Hot Topics
Coin Gecko

Advertisement

Advertisement

Half of XLM’s Supply Burnt by Stellar

 
Half of XLM’s Supply Burnt by Stellar
Breaking News / Stellar
  • The Stellar Development Foundation (SDF), has just recently burnt 55 billion of its XLM tokens.
  • The CEO and executive director at the SDF, Denelle Dixon confirmed that the organisation had burned the large sum of XLM tokens. 
  • After this recent burn, the supply has been reduced to just 50 billion.

The non-profit entity kicked started in 2014 in order to support the continuous development of the open-source Stellar protocol, the Stellar Development Foundation (SDF), has just recently burnt 55 billion of its XLM tokens. For those that aren’t aware, which is half of the digital currency’s circulating supply.

Meridian conference

Speaking at the Meridian conference on November 4th, the CEO and executive director at the SDF, Denelle Dixon confirmed that the organisation had burned the large sum of XLM tokens

It is estimated, that there were more than 100 billion in outstanding XLM tokens, with around 20 billion of them currently floating in circulation. 

But after this recent burn, the supply has been reduced to just 50 billion.

Dixon said, “we didn’t start by wanting to burn. We started by asking, ‘What do we need?’ As much as we wanted to use the lumens (XLM) that we held, it was very hard to get them into the market.”

When asked, Dixon said she was unable to predict how the crypto industry would react to the news.

“I don’t know. I really just don’t have a sense at all of what the market response is. From my standpoint, it’s how the ecosystem feels about it. We got a lot of positive response from the ecosystem because we are rightsizing what the foundation has and the foundation holds.”

You can share this post!