Blog Partnership Astar and MyConstant: Building a New Multichain Future

Astar and MyConstant: Building a New Multichain Future

date May 23, 2022 time 4 min read 286 views

As our regular readers will have seen, we’ve been ramping up our product offerings and partnerships in the last few months. We’ve got a new cryptocurrency, a new membership program and even more new partners.

Our latest crypto partner is Astar (ASTR). And we’ve got a special offer for all ASTR holders:

You can borrow against your ASTR from 0% APR! Intrigued? Find out more a bit later on in the blog, but first let’s take a look at Astar. 

Astar is a platform that is placing itself at the forefront of multichain technology. Built on the Polkadot blockchain, it allows dApps to operate on different blockchains, including Ethereum using smart contract technology. We’ll go a bit deeper into Astar.

Introducing Astar

Astar steps in to provide smart contracts on Polkadot’s Relaychain. To explain how that works, we’ll need to see what Polkadot is:

Polkadot is an open-source project led by the Web3 Foundation. It is a sharded protocol that connects different blockchain networks.

Polkadot Basics

Polkadot consists of two parts: Relaychain and Parachain.

  • Relaychain: This is the core of Polkadot which is responsible for network security, consensus, and cross-chain interoperability.
  • Parachain: These are sovereign blockchains with custom tokens and optimized functionality for specific use cases. Parachain’s connection to Relaychain is priced on a pay-as-you-go basis or a continuous connectivity lease.

The connection between Parachain and Relaychain in Polkadot make the following things possible:

  1. Data and tokens can be transferred among parachains seamlessly.
  2. Parachains can import Relaychain security.

Astar: The Leading Parachain on Polkadot

One of the challenges of Polkadot—as with many other blockchains—is the inability to connect with external blockchains. Astar resolves that problem with its smart contracts, connecting Polkadot with Ethereum.

Astar places itself at the heart of Polkadot's connectivity with other blockchains.
Astar places itself at the heart of Polkadot’s connectivity with other blockchains. (Source: Astar)

As a result of its success, Astar Network is the top Parachain on Polkadot in terms of value locked and holding the most Ethereum assets. Its smart contract enables the Polkadot ecosystem to connect with Ethereum, Cosmos and all the major layer 1 blockchains. 

Astar supports dApps using multiple machines, including WASM and EVM, offering the bet tech solutions and financial incentives for Web3 developers to build on a secure, scalable and interoperable blockchain.

Hit the links below to find out more:

Website | Twitter | Discord | Telegram | GitHub | Reddit

Where does ASTR come in?

ASTR is the native token of Astar, which fuels its ecosystem. You’ll need ASTR to complete transactions on its network but you can also earn interest by staking. Developers are also rewarded with ASTR for completing projects on its blockchain. 

Free loans with MyConstant

If you have ASTR in your portfolio and want quick access to USD or to purchase more crypto, you can use ASTR to borrow more cash on MyConstant—for free!

The special offer applies only for first-time users to the 30-day loans, where you can use your ASTR as collateral to borrow money at 0% APR. To take advantage of this interest-free loan, be sure to hit the link below:

START BORROWING

You’ll need to move quickly—the special offer is only valid from 20 May to 27 May (PST).

This partnership is more than just about special offers.

We’re looking forward to a long-term partnership that enables you to fully realize the potential of your ASTR holdings.

Using ASTR on MyConstant

MyConstant is a leading crypto-backed lending platform that offers an ever-increasing number of ways for you to invest and borrow. Here are just some of the highlights:

Crypto-backed Loans

A core product of our platform, Crypto-backed Loans, gives you the chance to liquify your crypto assets. You can borrow by using your ASTR as collateral, bypassing the need for any credit checks or good credit scores.

We ask for 200% of the loan value in crypto as collateral—in your case ASTR or any other crypto you may hold. This covers us for two potential events:

  1. Potential defaults: If you cannot repay the loan for whatever reason, we can use your crypto assets to pay back the lender with any interest earned.
  2. Market movements: As we all know, the crypto market moves quickly. By taking 150% as collateral, we can cover these market movements. If the collateral value falls below 110% of your loan, we have to sell the collateral to ensure we can pay back the lender. You have the opportunity to top-up your collateral to cover such events.

As ever, we always suggest you only borrow what you can afford to pay back. The rates for the loans vary depending on the length of your term. (Apart from the special offer above!)

LengthAPR
30 days6%
90 days6.5%
180 days7%

And be aware that there’s a 3.5% matching fee for all loans.

MCT Membership Program

We’re also excited to tell you about our new membership program, which promises even more rewards for your crypto! We offer reduced rates for borrowing and crypto swaps, as well as higher rates for investments. The membership is split across four levels, depending on how much MCT – our native token – you hold. The four levels are:

  • Base
  • Gold
  • Platinum
  • Diamond

The higher your MCT holdings, the higher your rewards. Here’s a selection of details below:

Rewards breakdown

Crypto Lending

Tier% MCT in PortfolioBonus % Interest daily for crypto LendingCrypto lending APY USDT USDC (up to $20k)Crypto lending APY USDT USDC (over $20k)Crypto lending APY other cryptocurrencies
Base0-1% Portfolio0%12.50%4.00%4.00%
Gold1%-5% Portfolio5%13.13%4.20%4.20%
Platinum5%-15% Portfolio10%13.75%4.40%4.40%
Diamond15%+ Portfolio20%15.00%4.80%4.80%

Borrowing (Crypto-Backed Loans)

Tier% MCT in PortfolioDiscount % interest for BorrowerCrypto-backed loan APR (30-day term)Crypto-backed loan APR (90-day term)Crypto-backed loan APR (180-day term)
Base0-1% Portfolio0%6.00%6.50%7.00%
Gold1%-5% Portfolio20%4.80%5.20%5.60%
Platinum5%-15% Portfolio30%4.20%4.55%4.90%
Diamond15%+ Portfolio40%3.60%3.90%4.20%

Building a Multichain Future

Even though we have more than 80 partners, we are still selective about the projects we work with. We’re excited to be joining forces with the number one Polkadot Parachain as we look forward to a multichain future. We have no doubt Astar Network is at the forefront of that journey.

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George Schooling

George Schooling

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