5% of ASTR's total supply will be burned following a governance vote, an additional 70 million tokens will be transferred to the community treasury.Token burns are often seen as a bullish event.ASTR is up by more than 7% over the past 24-hours.Unmute

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Multi-chain smart contract network Astar Network will burn 350 million ASTR tokens, 5% of its total supply after a governance vote.

The tokens were originally allocated for Polkadot parachain auctions, a product which has since been shelved by Polakdot. The 350 million tokens yielded 70 million ASTR in rewards, which will now be transferred to the community treasury.

A token burn is typically considered a bullish event as it removes potential supply from the market. Popular meme coin Floki conducted several token burns over the past year, one of which spurred a 70% rally to the upside.

ASTR is up by more than 7% over the past 24-hours, outperforming CoinDesk's CD20 Index which is up by 0.27% in the same period. Trading volume has also topped $50 million to mark an 84% increase over Monday, CoinMarketCap shows.

Astar Network struck a deal with Polygon to integrate the layer 1 blockchain's AggLayer in March. The product is designed to connect various blockchains using zero-knowledge proofs and provide unified liquidity.

Edited by Parikshit Mishra.