Astar Network has proposed the destruction of 350 million ASTR tokens
ChainCatcher news, Astar Network has initiated a proposal "Astar Foundation to Burn 5% of ASTR Genesis Allocation". The proposal states that the Astar Foundation is considering taking a significant action to burn its parallel chain auction reserves, which were originally reserved during the network genesis deployment period, amounting to 350 million ASTR tokens (approximately $38 million). This major move is driven by the upcoming Agile Coretime upgrade of the Polkadot network, which will gradually phase out crowdloan concepts. Burning reserves can benefit ASTR holders by reducing total staking supply and thus increasing staker rewards. The proposal is open for community discussion and voting will take place three weeks after publication. According to Bitget market data, ASTR's 24-hour increase is 2.9%, currently priced at $0.09.
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