Astar Network to Burn 350 Million ASTR, or 5% of the Entire Supply.
After a governance vote, 5% of ASTR's total supply will be burned, and an additional 70 million tokens will be moved to the community treasury.
It's common to view token burns as bullish events.
ASTR has increased over the last 24 hours by more than 7%.
Multi-chain network of smart contracts Following a governance vote, 350 million ASTR tokens, or 5% of the entire supply, will be burned by Astar Network.
Originally, the tokens were allotted for Polkadot parachain auctions, a feature that Polkadot has since discontinued. The community treasury will now get the 70 million ASTR in incentives that the 350 million tokens produced.
Since a token burn eliminates potential, it is usually viewed as a bullish event.
