Wrapped Astar
Crypto Overview
Overview
Wrapped Astar (WASTR) is an ERC-20 version of the native ASTR token of the Astar Network, which is a multi-chain smart contract platform that supports both Polkadot and Ethereum Virtual Machine (EVM). The wrapped version allows ASTR to be used within EVM-compatible environments.
Purpose and Utility
The primary purpose of WASTR is to enable ASTR holders to participate in EVM-compatible DeFi protocols and applications while maintaining their exposure to ASTR. The token maintains a 1:1 peg with ASTR through a wrapping mechanism. Users can wrap their ASTR tokens to get WASTR and unwrap them back to ASTR at any time.
Business Model and Operations
The wrapping mechanism is transparent and straightforward, following standard wrapping protocols similar to WETH (Wrapped Ethereum). The process involves depositing ASTR into a smart contract that issues an equivalent amount of WASTR tokens. This model aligns with Islamic principles as it involves a clear exchange of value and maintains transparency in its operations.
Development and Adoption
The token is actively used within the Astar Network ecosystem, particularly in DeFi applications that require EVM compatibility. The development team maintains regular updates and improvements to the wrapping mechanism.
Token Distribution and Governance
WASTR follows the same distribution model as ASTR, with the wrapped tokens being created only when ASTR tokens are deposited into the wrapping contract. There is no separate token allocation for the team or developers specific to WASTR.
Crypto Impact
To assign a comfort level investing in Wrapped Astar from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Wrapped Astar.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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