China News by Thebittimes.Com

Astar Network (ASTR) price jumped nearly 5% after the Astar Foundation published a proposal to burn 350 million ASTR tokens. ASTR price reached higs of $0.09. Astar Network (ASTR) price flipped positive and surged nearly 5% on Tuesday following a new proposal seeking to burn millions of the tokens. While ASTR continues to struggle with the bearish pressure seen since price hit highs near $0.17 in March, its gains over the last 24 hours have pushed it above $0.09 and could open up a bullish run to $0.1. Astar Foundation proposes 350 million ASTR token burn ASTR’s sudden price surge followed a new announcement from the Astar Foundation. On Tuesday, the Astar Network team outlined a proposal that seeks to burn 350 million ASTR token s. As often happens across the market, prices reacted higher amid reaction to the proposal . If adopted in coming weeks, the proposal will see Astar remove token s worth $31 million from circulation. The burn would accou...

About 72.43% of the community votes went against CoinShares' proposal to invest MakerDAO’s funds into various traditional assets Decentralized lending protocol, MakerDAO, has voted against crypto investment firm CoinShares' proposal to invest between 100million and 500million worth of the community’s funds, into a portfolio of corporate debt securities and government-backed bonds for yield, as an investment strategy.  72.43% of the community votes went against CoinShares' proposal to invest MakerDAO’s funds into various traditional assets. If the community had voted in favor of CoinShare’s proposal , the crypto invest ment firm would have provided “a variable APY above the SOFR interest rate (3.01% as of October 26, 2022) in the community ’s preferred currency (DAI, USDC, USD…) to MakerDAO'', which would have been withdraw-able on-chain.  On the community board of MakerDAO, a few members explained why they voted against the proposal. A community member with t...