Stellar Lumens and other altcoins have been having a decent run the past few days with some coins even beating the growth rate of Bitcoin. Stellar, currently at the 10th place on the cryptocurrency charts, was the biggest gainer among its compatriots with its 14 percent growth in 24-hours, making it the best performer among the top 50 cryptocurrencies.
Several of Stellar’s developments and updates have come from the Stellar Development Foundation [SDF], which had recently made news with a 5 billion XLM token burn. At present, there are 12 billion XLM tokens present in the cryptocurrency market, and the company has promised users that they are still steadfast in achieving their mission. A blog from the SDF added:
“…we’re ending Stellar’s World Giveaway Program (for individual airdrops) and our Partner Giveaway programs, both of which were created at the network’s inception. 50 billion of the 68 billion lumens in those programs have also been burned. We believe the number of lumens we hold now aligns better with our mission. SDF will not burn any additional lumens.”
The organization has stated that the remaining 12 billion XLM will be dedicated to growing Stellar Lumens with developments, and an added focus on promoting the currency in the field. XLM fans will be happy to hear that the company has penned down a 10-year commitment with a clear focus to research new technologies, build more community tools, intensify policy and legal outreach efforts and create learning materials.
According to sources from the company, the 12 billion XLM currently present have all be escrowed. Stellar will unlock 3 billion of this escrowed XRP every year for the next year, in style similar to that of Ripple and XRP. Stellar continued:
“2 billion of the lumens left from the partnership program will be dedicated to ecosystem support. That was the original inspiration behind the network’s recently retired inflation mechanism: to allow network participants to “enable novel business models or to fund causes they support.”
One billion XLM will be used in Stellar’s Infrastructure Grant program with an added focus on monitoring the ecosystem and approaching valuable new projects.
Four billion XLM will be circulated for daily user requirements. Stellar has admitted that they want users to trade XLM through already existing applications and “not through come-one-come-all giveaways.” Official release from the company also stated that at the end of the day, SDF wants to ensure users have all the tokens and that the company has none because that “would serve no purpose.”
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