{"id":31868,"date":"2024-06-04T12:46:45","date_gmt":"2024-06-04T12:46:45","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/astar-surges-amid-proposal-to-burn-350m-astr-tokens\/"},"modified":"2024-06-04T12:46:45","modified_gmt":"2024-06-04T12:46:45","slug":"astar-surges-amid-proposal-to-burn-350m-astr-tokens","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/astar-surges-amid-proposal-to-burn-350m-astr-tokens\/","title":{"rendered":"Astar surges amid proposal to burn 350M ASTR tokens"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/astar-astr-logo-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/astar-astr-logo-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/astar-astr-logo-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/06\/astar-astr-logo-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Astar Network (ASTR) price jumped nearly 5% after the Astar Foundation published a proposal to burn 350 million ASTR tokens.<\/span><\/li>\n<li>ASTR price reached higs of $0.09.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/coinjournal.net\/astar\/\"> Astar Network (ASTR) price<\/a> flipped positive and surged nearly 5% on Tuesday following a new proposal seeking to burn millions of the tokens.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While ASTR continues to struggle with the bearish pressure seen since price hit highs near $0.17 in March, its gains over the last 24 hours have pushed it above $0.09 and could open up a bullish run to $0.1.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Astar Foundation proposes 350 million ASTR token burn<\/span><\/h2>\n<p><span style=\"font-weight: 400\">ASTR\u2019s sudden price surge followed a new announcement from the Astar Foundation. On Tuesday, the Astar Network team outlined a <a href=\"https:\/\/forum.astar.network\/t\/astar-foundation-burning-proposal-of-5-of-astar-genesis-allocation\/6923\" target=\"_blank\" rel=\"noopener\">proposal<\/a> that seeks to burn 350 million ASTR tokens.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As often happens across the market, prices reacted higher amid reaction to the proposal. If adopted in coming weeks, the proposal will see Astar remove tokens worth $31 million from circulation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The burn would account for 5% of the genesis allocation, the foundation noted in its proposal. Astar Network founder Sota Watanabe <a href=\"https:\/\/x.com\/WatanabeSota\/status\/1797957509891960836\" target=\"_blank\" rel=\"noopener\">shared<\/a> this news on X.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In particular, the tokens to be burned are from the project\u2019s parachain auction reserve. The platform set these tokens aside during Astar Network\u2019s genesis deployment.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">When is the Astar Network community vote?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Astar is looking to take this action ahead of the <a href=\"https:\/\/coinjournal.net\/news\/tag\/polkadot\/\">Polkadot<\/a>\u2019s \u2018Agile Coretime\u2019 upgrade, which is set to phase out DOT\u2019s crowdloan mechanism.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the proposal, burning these reserve tokens may boost ASTR holders through a reduction in total staked supply. It would mean increased rewards for stakers. Also likely to come out of this is the potential for decreased supply to impact ASTR\u2019s future price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Astar Foundation says the proposal will go through a three-week community discussion phase before it goes to a vote.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201c<em>If there is a consensus, the foundation will proceed to burn the reserve. If not, alternative solutions will be considered for further discussion and voting<\/em>,\u201d the team wrote.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/astar-surges-amid-proposal-to-burn-350m-astr-tokens\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Astar Network (ASTR) price jumped nearly 5% after the Astar Foundation published a proposal to burn 350 million ASTR tokens. ASTR price reached higs of $0.09. Astar Network (ASTR) price flipped positive and surged nearly 5% on Tuesday following a new [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":31869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31868"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=31868"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/31869"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=31868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=31868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=31868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}