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50+ Billion XLM burnt.


mandelbaum
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https://www.stellar.org/blog/sdfs-next-steps/

 

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we’ve decided to reduce our lumen allocations, and to rededicate what remains to what we now think Stellar needs most. We’ll use approximate numbers here in the text, but the chart and table to follow detail the precise amounts in question.

Just before this announcement, we burned 5 billion lumens from our operating fund. It now stands at 12 billion lumens. This reduction isn’t in any way a retreat from our mission. It’s an acknowledgement that we owe it to the ecosystem, to the network, and to ourselves, to be as efficient as possible in our work. We’ve plotted the next ten years of Stellar’s growth and even with our greatly increased ambitions for SDF, we’re confident these funds will be enough to see us, and the network, through.

At the same time, 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.

To burn the lumens, we have sent them to a Stellar account with no signers (including a master key weight of 0):

 

Holy cow.

Edited by mandelbaum
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8 minutes ago, XRP-JAG said:

What's that. about half total supply? Price should be going up near 50% then maybe?

Coinmarketcap currently states 105 443 902 087, so minus 55 Billion brings the existing XLM down to 50 443 902 087.

Weird, incidentally this comes a couple of weeks after the XRP supply not escrowed reached 50 Billion.

Edited by mandelbaum
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Slime ********.  Every year they try to outstage Ripple just before Swell.

And although the supply price ratio is not, and should not be,  a direct ratio, enough people think it is that the price will no doubt be positively impacted.  Oh well,  time to start getting used to a temporary near parity in XRP XLM prices.  Sigh.

An opportunity maybe for traders.

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The funny thing is, I bet the XLM price won't even respond 1:1 with the amount of coins burned.

The thing about Stellar XLM is that they are always doing different out of the blue things, that don't necessarily line up with each other, that makes it seem like they aren't totally confident in what they are doing.

I used to have some XLM and decided to sell all of it. Especially after reading into their operation and Jed.

XLM, is also inflationary, so the supply is always increasing.

So I guess as coins get created, they'll just do a burn every so often if the price has not responded the way the hoped?

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