The token burn proposal underwent thorough deliberation and was put to a community vote, resulting in over 66 million ASTR tokens cast in favor of the burn during the one-week voting period.
Astar Network has made a major announcement on X that they successfully burned 350 million ASTR tokens, which is 5% of its total supply. This decision followed a community vote, highlighting the network’s commitment to community-driven governance and involvement.
🔥 Burn Complete!
350M $ASTR were successfully burnt following our community's vote, marking a monumental event for our network. You can learn more in our blog linked below.
🙇 A big thank you to our community for your support and participation! pic.twitter.com/qPAX8bw3Lp
— Astar Network (@AstarNetwork) July 8, 2024
After the burn, ASTR’s price saw a 3% increase, now trading at $0.06574 with a 24-hour trading volume of $42.1 million. Over the past 24 hours, the price has increased by 3.14%, although it has declined by 7.77% over the past week. The current circulating supply is 6.1 billion ASTR, giving the network a market capitalization of $404.7 million. In addition, the open interest in ASTR has risen by 6.47% and is now valued at $6.1 million.
Community Governance
The token burn proposal underwent thorough deliberation before being put to a community vote. The voting period lasted one week, with over 66 million ASTR tokens cast in favor of the burn. This strong participation showed the community’s keen interest in shaping the network’s future. The Astar Foundation carried out the burn, marking a significant step in optimizing the network’s tokenomics and reducing the total supply.
Besides the token burn, around 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 dedication to community-driven development and growth.
This strategic decision sets a strong example for future initiatives within the Astar ecosystem, emphasizing the importance of community involvement. Astar’s distinctive dApp staking mechanism supports decentralized applications by allocating staking rewards directly to dApp developers and stakers. By utilizing innovative staking models and tier systems, Astar aims to ensure fair and substantial rewards, fostering ongoing growth and engagement within the network.
In summary, Astar Network’s token burn and strategic staking decisions highlight the power of community-driven governance and innovative tokenomics. These steps aim to enhance the network’s value and ensure sustainable growth, benefiting all stakeholders involved.
