Cosmos Market Maker Astroport Migrates to New Chain: New ASTRO Tokens Issued

full version at beincrypto

Cosmos-based automated market maker (AMM) Astroport has successfully migrated its governance and staking operations to the Neutron (NTRN) blockchain.

This move marks a significant step for Astroport, offering new features and potentially enhanced opportunities within the Cosmos ecosystem.

ASTRO and xASTRO Tokens Are Now Live on Neutron

The platform has issued new Neutron-based versions of its governance token, ASTRO, and its staked counterpart, xASTRO. Holders of the previous ASTRO and xASTRO tokens must convert them to the new Neutron-based versions to continue participating in governance and staking rewards.

Astroport’s migration aims to introduce new features. Users will soon be able to lock xASTRO to receive vxASTRO. This feature will give voting powers to direct ASTRO emissions and to earn protocol fees called ‘tributes’ through Curve’s veCRV-inspired system.

For the DeFi community, this migration is noteworthy as Astroport plays a crucial role within Cosmos. It’s the second-largest AMM in the Cosmos ecosystem, boasting over $120 million in liquidity.

The move to Neutron began in May 2023, with the initial proposal to establish Astroport’s hub on the blockchain. The proposal was further solidified through joint proposals on both Astroport’s and Neutron’s governance forums in September 2023.

To foster alignment between the two communities, the migration included donating 5% of the ASTRO supply to the Neutron DAO and a reciprocal donation of NTRN from the Neutron DAO to the Astroport Protocol Foundation.

Users can now swap tokens and provide liquidity on the Neutron chain through Astroport. Stakers will also reap the rewards using the Neutron chain.

The Neutron team expressed their excitement over the migration.

“Astroport’s successful migration to Neutron marks an important milestone in our shared journey toward fostering a robust, permissionless, and decentralized financial ecosystem,” they stated.

Despite recent news, the ASTRO token has recorded a modest performance, experiencing a decrease of 0.53%. It is now trading at $0.12.

Astroport (ASTRO) Price Performance. Source: BeInCrypto

Similarly, the native token of Neutron, NTRN, has not seen a significant surge in value. Currently, NTRN is trading at $0.69, representing a small 24-hour gain of 0.47%.