Astar Network will burn 5% of the total token supply

350M ASTAR tokens are set to be burned, eliminating 5% of the token's total supply. The tokens were originally intended for the defunct Polkadot parachain program.

Following a successful governance vote, the blockchain network projects to burn 350 million ASTAR tokens for the Polkadot Parachain program, which allows projects to connect the Polkadot relay chain.

The placement resulted in 70 million additional ASTAR tokens, which will be added to the treasury and the original tokens will be burned.

The multi-chain network token rose 7% in price but has since pared some gains, recording heavy trading following the announcement.

Astar recently launched a zkEVM chain integrated with Polygon's Aglier technology, which allows it to seamlessly send assets to other chains.