SDF, the Stellar Development Foundation, has already burned 55 billion lumens worth 4.4 billion dollars. Sometime after the announcement, the XLM price went up considerably.
SDF, which supports the development of the network significantly, announced on Monday that there are already 50 billion XLM, compared to 105 billion before it was burnt. The Foundation will spend most of the remaining funds on the development of blockchain Stellar itself. Supporting use cases as well as supporting network partnerships. In particular, the remaining 8 billion lumens will already be part of the Stellar Enterprise Fund to invest directly or acquire businesses.
Also in the aforementioned entry, we read that SDF has already interrupted several award-winning giveaway programs and burned exactly 50 billion of the 68 billion lumens that are devoted to these issues. However, as already stated in the post, the foundation does not move away from airdrops completely. The foundation will continue to allocate exactly 4 billion tokens, which will be distributed in partnership with applications with significant market power.
Is this a manipulation of the XLM price?
The announcement of this foundation saw the light of day at the inaugural Stellar conference in Mexico City. Observers in the industry noticed that the supply in circulation itself remains unchanged, so this could be another attempt to pump prices.
However, the current rules in circulation will not be reduced according to experts’ knowledge, so there is no hurry to buy. There are still really 50 billion tokens. People act as if it were a rare resource.
Exactly in September, SDF announced that it is sending two million dollars XLM for just mediating the Keybase messaging application. Last year in November SDF started cooperation with cryptocurrency Blockchain wallet supplier. The aim of the cooperation was, in fact, airdrop XLM with a value of 125 million dollars.
Does Stellar really follow XRP?
The time of the coin making itself is also very mysterious. Especially this week’s Ripple Swell party is about to start. Every year during this time there are usually big announcements from a competitive platform, and the price of XRP is usually very high. It is well known that Ripple has been intensively throwing tokens into the market in recent months. This, as we remember, probably caused the investors to get angry and enough to demand a hard fork.
On the occasion of fresh reports from the camp Stellar XLM to remind you that the so-called airdrops are often a tool in the hands of fraudsters. Although in most cases, behind the tokens’ allegations there are specific goals from the projects themselves, it turned out very often what the fraudsters can do to earn money. Some stories can really amaze us, and very much so. Let us remember this carefully.