Astar Network Unveils Surge: A Pre-Deposit Campaign by Key Soneium Projects Driving Ecosystem Growth

Singapore, Singapore, December 13th, 2024, Chainwire

Cross-chain web3 collective network Astar has unveiled Astar Surge, its Pre-Deposit Campaign designed to accelerate integration with Soneium. Launching on December 18, the initiative offers ASTR holders an opportunity to earn rewards while contributing to the growth of Astar’s expanding web3 ecosystem.

As part of Astar Surge, ASTR holders can deposit their tokens into dedicated contracts on Astar’s Layer 1 network. In doing so, participants will accumulate points for each participating Soneium dApp. These points can later be redeemed for project tokens during their respective Token Generation Events (TGEs), adding a tangible incentive for early adopters.

“Astar Surge represents a significant milestone in our mission to connect people to web3 and bring this technology to billions. By empowering our community with early access to groundbreaking Soneium dApps, we’re not only accelerating ecosystem growth but also ensuring a seamless transition to Soneium’s infrastructure. This collaboration underscores our commitment to driving global adoption of the Astar Network and its representative token, ASTR, creating lasting value for all current and future holders.”

— Maarten Henskens, Head of Astar Foundation

Key Soneium projects including Yay!, Sake Finance, Untitled Bank, SoneX, and Kyo Finance are collaborating with Astar to deploy pre-deposit contracts, each benefiting from increased Total Value Locked (TVL) and heightened visibility ahead of the Soneium mainnet launch. The Pre-Deposit Campaign will ensure that liquidity is readily available for migration to Soneium’s infrastructure, laying the groundwork for a robust ecosystem from day one.

Security is a cornerstone of the Pre-Deposit Campaign, with contracts developed by Sake Finance and audited by leading blockchain security firm PeckShield. Utilizing ERC-6551 token bound accounts, the system ensures users retain ownership of their tokens while facilitating a seamless transition to Soneium’s mainnet. Upon depositing ASTR or ASTR LST, a token-bound smart contract account is created, locking the assets until the mainnet launch. The NFT tied to the account remains under the user’s control, guaranteeing ownership throughout the process.

After the Soneium mainnet launch, users can unlock their assets by signing a transaction to update the bridge contract utilizing interoperability protocols such as LayerZero and Chainlink CCIP. This allows seamless bridging of assets to Soneium and deposits into designated protocol contracts, guided by customized logic, for a secure and efficient transition.

Ecosystem projects will benefit from increased visibility and liquidity, with pre-deposit contracts designed to create a robust foundation for the upcoming Soneium mainnet. Regular community updates, including project highlights and interactive AMA sessions, will keep participants informed and engaged throughout the campaign.

The Pre-Deposit Campaign follows Astar’s decision to expand to Soneium’s Superchain ecosystem and become a chain-agnostic web3 service provider. Making the ASTR token available on Soneium’s Ethereum L2 will be one of the first steps in realizing this goal, paving the way for a successful Soneium mainnet launch.

About the participating projects

• Sake Finance: Sake is all about making decentralized finance easier, offering smooth asset swaps and exciting yield farming opportunities for Astar users.
• Yay!: Yay! brings a fun, social twist to web3, combining community-driven features with decentralized finance on Soneium.
• Untitled Bank: Untitled Bank is creating a more inclusive financial space on Soneium, offering services like lending, borrowing, and staking to everyone in the ecosystem including ASTR holders.
• SoneX: SoneX is making it easy to swap tokens with speed and security, all while boosting liquidity and scalability within Soneium’s growing ecosystem.
• Kyo Finance: Kyo Finance helps users maximize their capital with advanced DeFi tools, including leveraged yield farming and staking available for the ASTR token.

About Astar Network

Astar Network connects you to web3 as the premier gateway for projects spanning enterprises, entertainment, and gaming in Japan and beyond, driving global adoption and bringing web3 to billions. Powered by Polkadot, Astar utilizes a multi-layered tech stack to offer customizable blockchain solutions that support both EVM and WASM. With this robust framework, Astar accelerates the expansion of web3 technology worldwide. Recently, Astar announced the transition of Astar zkEVM to Soneium, an Ethereum Layer 2 solution developed by Sony Block Solutions Labs. This shift is set to extend web3 experiences to a wider audience, seamlessly bridging the gap between web3 and web2 users.

For more information, visit Astar’s: Official Website | Twitter | Discord | Telegram

Contact

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adria.garcia@startale.com