Astar Network Introduces Proposal To Burn Over 2M ASTR From Legacy DApp Staking Wallet
In Brief
Astar Network has announced a new proposal that includes a plan to burn over 20 million ASTR from the old dApp Staking wallet in order to optimize tokenomics and enhance long-term value.
Smart contract platform Astar Network announced a new proposal aimed at improving its Astar Value Management, which includes a plan to burn over 20 million ASTR from the old decentralized application (dApp) Staking wallet. This move reflects the network’s commitment to promoting a sustainable ecosystem and focuses on optimizing tokenomics and enhancing the long-term value of the Astar Network.
The wallet in question currently holds 20 million ASTR, which represents unclaimed developer rewards from the previous dApp Staking system (versions 1 and 2). These funds are inflation rewards that developers did not claim before the transition to dApp Staking v3 in early 2024. It is important to note that these funds do not include staker rewards, as those have already been claimed. Unfortunately, the developer rewards are no longer claimable.
This substantial pool of unclaimed ASTR presents a potential opportunity for the Astar ecosystem. However, its use must be determined through a transparent and inclusive community decision-making process that aligns with the collective vision.
The proposal invites the community to engage in discussions on how best to utilize these funds. Potential uses being considered include: Ecosystem Development—allocating the funds to support new initiatives aimed at achieving Astar Evolution 1.5 and advancing the transition of Astar Network from a Blockchain to a Collective, or Treasury Allocation—transferring the funds to the Community Treasury, where they can be managed and distributed by the Community Council for future purposes.
What Is Astar Network And ASTR?
Astar Network is an interoperable blockchain platform that connects the Polkadot and Ethereum ecosystems. It supports both Ethereum Virtual Machine (EVM) and WebAssembly (Wasm) environments, facilitating smooth interaction between these two networks. Astar encourages developers to create dApps through its Build2Earn program, offering incentives for innovation. The platform operates in tandem with Ethereum, Polkadot, and Cosmos, ensuring seamless asset transfers and communication across different blockchain ecosystems.
ASTR, the native token of the Astar Network, serves several roles, including a utility token, governance token, and staking token. Users can use ASTR to pay transaction fees, participate in governance decisions, and stake their tokens in the network’s consensus mechanisms to earn rewards.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
