Share this article
Astar Network to Burn 350M ASTR, 5% of Total Supply
The tokens were originally allocated to the now sunsetted Polakdot parachain auctions.
Updated Jul 2, 2024, 1:28 p.m. Published Jul 2, 2024, 1:28 p.m.
- 5% of ASTR's total supply will be burned following a governance vote, an additional 70 million tokens will be transferred to the community treasury.
- Token burns are often seen as a bullish event.
- ASTR is up by more than 7% over the past 24-hours.
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 parachain auctions, a product which has since been shelved by Polakdot. The 350 million tokens yielded 70 million ASTR in rewards, which will now be transferred to the community treasury.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
A token burn is typically 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 spurred a 70% rally to the upside.
ASTR is up by more than 7% over the past 24-hours, outperforming CoinDesk's CD20 Index which is up by 0.27% in the same period. Trading volume has also topped $50 million to mark an 84% increase over Monday, CoinMarketCap shows.
Astar Network struck a deal with Polygon to integrate the layer 1 blockchain's AggLayer in March. The product is designed to connect various blockchains using zero-knowledge proofs and provide unified liquidity.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pye Finance Raises $5M Seed Round Led by Variant and Coinbase Ventures
The platform aims to make locked Solana staking positions tradable via an onchain marketplace.
What to know:
- Pye Finance raised a $5 million seed round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent and Gemini.
- The startup is building an onchain marketplace on Solana for time-locked staking positions that can be traded.
- Pye says the product targets Solana’s large pool of staked SOL, worth roughly $75 billion, and aims to give validators and stakers more flexibility over terms and reward flows.
Top Stories
