Aster Executes First Token Burn After Tokenomics Overhaul, Burns 2.94 Million ASTER
Summary
- Aster said it executed the first ASTER token burn under its upgraded tokenomics structure.
- It said 99% of daily fees from June 17 through 00:00 UTC on June 29 were used for ASTER token buybacks, resulting in total purchases of 2,937,125.53 ASTER.
- Aster said it burned an identical 2,937,125.53 ASTER from the team's allocation, linking fee-based token buybacks with team-allocation burns to begin managing token supply.
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Decentralized exchange Aster has executed its first ASTER token burn since revamping its tokenomics.
Aster wrote on X, formerly Twitter, on June 29 that the first burn under its upgraded tokenomics structure had been completed and could be verified on-chain.
The exchange said 99% of daily fees from June 17 through 00:00 UTC on June 29 were used to buy back ASTER tokens. That resulted in purchases totaling 2,937,125.53 ASTER for staking participants.
Aster added that it burned an equal amount, 2,937,125.53 ASTER, from the team's token allocation.
The burn marks the start of a token-supply management mechanism that links fee-based token buybacks to burns from the team's allocation. Under that structure, larger trading fees would lead to bigger buybacks and burns.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.