Stellar Burns Another 50% ($2.35 billion USD) of Their Coins

Have They Gone Mad?

The Stellar Development Foundation (SDF) announced another mandate today for its network’s development, stating that it has burned over 27.5 billion Stellar Lumens (XLM) tokens.

An official at Stellar said that they were so happy with the sudden spike in price that they decided to do it again, kind of like a BoGo sale. Not only will this allow the company to focus on what is most important with regards to their development but the sudden surge in purchases, as well as the word of mouth advertising, has helped to inch XML closer to the top ten rankings.

Breakdown of XLM burn and remaining token disbursement. Source: Stellar Development Foundation

Suspicion Runs Deep

The SDF states that the burn was geared to making the system more efficient as it moves forward. It wrote:

“SDF can be leaner and do the work it was created to do using fewer lumens. Over the years we’ve also seen that giveaways and airdrops have diminishing effects, especially in the outsized amounts our original plan was designed to support. So a smaller public-facing program would have just as much impact.”

The problem is not everyone is feeling the burn.

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