Stellar Burns A Major Amount Of Coins

The Stellar Development Foundation has burned slightly more than 50 percent of it's total Stellar Lumens (XLM) holdings.

The announcement was made at Meridian, a conference organized by the Stellar Development Foundation that’s taking place in Mexico City.

As reported by CoinCodex, the foundation says that it doesn’t need as many XLM as it previously controlled to effectively carry out its operations. It also said its XLM giveaway programs has diminished.

“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 network and community around Stellar are now robust enough to allow SDF to carry less weight, too--we’re just a piece of a much larger whole, and the funds we steward should reflect that.”

The circulating supply of XLM hasn’t changed, and SDF’s operating fund has been reduced from 17 billion XLM to 12 billion XLM. The burn address can be found here.

This article is not intended to be financial advice. As always, do your due diligence before investing, and never invest more than you can afford to lose.

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