Astar
Foundation Announces Massive Token
Burn: 350M
ASTR
Astar Foundation Announces Massive Token Burn: 350M ASTR
Author: Chainwire
Last Updated Jul 3, 2024 @ 06:59
[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• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн 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• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн solutions that accelerate web3
adoption. With zk-powered Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » 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• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » 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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