Astar Network, a Japanese blockchain platform, is suggesting burning 350 million ASTR (CRYPTO:ASTR) tokens, equivalent to $38 million, to enhance its tokenomics and reduce inflationary pressures.

The proposal aims to boost investor confidence, increase the token's market value, and align the total token supply with realistic market conditions.

The tokens were originally reserved for a parachain slot on Polkadot (CRYPTO:DOT) but are now considered unnecessary due to an upcoming network upgrade.

Community members will participate in discussions and a vote to determine if the token burn proposal will be implemented.

Astar Network recently launched its zkEVM platform, enabling cross-chain transactions and integration with Polygon (CRYPTO:MATIC) through AggLayer protocol.