Stellar Development Foundation (SDF) today announced that it has succeeded in burning 55 billion Stellar Lumens tokens (XLM).
According to a post from the development foundation, the reduction or burning of tokens as part of efforts to make it more efficient in the future.
More than 85 billion tokens intended for SDF operations, giveaway programs and partnership programs, SDF burned more than 55 billion Stellar tokens.
The current price is around 0.084 US dollars per token, the value of the burned token is almost 4.7 billion US dollars. With the burning of tokens, the coins reacted positively to the news, and there was a price increase of nearly 25% at that time.
Details of burning XLM tokens and remaining token payment.
# SDF stated that the burning of this token was aimed at making the system more efficient in the future.
"SDF can be leaner and do the work it creates by using less lumens. Over the years we have also seen that gifts and airdrops have a steadily diminishing effect, especially in large numbers designed to be supported by our original plan. So smaller programs facing the public will have the same impact. "
The SDF said that they would pour the remaining 12 billion tokens (or the equivalent of 1.02 billion US dollars) into "an aggressive program of direct development and advocacy for Stellar." reached 60 at the end of this year.
Two billion XLM (or equivalent to 170 million US dollars) will be used to support the ecosystem, while 1 billion XLM (or equivalent to 85 million US dollars) will go to the Stellar infrastructure grant program.
Additional token amounts will be distributed to investment in use cases, currency support, new products, Stellar Enterprise Fund and other applications.