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ASTR Soars 3% as Astar Network Completes 350M Token Burn
Astar Network recently announced a significant development on its X platform (formerly Twitter). Following a community vote, the network successfully mined 350 million ASTR tokens, representing 5% of the total supply of its multi-chain smart contract network.
This decision was made after careful consideration and a governance process involving the entire Astar community. News of this token burn had an immediate impact on the market, with the price of ASTR seeing a 3% increase in response.
Token Burn, Community Governance and Astar Network Implementation
THE Astar Network
The token burn proposal went through a thorough deliberation process before being put to a community vote. The high level of community participation demonstrated a strong interest in shaping the future of the network. The voting period lasted one week, with a clear victory for the burn proposal, with over 66 million ASTR tokens used in the voting process.
This 5% burn (350 million ASTR) of Astar genesis allocation demonstrates the effectiveness of community-based governance in blockchain projects. The Astar Foundation performed the burn, marking a significant step in network optimization 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 strengthening the network’s commitment to community-driven development.
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ASTR Price and 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 past 24 hours, although there has been a 7.77% decline over the past week. With a circulating supply of 6.1 billion ASTR, the network currently has a market cap of $404.7 million. Additionally, the open interest
of ASTR has increased by 6.47% and its current valuation is $6.1 million.
This strategic move sets a strong precedent for future initiatives within the Astar ecosystem and underscores the importance of community involvement in the development of the network. The exclusive Application The staking mechanism continues to be a key feature, providing support for decentralized applications by distributing staking rewards directly to dApp developers and stakers. Through innovative staking models and tiered systems, Astar aims to ensure fair and substantial rewards, driving continued growth and engagement within the network.
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