Stellar Development Foundation (SDF) burned over 50 percent of the total supply XLM which is over 55 billion XLM coins. Burnt XLM tokens are worth over US $ 4,4 billion. The activity was prompted by the need for the foundation to try to reorganize its development strategy.
The Stellar Development Foundation is a non-profit organization that supports the expansion of the Stellar blockchain network. On Monday of this week, he sent out press release that there are currently fifty billion XLM. More than 105 billion lumens were in circulation before destruction.
Dedication of remaining funds
In a statement, the foundation noted that it plans to allocate most of its funds to the development of its network. It would also allocate funds for use to support online partnerships as well as support use cases.
Part of the foundation’s statement reads:
“8 billion lumens will be transformed into The Stellar Foundation. The money in this fund will be used to acquire or invest in new business opportunities. These are business and opportunities that can thrive and help the ecosystem continue to grow. ”
The post also mentioned that the Stellar Foundation has decided to shut down a number of free programs. In doing so, 50 billion lumens were burned out of the original 68 billion lumens that were allocated to help achieve this specific goal.
SDF is passionate about airdrops
While the foundation has so far set out to burn lumens, it's worth noting that that doesn't mean it has decided to move away from airdrops. He still intends to donate about four billion tokens, which will be distributed through partnerships with various applications.
The applications to consider are those that have shown good and fruitful market traction. In September, the foundation announced that it plans to give away 2 million tokens. Airfield will occur as a partnership with Keybase, a message-based application.
In November 2018, SDF also entered into a partnership agreement with a blockchain crypto wallet, which will draw more than $ 125 million worth of XLMs.