Astar Network initiated a proposal to burn 350 million ASTR tokens.

ChainCatcher news, Astar Network has initiated the proposal "Astar Foundation to Burn 5% of ASTR Genesis Allocation." The proposal states that the Astar Foundation is considering taking a significant step to burn its parachain auction reserves, which were originally reserved during the network's genesis deployment, totaling 350 million ASTR tokens (approximately 38 million USD). This significant move is driven by the upcoming upgrade of the Polkadot network, Agile Coretime, which will gradually phase out the crowdloan concept. Burning the reserves can benefit ASTR holders by reducing the total supply of staked tokens, thereby increasing rewards for stakers. The proposal is open for community discussion, and voting will take place three weeks after its release.