- The coins were first sent to the Polakdot parachain auctions, which are no longer in operation.
- ASTR will burn 5% of its total supply following a governance vote, and an additional 70 million tokens will be transferred to the community treasury.
- It’s common to view token burns as bullish events.
- ASTR has increased over the last 24 hours by more than 7%.
Multi-chain network of smart contracts Following a governance vote, 350 million ASTR tokens, or 5% of the entire supply, will be burned by Astar Network.
Originally, the tokens were allotted for Polkadot parachain auctions, a feature that Polkadot has since discontinued. The community treasury will now get the 70 million ASTR in incentives that the 350 million tokens produced.
Since a token burn eliminates possible supply from the market, it is usually regarded as a bullish event. Throughout the previous year, popular joke coin Floki has held multiple token burning, one of which sparked a 70% increase in value.
Nearly the last 24 hours, ASTR has increased by nearly 7%, outpacing CoinDesk’s CD20 Index, which has increased by 0.27% during the same time frame. According to CoinMarketCap, trading volume has also surpassed $50 million, representing an 84% rise from Monday.
In March, Astar Network and Polygon reached an agreement to incorporate AggLayer, a layer 1 blockchain. With the use of zero-knowledge proofs, the solution is intended to link many blockchains and offer consistent liquidity.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
