PANews reported on June 4 that according to the Astar Network announcement, the Astar Foundation has launched a proposal to destroy 5% of its genesis allocation of ASTR tokens (about 350 million, worth about $38 million). This proposal is intended to cope with the upcoming Agile Coretime upgrade of the Polkadot network, which will gradually phase out the crowd-lending concept.
The proposal suggests increasing staker rewards by reducing the total supply of staked tokens, thereby benefiting ASTR holders. In addition, the Astar Foundation also proposed to transfer 74 million ASTR (about $6.5 million) rewards generated through dApp Staking to the on-chain treasury to fund future development projects.
Community discussion will be open for three weeks, and voting will take place after three weeks. If consensus is reached, the Foundation will execute the destruction plan, otherwise other solutions will be considered for further discussion and voting.