Community Discussion on Utilizing the Unclaimed Rewards from Old dApp Staking Wallet

General
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If these proposals are approved, we will plan the appropriate marketing activation to spread the news in the crypto space by collaborating with our partners and PR agencies.

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That sounds really great! I’m anxious to see the progress with this topic :saluting_face:

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If there are no further comments in this discussion, I will create a governance proposal to burn the 20 million ASTR tokens from this wallet. This proposal should be upgraded to a referendum in the next few weeks.

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It feels very shortsighted to think that burning the tokens and shouting about this on social media is going to generate any serious interest in new retail buyers of $ASTR who will buy large quantities and hold them longer term.

20m tokens is only ~0.25% of the supply, so the burn impact is going to be almost nothing, and the amount of new buyers (that hold long term) that would meaningful increase ASTR’s USD price is probably far larger than anyone is realising. So you burn them all, and then that’s it, everyone forgets in a month or two and we’re right back where we started with less investment resources.

I don’t have a magic answer, but I reckon a better idea would be find a way to use 20m ASTR to generate a new wave of long term holders and users.

At ~4¢ each, that’s ~$800k to fund a project that makes:

  1. 1 group of people want to buy ASTR to do things on chain, and
  2. another group of people want to buy ASTR to make money as the overall demand pushes the price up.

Many will be in both groups, which is also fine.

What kind of project? This I don’t know sadly… but some kind of project has to be the answer because that is what these chains are for, otherwise why did we need another chain called Astar in the first place?

  • Why didn’t the blockchain building teams just do stuff on Moonbeam or Eth L2s instead of making their own chain?
  • What was/is the USP of Astar Network, and what ways can it be maximised more with a $800k budget over the next 12 months?
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@priceylife
Your questioning is entirely accurate and well directed, while 20M $ASTR tokens would not generate a significant impact on the chain, what else could they be used on at this point? There are 100M $ASTR tokens that will be used for ACS, a strategy that seeks just what you say: to increase token holders in the medium and long term.

Regarding this proposal, I invite you to leave your comments and vote on Subsquare as this proposal is under vote → Burn 20M ASTR from the old dApp Staking wallet

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The referendum is open for voting on Subsquare:

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Suggesting that there is nothing else to do with 20 million ASTR other than burn it sounds so defeatist.

I don’t have the silver bullet answer, but could that funding not back a team to build something that adds lasting value instead?

Why not stake it all in Soneium and use the passive income for grants to support teams? That way it’s effectively out of circulation but still generates income for the ecosystem.

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I think you misunderstood my message, I didn’t say there was nothing else to do, on the contrary, I asked what do you propose?

This would be a good idea, in fact it seems to me a very good idea but as I mentioned, the proposal is already in voting.

Consider leaving your messages and vote there :grin:

1 Like