【Press Release – Tokyo, Japan, July 2, 2024】
The Astar Foundation, the leading organization overseeing the development of the Astar network, has announced the burning of tokens in a statement released by the community. 5% of ASTR origin allocation will be destroyed, permanently removing these tokens from circulation. The token burn includes 350 million ASTR tokens, which received overwhelming approval after a governance vote.
Originally earmarked as a reserve in the Quantiex auction, these tokens are no longer needed for this purpose after the upgrade to Polkadot, which has disrupted the current Quantiex system.
Maarten Henskens, head of the Astar Foundation, stated, “It is truly inspiring to see the incredible support and participation of our community in the Foundation’s proposal. Witnessing our vision being discussed and embraced by such a passionate group once again commits us to building a decentralized and collaborative future. Not only have we collectively shaped the direction of Astar, but we have also set a precedent for community-driven initiatives in the blockchain space. Thank you to everyone who has participated and contributed – your voices are at the heart of our progress.”
The idea of burning 350 million ASTR tokens was submitted to the Astar community, and governance participants had the opportunity to discuss the proposal and vote for approval. The Astar Foundation has now received approval to proceed with the symbolic token burn.
The 350 million ASTR reserves were used in the first phase of Astar dApp Staking, generating 70 million ASTR rewards. These rewards will now be transferred to the on-chain community treasury to support future community-centered initiatives proposed by users and builders themselves.
Removing 350 million ASTR from circulation will benefit the Astar community by reducing the total supply of staked tokens, effectively increasing stake rewards for other users.
The token burn is part of a larger plan by the Astar Foundation to revamp the tokenomics of ASTR and ultimately bring greater value to the Astar community.
Astar’s unique dApp staking v3 feature allows both builders and the community to benefit from a stable reward system for the dApps and projects they build. Investing in a project not only rewards the builders, but also contributes to the broader health of the ecosystem.
Astar’s unique dApp staking mechanism supports decentralized applications by directly distributing stake rewards to dApp developers and their stake holders. By leveraging an innovative equity model and a tiered system, Astar ensures fair and substantial returns, driving continued growth and participation within the network.
For more detailed information, you can visit Astar’s dApp Staking Portal.
About Astar Network
Astar Network serves as a gateway for businesses, entertainment, and gaming projects in Japan and other regions, driving global adoption and providing web3 worth billions. It offers customizable blockchain solutions leveraging the cross-chain capabilities provided by Polygon and Polkadot, accelerating the adoption of web3. With zkEVM, EVM, Wasm, and a cutting-edge ecosystem, Astar provides powerful, secure, and interoperable web3 technology. Astar zkEVM is a novel second-layer solution that extends the web3 experience on Ethereum using zero-knowledge (ZK) technology. Astar Network connects you to web3.
For more information, visit Astar’s: Official Website | Twitter | Discord | Telegram
