According to the proposal, the Astar Foundation proposes to burn 350 million ASTR tokens from the parachain reserve. Accordingly, this action will significantly reduce the total supply of ASTR, creating a deflationary effect that could increase the value of ASTR in the future.
This proposal, if approved, will reduce the number of ASTR tokens in circulation, thereby having a positive impact on ASTR. Indeed, after this proposal was announced, ASTR price jumped 8% in a short period of time.
Currently, Astar Network has not announced further details about the time and plan of the token burning.