{"id":83586,"date":"2024-07-08T07:10:30","date_gmt":"2024-07-08T11:10:30","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83586"},"modified":"2024-07-08T07:11:04","modified_gmt":"2024-07-08T11:11:04","slug":"astr-surges-3-as-astar-network-burns-350m-token","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/astr-surges-3-as-astar-network-burns-350m-token\/","title":{"rendered":"ASTR Surges 3% as Astar Network Burns 350M Token"},"content":{"rendered":"\n

Astar Network<\/a> has successfully completed a 350 million ASTR token burn, following community vote, thereby optimizing tokenomics and increasing the price by 3%.<\/p>\n\n\n\n

\"ASTR<\/figure>\n\n\n\n

Astar Network has recently disclosed a substantial advancement on their X platform, formerly known as Twitter.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The Astar community's comprehensive governance process and meticulous deliberation led to this decision.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Astar Network\u2019s Token Burn, Community Governance and Implementation<\/h2>\n\n\n\n

The Astar Network token burn proposal was subjected to a comprehensive deliberation process before being submitted to a community vote.<\/p>\n\n\n\n

A strong interest in influencing the network's future was evident in the high level of community participation.<\/p>\n\n\n\n

After a one-week voting period, the burn proposal emerged victorious, with more than 66 million ASTR tokens utilized in the voting process.<\/p>\n\n\n\n

This 5% burn (350 million ASTR) of the Astar genesis allocation demonstrates the efficacy of community-driven governance in blockchain initiatives.<\/p>\n\n\n\n

The Astar Foundation <\/a>successfully conducted the burn, which was a significant milestone in the optimization of the network's tokenomics.<\/p>\n\n\n\n

In addition to the token burn, the Community Treasury will stake the approximately 70 million ASTR tokens that had accumulated as rewards.<\/p>\n\n\n\n

This action will bolster the Unstoppable Community Grants initiative, thereby further solidifying the network's commitment to community-driven development.<\/p>\n\n\n\n

ASTR Price & Future Market Outlook<\/h2>\n\n\n\n

Astar (ASTR) is currently trading at $0.06574, with a 24-hour trading volume of $42.1 million, following the token burn.<\/p>\n\n\n\n

This indicates a 3.14% price increase in the past 24 hours, despite a 7.77% decrease in the previous week.<\/p>\n\n\n\n

The network's market capitalization is currently $404.7 million, with a circulating supply of 6.1 billion ASTR.<\/p>\n\n\n\n

Additionally, ASTR's open interest\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has increased by 6.47%, and its current valuation is $6.1 million.<\/p>\n\n\n\n
\"ASTR<\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

Astar's unique dApp staking<\/a> mechanism remains a critical feature, providing support to\u00a0decentralized applications\u00a0by directly distributing staking rewards to dApp developers and stakers.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":56,"featured_media":83589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12115,17605],"class_list":["post-83586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-astar-network","tag-astr"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/ASTR-Surges-3-as-Astar-Network-Burns-350M-Token.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83586"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/83589"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}