think it will be much different from DeFi on other chains, basically. Also, there is a wider range of things we can do if we can do high speed transactions like Solana or DeFi specialized chains, but that is not possible with Astar.
So what are Astar’s unique features, dApp Staking, XCM, XVM, etc.? Personally, I was hoping that Astar would be a hub for DeFi within Polkadot using XCM, but it seems difficult since DeFi on Polkadot is currently not very active.
Also, Wasm doesn’t have many developers after all, and dApps are immature. it would be nice if there was something obvious we could do with Wasm that we can’t do with EVM, but I can’t think of anything in terms of specific use cases except security, efficiency, etc.
With that in mind, I think a cross-chain DeFi integrating Astar and Soneium L2 using CCIP or LayerZero when the Soneium L2 mainnet is released would be most effective. It would be good to combine dApp Staking’s LST in that case.
If you’re interested in DeFi on the Astar Network, I think it’s worth paying attention to Soneium.
While Soneium is still in the testnet phase, it’s focusing heavily on DeFi, attracting a variety of projects. For example, there’s a project planning to launch an entertainment-focused prediction market platform.
Given Soneium’s high profile, launching a DeFi project on it is likely to attract users more easily. I’m eagerly anticipating projects that will enhance ASTR’s utility.
Regarding DeFi, one of the biggest changes for Astar recently is its collaboration with Sony on Soneium. Astar will be working with Sony to develop the next chain, and the zkEVM chain will be moved to Soneium. You’ll notice that many Astar projects are now in the process of transitioning to Soneium as well.
Hi @macede1883 , welcome to Astar Network community and ecosystem. Glad to see new members being active on especially the forum.
On top of the opinions above, indeed, DeFi is very challenging and attractive topic to be discussed, and now with the transition to Soneium L2 from Astar zkEVM, we can expect more liquidity and dApps be expanding/joining onto Astar ecosystem as well as Soneium L2 ecosystem eventually via CCIP as well as Superchain concept.
But at the same time, I am curious if you have found any interesting L1/L2 specifically exposed to DeFi space.
Welcome aboard, and I must say, I’m very happy to see someone like me who is into DeFi.
ASTR owners are more interested in LRT projects because of the dapp Staking product. Developing DeFi projects (like L2X) were happening more in AstarzkEVM (turned into Soneium project). For example, to talk about the shortcomings, there is not much of a concentrated liquidity project that is actively used on AstarEVM at the moment. It might be because there are not many token launches on the network, but as a defi user I would like to see a good concentrated project.
