Stellar Development Foundation burns 55 billion XLM

Stellar Development Foundation [SDF] is in the news again after the platform burnt more than half of its native cryptocurrency, Stellar Lumens [XLM].

As per the official blog post released by the SDF, 55 billion XLM worth $4.4 billion were burnt as part of a new set of strategic development goals of the platform. There were a total of 105 billion XLMs before the burn, and at present, there are a total of 50 billion XLMs.

Additionally, the Foundation revealed that it would be putting a stop to Stellar’s World Giveaway Program, along with Partner Giveaway programs. The Foundation has a track record of initiating airdrops and in September, the SDF had partnered with a messaging platform, Keybase, to carry out an airdrop of XLM worth $120 million, an airdrop which was considered the “largest distribution ever.”

However, these airdrops didn’t seem to benefit the Stellar ecosystem as most of the XLM airdrops remained unclaimed or exchanged with other cryptocurrencies. Read More...

Stellar XLM has burned over half of its coins


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