Astar Network Destroys 350 Million ASTR Tokens, 5% of Total Supply!

Bittime - Astar Network just destroyed 350 million ASTR tokens. This decision was taken after going through a voting process from the community and marks a change in the token structure in the multi-chain smart contract network.

Destruction of 350 Million ASTR Tokens

Via Twitter, Astar Network announced that 350 million ASTR tokens had been successfully destroyed. Previously, news of a vote to burn 5% of the total ASTR supply had emerged, with the final result being the destruction of 350 million ASTR tokens and the transfer of another 70 million tokens to community coffers.

Increase Value of ASTR Token 

This token culling of 5% of the total supply has the potential to have a significant positive impact on the value of the ASTR token in the market. When the supply of tokens decreases, and demand remains stable or increases, the value of the token tends to increase. This certainly provides benefits for token holders who have invested in Astar Network.

Transfer 70 Million ASTR Tokens to Community Cash

Following the destruction of 350 million ASTR tokens, Astar Network's primary focus is ensuring that this strategy has a significant positive impact on the value of the token and the ecosystem as a whole. 

In addition, the transfer of 70 million ASTR tokens to the community treasury is also expected to be used to support various projects and initiatives that can strengthen the network.

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