Stellar (XLM) foundation has burnt $4.4 billion worth of XLM, total XLM token supply reduced by 50%
The Stellar Development Foundation (SDF) has burnt a total of 55 billion Lumens (XLM), worth $4.4 billion, in efforts to reshuffle its development strategy, the organization announced in a blog post. 55 billion Lumens amounts to more than 50% of the total supply of XLM.
In the blog post by SDF, the organization updated that there are now only 50 billion XLM tokens in existence, compared to 105 billion a day before. Coinmarketcap hasn’t updated the website with the latest figures yet. The remaining funds will now be dedicated for the development of Stellar blockchain, foster use cases, and support network partnerships.
SDF also announced that they would be canceling any immediate Airdrops. But the organization isn’t shying away from Airdrops. The foundation will still allocate 6 billion tokens to be given away through partnerships with apps that have meaningful market traction.
Effect On Price
The news of more than 50% of the tokens being burnt had an immediate effect on the price of Stellar (XLM). XLM is up by almost 17% in the past 24 hours. XLM has a current price of $0.079804, and a market cap of $1.6 billion.
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