ASTR Soars 3% As Astar Network Completes 350M Token Burn

Astar Network recently announced a significant development on their X (formerly Twitter) platform. Following a community vote, the network has successfully destroyed 350 million ASTR tokens, representing 5% of the total supply of their multi-chain smart contract network.

This decision came after careful consideration and a governance process that involved the entire Astar community. The news of this token burn has had an immediate impact on the market, with ASTR’s price seeing a 3% increase in response.

Astar Network’s Token Burn, Community Governance and Implementation

The Astar Network token burn proposal underwent a thorough deliberation process before being put to a community vote. The high level of community participation demonstrated a strong interest in shaping the network’s future. The voting period lasted for one week, resulting in a clear victory for the burn proposal, with over 66 million ASTR tokens used in the voting process.

This burn of 5% (350 million ASTR) of the Astar genesis allocation showcases the effectiveness of community-driven governance in blockchain projects. The Astar Foundation executed the burn, marking a significant step in optimizing the network’s tokenomics.

In addition to the token burn, approximately 70 million ASTR tokens, which had accumulated as rewards, will be staked in the Community Treasury. This move will support the Unstoppable Community Grants initiative, further reinforcing the network’s commitment to community-driven development.

Also Read: EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet

ASTR Price & Future Market Outlook

Following the token burn, Astar (ASTR) is trading at $0.06574, with a 24-hour trading volume of $42.1 million. This represents a 3.14% price increase over the last 24 hours, although there’s been a 7.77% decline over the past week. With a circulating supply of 6.1 billion ASTR, the network currently has a market capitalization of $404.7 million. Also, the open interest of ASTR has surged by 6.47% and a current valuation of $6.1 Million.

This strategic move sets a strong precedent for future initiatives within the Astar ecosystem and emphasizes the importance of community involvement in the network’s development. Astar’s unique dApp staking mechanism continues to be a key feature, offering support to decentralized applications by distributing staking rewards directly to dApp developers and stakers. Through innovative staking models and tier systems, Astar aims to ensure fair and substantial rewards, driving ongoing growth and engagement within the network.

Also Read: German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.