October 25, 2020

Stellar Foundation burned over 50% of total XLM token supply

Stellar Foundation burned over 50% of total XLM token supply

The Stellar Foundation burned 55 billion lumens (XLM) worth $ 4.4 billion, which was one of the steps to building a new development strategies.

Stellar Foundation is a non-profit organizationwhich supports the development of the Stellar blockchain, announced Monday that its XLM shipments were reduced to 50 billion. According to a company blog post, the fund will allocate most of the remaining funds to develop the Stellar blockchain, search for new usage cases and support partnerships. It is noteworthy that the 8 billion remaining lumens will be spent on investing or purchasing enterprises "with potential for the Stellar ecosystem."

The blog post says StellarThe Foundation also closes airdrop campaigns. Thus, the company has already burned 50 billion of the 68 billion lumens previously allocated to this business. However, airdrops are still possible in the future. The fund will continue to provide 4 billion tokens to develop partnerships with applications that have significant market weight in the ecosystem.

In September, the Stellar Foundation announced the transfer2 million XLM tokens through the Keybase messenger app. Last November, the fund also partnered with Blockchain, a cryptocurrency wallet provider, to transfer $ 125 million in XLM.

As the ad was released, lumens prices increased by more than 20%.