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In today’s struggling cryptocurrency market on July 2, 2024, the Multi-chain smart contract network Astar (ASTR) Network announced to burn 5% of their total supply which is equivalent to 350 million ASTR tokens. Thisannouncement by Astar Network gained massive attention from investors and traders, whereas ASTR’s token price surged more than 12%.&nbsp; Astar Network burn 350 ASTR token 
However, this decision comes after a governance vote, signaling a significant shift in the network’s strategy. Initially, the tokens set for burning were allocated for a Polkadot parachain auction project, but now Polkadot has postponed it. These 350 million tokens generated 70 million ASTR in rewards, which will be redirected to the community treasury. Source: Astar Network 
In the cryptocurrency market <a href="https://news.todayq.com/gala-rallies-20-following-amid-token-burn-proposal/" rel="noopener noreferrer nofollow">token burning</a> is typically viewed as a bullish event as the community reduces the supply of assets from the market. If see an example of token burning, last year in 2023, when the popular meme coin Floki (FLOKI) announced their token burning following that FLOKI price soared more than 70% in just 24 hours. ASTR price-performance analysis&nbsp; 
However, this time ASTR investors might be looking for a similar price surge. As of now, ASTR is moving near $0.0786, and in the last 24 hours, it experienced an impressive 12% upside move. Whereas, the 24-hour trading volume skyrockets by 150%, signaling investors’ and traders’ participation in Astar Network.
If we look at the performance of ASTR over a longer period, in the last 7 days it gained a decent 11.5% upside move. Whereas, in the last 30 days ASTR is down by 11.5%.
The ASTR performance in the last 24 hours outperformed top cryptocurrencies including&nbsp; Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). As BTC, ETH, SOL, and BNB have experienced 0.3%, 0.2%, 2.2%, and 0.4% of upside move.
In addition to the token burn, Astar Network has been expanding its ecosystem. In March 2024, Astar Network partnered with Polygon to integrate Polygon’s AggLayer. This layer 1 blockchain product uses zero-knowledge proofs to connect various blockchains and provide suitable liquidity, improving the functionality and interoperability of Astar Network.
This strategic burn and continued development reflect Astar Network’s commitment to strengthening its platform and community, setting the stage for future growth.

Astar network announces 350M token burn, ASTR jumps 12%

Todayq News

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