Astar Foundation Announces Massive Token Burn: 350M ASTR
[PRESS RELEASE – Tokyo, Japan, July 2nd, 2024]
The community has spoken, Astar Foundation, the lead organization overseeing development of Astar Network, has announced a token burn. 5% of the ASTR genesis allocation will be burned, permanently removing these tokens from circulation. The token burn, comprising 350M ASTR tokens, has been confirmed following a governance vote, with an overwhelming approval.
Originally set aside as a parachain auction reserve, the tokens are no longer required for this purpose following upgrades to Polkadot that have sunsetted the current parachain system.
“It’s truly inspiring to witness the incredible support and engagement from our community regarding the foundation’s proposal. Seeing our vision discussed and embraced by such a passionate group reaffirms our commitment to building a decentralised and collaborative future. Together, we are not just shaping the direction of Astar, but also setting a precedent for community-driven initiatives in the blockchain space. Thank you to everyone who participated and contributed—your voices are the heartbeat of our progress,” said Maarten Henskens, Head of Astar Foundation.
The notion of burning 350M ASTR tokens was put to the Astar community, with governance participants given the opportunity to discuss the proposal and vote for its approval. Having now been ratified, Astar Foundation will proceed with the token burn.
The 350M ASTR reserve was used during the first phase of Astar dApp Staking, generating 70M in ASTR rewards in the process. These rewards will now be transferred to the on-chain Community Treasury and used to support future community-focused initiatives proposed by the users and builders themselves.
The removal of 350M ASTR from circulation will benefit the Astar community by decreasing the total supply of staked tokens, effectively increasing staking rewards available to other users.
This token burn is a part of Astar Foundation’s larger plan to revamp ASTR’s tokenomics and ultimately drive greater value for the Astar community.
Astar’s unique dApp staking v3 feature, allows builders and communities alike to benefit from a stable reward system for the dApps and projects they build. Staking on a project rewards both the builder and stakers and contributes to the wider health of the ecosystem.
Astar’s unique dApp staking mechanism offers support for decentralised applications by distributing staking rewards directly to dApp developers and its stakers. By leveraging innovative staking models and tier systems, Astar ensures fair and substantial rewards, driving continuous growth and engagement within the network.
For more detailed information, you can visit Astar’s dApp Staking Portal.
About Astar Network
Astar Network is the gateway for projects across enterprises, entertainment & gaming in Japan and beyond, driving global adoption and delivering web3 to billions. It leverages a cross-virtual machine powered by Polygon and Polkadot to offer customizable blockchain solutions that accelerate web3 adoption. With zk-powered Ethereum L2 Scaling (zkEVM), EVM, Wasm, and a cutting-edge ecosystem, Astar delivers robust, secure, and interoperable web3 technology. Astar zkEVM is the new Layer-2 solution to scale a web3 experience on Ethereum with zero knowledge (ZK) technology. Astar Network connects you to web3.
For more information, visit Astar’s: Official Website | Twitter | Discord | Telegram
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