According to Odaily, the multi-chain smart contract network ASTR has decided to burn 5% of its total supply following a governance vote. This amounts to a total of 350 million tokens. In addition to this, 70 million tokens will be transferred to the community treasury.
Token burning is often viewed as a bullish event. In the past 24 hours, ASTR has seen an increase of over 7%. This move is expected to have a significant impact on the token's market dynamics.
It's important to note that the decision to burn tokens and transfer a portion to the community treasury was made following a governance vote. This indicates the democratic nature of the network and its commitment to community involvement in major decisions. The impact of this decision on the future performance of ASTR remains to be seen.