Wednesday, February 28, 2024
Blockchain

Astar Network (ASTR) Announces Tokenomics 2.0 with Enhanced Burning Mechanism

Astar Network, a leading blockchain platform in Japan, has unveiled its Tokenomics 2.0 strategy, focusing on creating sustainable growth for its native token, ASTR. The announcement comes on the heels of the network’s recent integration with Fireblocks, a digital asset management platform, to boost secure DeFi access for over 650 banks and financial institutions.

The network, which already burns 80% of transaction fees, has expressed its intention to increase the amount burned through a new mechanism called DApp Staking Burning. The process will categorize projects that are part of dApp staking into tiers based on their value to the network. The higher the value, the more support they receive from the community, with great developers still receiving more rewards.

However, each tier will have a limited number of open slots. If some slots are unfilled, the rewards normally given to those slots will be burned instead. As stated in the official tweet, “Unused rewards will be burned… gone forever!”

By rewarding the most valuable projects and burning the rest, Astar aims to build a thriving and sustainable future for ASTR holders, stakers, and developers.

The announcement follows the integration of Astar Network with Fireblocks on July 27, 2023. This collaboration allows over 650 banks and financial institutions to tap into Astar’s thriving DeFi ecosystem, as well as trade, swap, and lend digital assets on Astar via Fireblocks.

Astar Network has rapidly become a preferred choice in Japan, supporting the popular Ethereum Virtual Machine (EVM) environment and the addition of WebAssembly (WASM), transforming it into a multi-chain platform.

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