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55 billion StellarLumens burned: XLM price reacts incredibly

  • SDF decides to pump 12 billion of the remain tokens “an aggressive program of direct development.”
  • The SDF’s move was to ensure efficiency within the network by supporting fewer tokens.

The organization in charge of Stellar XLM, the Stellar Development Foundation (SDF) is reported to have removed 55 billion of the network’s total supply. The tokens worth about $4.6 billion at the current market value of $0.083 were removed through a burning process.

A post on Medium suggests that SDF effected to the move to ensure that the network continues to be efficient moving forward. The tokens burned were part of the 85 billion that had been originally set aside for operations of the organization, giveaways, as well as partnerships.

“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.”

Read more: Stellar (XLM) bursts into gains: Up 20% amid the ongoing Stellar Meridian Conference

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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