Exciting News for Astroport: Migration to Neutron Blockchain
If you are a part of the Cosmos ecosystem, you will be thrilled to hear that Astroport, a Cosmos-based automated market maker (AMM), has successfully shifted its governance and staking operations to the Neutron (NTRN) blockchain. This move brings exciting new opportunities and features to Astroport, marking a significant milestone in its journey within the Cosmos ecosystem.
Astro and xAstro Tokens Are Now Live on Neutron
Here are some key highlights of the recent migration:
โ The platform has introduced new Neutron-based versions of its governance token, ASTRO, and its staked counterpart, xASTRO
โ Holders of previous ASTRO and xASTRO tokens must convert them to the new Neutron-based versions for continued participation in governance and staking rewards
โ Users will soon be able to lock xASTRO to receive vxASTRO
โ This feature grants voting powers to manage ASTRO emissions and earn protocol fees through Curveโs veCRV-inspired system
For the DeFi community, Astroportโs migration is particularly significant as it holds a prominent position within the Cosmos ecosystem. As the second-largest AMM in Cosmos, Astroport boasts over $120 million in liquidity, making it a crucial player in the ecosystem.
Neutron Migration Journey and Community Alignment
The migration to Neutron commenced in May 2023, with the initial proposal to establish Astroportโs hub on the blockchain. Subsequently, joint proposals on both Astroportโs and Neutronโs governance forums in September 2023 solidified the move.
โ To foster alignment between the two communities, 5% of the ASTRO supply was donated to the Neutron DAO
โ A reciprocal donation of NTRN from the Neutron DAO to the Astroport Protocol Foundation was also made
โ Users now have the ability to swap tokens and provide liquidity on the Neutron chain via Astroport, with stakers reaping rewards through the Neutron chain
The Neutron team expressed their enthusiasm for the migration, highlighting its significance in building a robust, permissionless, and decentralized financial ecosystem.
Despite the recent transition, the ASTRO token has shown a modest performance, with a slight decrease of 0.53%, now trading at $0.12.
Token Performance and Market Update
Here is a brief overview of the token performance following the migration:
โ ASTRO token: Experienced a modest decrease of 0.53%, currently trading at $0.12
โ NTRN token: Currently valued at $0.69 with a small 24-hour gain of 0.47%
Hot Take: The Future Looks Bright for Astroport on Neutron
As a crypto enthusiast, you can look forward to exciting developments and opportunities with Astroportโs successful migration to the Neutron blockchain. Stay tuned for more updates on how this transition will shape the future of automated market making in the Cosmos ecosystem.
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