Astar Lists On Binance US: Western Countries Won’t Lose The ‘Web3 Domination War’ Easily

On September 14, ASTR became the first asset from the Kusama and Polkadot ecosystems to have a listing on Binance US.

Southeast Asia is one of the breeding grounds for decentralized finance, but the entry points into DeFi are what makes the region so interesting. One example of the increasing prominence of Southeast Asia's Web3 rise in cryptocurrency adoption, and also the colossal number of players of the play-to-earn games. Singapore alone has more than 400 blockchain-related startups, and P2E (Play to Earn) games that are picking up more users along the way. No doubt countries like South Korea and Japan are going crazy about the concept of Web3 because it is considered the next major economic driver. Countries once known for their electronics manufacturing are now investing in web3 and metaverse in a bid to capitalize on the next tech wave. Polkadot smart contracts platform Astar Network, voted the country's most popular blockchain by Japan Blockchain Association, is leading this trend. On a recent tour of Japan, founder Sota Watanabe met with city majors to discuss applications for web3 technology. He is also set to become an adviser to GMO, one of Japan's largest internet companies, and Dentsu, its largest advertising company.

ASTR Network: Most popular blockchain in Southeast Asia

On September 14, ASTR became the first asset from the Kusama and Polkadot ecosystems to have a listing on Binance US. The rise of web3, and its enthusiastic adoption in the East, has put pressure on Western nations to adopt a framework that will support innovation rather than drive blockchain projects to friendlier climes.

What makes this project unique is that Astar provides a smart contract hub that allows for interoperability between smart contracts written in several languages, including any language that compiles to WebAssembly. The ASTR token is used to pay transaction fees on the network. It can also be staked through dApp staking, a unique staking method in which dApp developers receive rewards in proportion to "nominations" made by the community for the most useful dApps.

Southeast Asia: Hub of Web3 and Metaverse adoption

Web 3.0 or Web3 is the next revolution in the internet, which is more decentralized and makes use of blockchain, artificial intelligence, and machine learning technologies. The new web will also help developers monetize their digital properties better. Right at the vanguard of this revolution is Asia, especially Southeast Asia, which is expected to clock US$222 billion in the digital economy this year. What makes Southeast Asia interesting is that while nearly 60% of the population of 682,296,346 still remains unbanked, the financial technology sector is expected to see revenue growth of 35.6% in 2023, largely aided by the increasing use of smartphones.

The boom in cryptocurrency and blockchain technologies here can be gauged by the fact that nearly 600 companies in the segment are housed here, attracting huge investments. Startups focused on Web3, crypto, blockchain, and Artificial Intelligence have received funding of US$1 billion from the start of this year, and the total investment is likely to cross the US$1.45 billion recorded for the whole of last year.

Why did Binance US list ASTR?

Choosing Binance US as the first exchange to list ASTR in the US allows Americans a new opportunity to hold and trade a popular asset of the Polkadot ecosystem. Its team has been careful to only officially list with leading exchanges that offer customers regulated listings and financial products. Like Japan, the US has strict criteria for reporting and record-keeping to be licensed as a digital asset exchange on the federal level.

Binance US only considers assets that meet their Digital Asset Risk Assessment Framework, selecting assets that adhere to federal legal requirements, solve real-world problems and are built using secure technology to transact and develop on. Today, only a little more than 100 assets have met these criteria and are listed. ASTR will be the first asset from the Polkadot ecosystem to have a listing on Binance.US, along with other trusted major assets, such as SOL, ETH, and AVAX.