The non-profit organization Stellar Development Foundation (SDF), which supports the Stellar blockchain, “burned” 55 billion XLM, which is more than half the total number of coins.
If previously there were only 105 billion XLM, of which 20 billion were in circulation, now the total number of coins is 50 billion. SDF CEO Denelle Dixon noted:
“Initially, we did not plan to burn coins. We started by asking ourselves “what do we need?” And realized that it’s too difficult to use all the coins. ”
Therefore, it was decided to get rid of most of the XLM. SDF plans to observe the development of XLM for 10 years, and will either issue new coins or “burn” some more cryptocurrency.
The announcement was made at the Stellar Meridian conference. The participants warmly received this news, which is not surprising, since after the “burning” of coins, the cryptocurrency rate usually grows. According to CoinMarketCap, the XLM rate rose by 20.8% per day and now stands at $ 0.083.
Currently, SDF controls 30 billion XLM. At the same time, 12 billion coins are in the development fund to support the organization. 2 billion is intended to “support the ecosystem,” and 10 billion is for investment. Another 6 billion XLM will be used to attract users.
Recall that in September the Stellar Development Foundation announced that it would distribute 2 billion XLM to Keybase users, “alternatives to Slack, WhatsApp, Telegram and other chat applications.”
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