Empowering the Community: A Massive Token Burn and Renouncing of Contract Ownership
In a significant move towards decentralization, Astra DAO has burned a substantial portion of its total $ASTRADAO token supply. Specifically, 36 trillion tokens, or approximately 27%, were burned, effectively removing them from circulation.
This token burn was executed by utilizing all tokens from Staking Rewards and Team and Early Contributor’s Vesting Schedules.
100% of $ASTRADAO Circulating Supply is in the market, no vesting or locked tokens remain.
The Burn Transaction can be verified here.
Furthermore, Astra DAO has upgraded its smart contracts. This contract upgrade includes:
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Renouncing ownership of the $ASTRADAO Token.(https://arbiscan.io/tx/0x8d6b7011fd4d9c564b687862f377e89cd03ef096dac14d1ce90173b7b07f3e1e)
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Renouncing ownership of the proxy contract. (https://arbiscan.io//tx/0x72d99a425c0cb8b4224cd499c516eb448ddb1b0bdc138bdc6a49225a9e5e6ff7)
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Removing the contract pause & unpause functionality.
Why the Token Burn?
The main goal of this token burn is to raise the percentage of the circulating supply that is held by the community. This action also aligns with the wider trend of tokenomics strategies aimed at enhancing community ownership as Astra DAO transitions to a community-driven memecoin.
What Does This Mean for the Future of Astra DAO?
This significant reduction in supply underscores Astra DAO's commitment to decentralization and community empowerment. By concentrating ownership in the hands of the community, the platform aims to foster a more equitable and community-focused ecosystem.
The meme coin space is a vibrant and dynamic ecosystem brimming with passionate communities. We believe this aligns perfectly with Astra DAO's core values of fostering a collaborative and enthusiastic environment. By embracing the meme coin culture, we open the door to exciting possibilities.