ASTRA Burns 350 Million ASTR, 5% Of Its Supply

IconCryptoNewsTerminal Staff08 Jul, 2024

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ASTRA Burns 350 Million ASTR, 5% Of Its Supply

The Japanese public chain project ASTRA (ASTR) has successfully burned 350 million ASTR, representing 5% of its total supply. The burned ASTR was originally allocated for the Polkadot (DOT) parachain auction. Last month, ASTRA put forward a governance proposal to burn the 350 million ASTR that was allocated for the Polkadot parachain auction. The proposal was approved by the ASTRA community, and the burn was executed on February 28, 2023. In addition to the 350 million ASTR that was burned, ASTRA also accumulated 70 million ASTR as compensation. This compensation will be transferred to the community treasury and used for the community grant program. The burning of 350 million ASTR is a significant event for the ASTRA project. It demonstrates the project's commitment to reducing its circulating supply and increasing the value of its token. The burn is also expected to help ASTRA attract new users and investors.

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