Astar Network has successfully completed a 350 million ASTR token burn, following community vote, thereby optimizing tokenomics and increasing the price by 3%.
Astar Network has recently disclosed a substantial advancement on their X platform, formerly known as Twitter.
The network has effectively destroyed 350 million ASTR tokens, which account for 5% of the total supply of their multi-chain smart contract network, as a result of a community vote.
The Astar community’s comprehensive governance process and meticulous deliberation led to this decision.
ASTR’s price has experienced a 3% increase in response to the news of this token burn, which has had an instantaneous impact on the market.
Astar Network’s Token Burn, Community Governance and Implementation
The Astar Network token burn proposal was subjected to a comprehensive deliberation process before being submitted to a community vote.
A strong interest in influencing the network’s future was evident in the high level of community participation.
After a one-week voting period, the burn proposal emerged victorious, with more than 66 million ASTR tokens utilized in the voting process.
This 5% burn (350 million ASTR) of the Astar genesis allocation demonstrates the efficacy of community-driven governance in blockchain initiatives.
The Astar Foundation successfully conducted the burn, which was a significant milestone in the optimization of the network’s tokenomics.
In addition to the token burn, the Community Treasury will stake the approximately 70 million ASTR tokens that had accumulated as rewards.
This action will bolster the Unstoppable Community Grants initiative, thereby further solidifying the network’s commitment to community-driven development.
ASTR Price &Â Future Market Outlook
Astar (ASTR) is currently trading at $0.06574, with a 24-hour trading volume of $42.1 million, following the token burn.
This indicates a 3.14% price increase in the past 24 hours, despite a 7.77% decrease in the previous week.
The network’s market capitalization is currently $404.7 million, with a circulating supply of 6.1 billion ASTR.
Additionally, ASTR’s open interest has increased by 6.47%, and its current valuation is $6.1 million.
This strategic move establishes a robust foundation for future initiatives within the Astar ecosystem and underscores the significance of community engagement in the network’s growth.
Astar’s unique dApp staking mechanism remains a critical feature, providing support to decentralized applications by directly distributing staking rewards to dApp developers and stakers.
Astar’s objective is to guarantee fair and substantial rewards by employing innovative staking models and tier systems, which will foster continuous engagement and growth within the network.