Astar Network will burn 350 million ASTR, 5% of total supply

Multi-chain smart contract network Astar Network will burn 350 million ASTR tokens, 5% of its total supply, after a governance vote.

The tokens were originally allocated for Polkadot's parachain auctions, a product that Polkadot has sidelined. The 350 million tokens generated 70 million ASTR in rewards, which will now be transferred to the community treasury.

Token burning is often considered a bullish event as it removes potential supply from the market. Popular meme coin Floki conducted several token burns over the past year, one of which caused a 70% rally.

ASTR is up more than 8% in the last 24 hours.

#ASTR #Astarnetwork #astar #HotTrens #TrendingPrecitions $ASTR