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Aster team burns $1.74 million in tokens to drive scarcity
The Aster team has implemented a deflationary mechanism by burning 2.85 million ASTER tokens, valued at approximately $1.74 million. This action brings the cumulative total of burned tokens to 188.87 million, representing roughly 3.78% of the total token supply.
While the token burn has increased scarcity, data from Asterlify indicates a significant slowdown in token buybacks, with no major purchases recorded over the last month. This reduction in buybacks is attributed to low ecosystem revenue.
Despite the decrease in buybacks, the protocol has seen a recovery in market demand. The network recorded $22.7 million in USD inflows over two consecutive days. Additionally, trading volume for ASTER rose by 49% to $56 million, and the token recently traded at approximately $0.607.
Entities
Aster · Asterlify · Coinglass · DefiLlama · Onchain Lens
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] The Aster network recorded $22.7 million in USD inflows over a two-day period. bitcoinethereumnews.com · ambcrypto.com
- [● 2 SOURCES] The Aster team burned 2.85 million tokens valued at $1.74 million. bitcoinethereumnews.com · ambcrypto.com
- [● 2 SOURCES] Spot netflow fell 43% to -$358,000 over the last 24 hours. bitcoinethereumnews.com · ambcrypto.com
- [● 2 SOURCES] The Aster team has not recorded any major token buybacks over the past month. bitcoinethereumnews.com · ambcrypto.com
- [● 2 SOURCES] The total burned tokens represent 3.78% of the total ASTER token supply. bitcoinethereumnews.com · ambcrypto.com
- [● 2 SOURCES] Cumulative token burns have reached 188.87 million tokens, worth approximately $114.6 million. bitcoinethereumnews.com · ambcrypto.com