Astar Network Completes 350 Million ASTR Token Burn

Reducing
Initial
Supply
by
5%
to
Enhance
Network
Sustainability

In
a
significant
move
to
optimize
its
tokenomics,
Astar
Network
has
completed
the
burning
of
350
million
ASTR
tokens,
which
represents
5%
of
its
genesis
allocation,
according
to

astar.network.
This
strategic
action,
executed
by
the
Astar
Foundation,
aims
to
enhance
the
network’s
sustainability
by
reducing
the
total
token
supply.

In
addition
to
the
token
burn,
approximately
70
million
ASTR
accumulated
as
rewards
will
be
staked
on
the
Community
Treasury.
This
initiative
supports
the
Unstoppable
Community
Grants
program,
furthering
the
network’s
development
and
community
engagement.

Community
Deliberation
and
Decision

Over
a
two-week
period,
the
Astar
community
engaged
in
open
discussions
regarding
the
token
burn
proposal
presented
by
the
Astar
Foundation.
The
forum
witnessed
a
diverse
range
of
opinions,
from
outright
support
to
suggestions
for
alternative
uses
of
the
tokens,
such
as
funding
grants
or
other
strategic
investments.

Key
discussion
points
included:

• 
  Tokenomics:
  Reducing
  the
  total
  token
  supply
  to
  increase
  scarcity.
• 
  Staker
  Rewards:
  Enhancing
  rewards
  for
  stakers,
  making
  the
  network
  more
  attractive
  to
  investors
  and
  the
  community.
• 
  Long-Term
  Sustainability:
  Moving
  towards
  a
  more
  sustainable
  economic
  model
  to
  ensure
  the
  longevity
  and
  health
  of
  the
  Astar
  ecosystem.
• 
  Wallet
  Reward
  Allocation:
  Suggestions
  to
  stake
  the
  accumulated
  70
  million
  ASTR
  on
  the
  Astar
  Contributors
  dApp
  or
  Community
  Treasury
  dApp.

Community-Driven
Governance

After
thorough
deliberation,
the
proposal
was
put
to
a
vote,
reflecting
strong
community
participation
and
interest
in
the
network’s
future.
The
voting
process
lasted
one
week,
culminating
in
a
decisive
victory
for
the
burn
proposal,
with
over
66
million
ASTR
used
in
the
vote.

The
successful
completion
of
the
token
burn
is
a
testament
to
the
power
of
community-driven
governance,
showcasing
how
decentralized
networks
can
effectively
manage
and
enhance
their
economic
models
through
collective
decision-making.
This
strategic
move
sets
a
strong
precedent
for
future
initiatives
and
reinforces
the
importance
of
community
involvement
in
shaping
the
network’s
trajectory.

Innovative
Staking
Mechanisms

Astar
Network’s
unique
dApp
staking
mechanism
supports
decentralized
applications
by
distributing
staking
rewards
directly
to
dApp
developers
and
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
discussions
and
insights,
visit
the
Astar
Network
Forum.

Image
source:
Shutterstock