The largest automatic market maker (AMM) Astroport in the Cosmos ecosystem has successfully changed its “place of residence”. Now AMM will work on the Neutron network (NTRN)
The market maker has already completely transferred all management and staking activities to the Neutron blockchain. This is an important step for Astroport, which will be followed by the release of new versions of tokens and expanded functionality.
New life
As part of the move, automated market maker Astroport will also update its coins: the ASTRO governance token and xASTRO, its staked version. New versions of tokens will operate on the Neutron network (NTRN).
To receive new tokens, ASTRO and xASTRO holders will need to convert their assets. To do this you will need to block xASTRO to receive vxASTRO. This way, users will be able to continue to participate in project management and receive rewards for staking as usual.
Exchanging old tokens for updated versions will also bring several more new features:
Users will be able to exchange tokens and provide liquidity on the Neutron network through Astroport. Stakers who migrate to the NTRN network will be able to receive increased rewards. vxASTRO HODLers will have voting rights to control the issuance of ASTRO and earn protocol rewards through the veCRV system developed by Curve.
Important migration
The transition to Neutron began in May 2023 with a proposal to create an Astroport hub on the blockchain. In September 2023, the project teams reached out to their communities — a description of this initiative appeared on the Astroport and Neutron management forums.
To bring the two communities closer together, the automated market maker has donated 5% of ASTRO's total circulating supply to the Neutron DAO. The NTRN team responded by donating their tokens to the Astroport Protocol Foundation.
The Neutron team commented on the migration:
“Astroport’s successful transition to Neutron marks an important milestone in our shared journey to create a trusted, permissionless, and decentralized financial ecosystem,” they said.
The DeFi community has been closely following the migration. The fact is that Astroport is the second largest AMM in the Cosmos ecosystem and boasts liquidity of more than $120 million.
Read also: How much should you invest in Cosmos (ATOM) to become a millionaire in a bull market
How do tokens feel?
This news did not encourage the ASTRO token too much. During the day, it grew by less than 5% and, as of the time of writing, is trading at $0.126410.
ASRTO price dynamics. Source: BIC.
NTRN, Neutron’s native token, shows similar dynamics.. The asset has grown by 6+% and is currently trading at $0.727783.
NTRN price dynamics. Source: BIC