๐ฅ The biggest burn: $38 million of
$ASTR
Astar Network, which collaborates with major companies like Sony, has put up for vote the burning of $38 million worth of ASTR supply.
๐ Let's take a look at the details of this burning news together.
Step 1: What is
@AstarNetwork? ๐ค
โข Astar Network is a project that supports both Layer 1 and Layer 2 networks. It is a multi-chain blockchain platform for smart contracts, based on the Polkadot ecosystem.
โข It offers various cross-chain connectivity features aimed at compatibility with Ethereum and other blockchain networks.
โข It provides developers with the flexibility and tools to create their own decentralized applications (DApps).
โข Alongside its vision for web3 for the whole world, it also has strong agreements with major Japanese companies such as Sony, Toyota, Mitsubishi, and Mazda.
Step 2.0: ASTR Tokenomics 2.0 ๐งฎ
โข Astar Network has a strong tokenomics infrastructure, in addition to owning network layers and inter-company agreements.
โข Last year, after extensive work, a new token system was launched which now regularly burns ASTR tokens from unused dapp staking slots, ranging from 5-6 million every month.
โข Moreover, with the release of ZkEvm, the Ethereum fees earned are spent on burning ASTR, offering users a strong deflationary structure.
โข Astr tokens can be used by users to participate in dapp staking votes, thereby earning passive ASTR income while also benefiting from advantages such as AirDrops offered by the dapps.
โข With the upcoming transition to a new governance system, users are expected to participate in the administrative system by using their ASTR, which will provide them with significant decentralized infrastructure.
Step 3.0: $38 Million Burn! ๐ฅ
In the crypto world, a project's technological infrastructure and sociological community play as important a role as tokenomics. Having strong tokenomics is also a significant factor in achieving success.
Recently, the Astar Network team put to vote the decision to burn 5% of the Astr supply reserved for Polkadot parachains.
The key factors here include the imminent transition to a different system instead of the Polkadot parachain system and the reduction in cost of Polkadot parachains. So, how will this burning process occur?
1- Initially, the proposal will remain open for discussion in the forum for approximately 7 days. Users will be able to express their opinions and make suggestions here.
2- Subsequently, the proposal will be put to a vote. During the voting process, Ambassadors and Trust 2 users will cast their votes.
3- If the voting result is positive, approximately 380 million astr will be thrown into an empty wallet and be permanently destroyed.
As significant developments continue on the network, the Astar Network team's decision to initiate such a burn is expected to create a hype effect on the network. Alongside this, significant developments are expected with the upcoming release of Astar 3.0. With active support for WASM, EVM, ZkEvm, and new updates in dapp staking, Astar Network will transform into a dapp paradise.
What do you think? Do you believe this burn will significantly affect the Astr price? Let's discuss this in the comments.
Best regards,
Leo โ๐ผ
Astar Network Agent!