Astar Network set to burn 5% of total token supply

• 350M ASTAR tokens have been earmarked for burning, eliminating 5% of the token’s total supply.
• The tokens were originally intended for the Polkadot parachain program, which has been discontinued.

Following a successful governance vote, the blockchain network will burn 350 million ASTAR tokens to be used for the Polkadot parachain program that allowed projects to connect the Polkdot’s relay chain.

The allocation has yielded 70 million more ASTAR tokens, which will be added to the treasury while the initial tokens will be burned.

The multi-chain network recorded a higher trading volume following the announcement as its token price rose 7% but has since pared some gains.

Astar recently launched a zkEVM chain that integrates with Polygon’s Agglayer technology, allowing it to send assets seamlessly across other chains in Polygon’s growing network of interconnected layer 2 chains.