Aster’s ASTER token jumped 10% after announcing a buyback and burn program but reversed gains post-Fed decision.
Aster’s ASTER token climbed over 10% to 80 cents Wednesday, reaching its highest level since January, after unveiling a buyback and burn initiative. The protocol will allocate 99% of daily platform fees to repurchase tokens, which will then be burned to reduce supply.
The program targets a total supply of 3 billion tokens, with bi-weekly burns until the goal is met. Tokens bought back will also reward veASTER holders, a governance token granting fee revenue and voting rights. The rally stalled as the Federal Reserve’s hawkish stance pressured risk assets.
ASTER erased most gains, trading at 68 cents, down 5% on the day, as broader market weakness offset the protocol-specific bullish news.