As part of major upgrade, Astar Foundation destroys 350 million ASTR that were previously used as parachain auction reserve
As Polkadot reconsiders its parachain architecture, Astar Foundation decided to destroy the allocation that served as a parachain reserve. The initiative results in 5% of the ASTR supply being removed from circulation forever. Also, Astar Foundation shared some details of its updated staking mechanism.
Maarten Henskens, Head of Astar Foundation, shared his excitement about the results of the referendum and the prospects it opens for ASTR's tokenomics: Prior to the referendum, a reserve was used during the first phase of Astar dApp Staking, generating 70 million in cumulative ASTR rewards in the process. These rewards will now be transferred to the on-chain Community Treasury and used to support future community-focused initiatives proposed by users and builders themselves.A massive token burn event is part of Astar Foundation's larger plan to revamp ASTR's tokenomics and ultimately drive greater value for the Astar community.
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