The price of Stellar has shot up today after a group called the Stellar Development Foundation (SDF) destroyed an impressive 55 billion tokens. Thus, just over half of the Stellar Lumens tokens are permanently destroyed.
Founded in 2014, SDF is run as a non-profit organization with the aim of developing and distributing the Stellar network and making Stellar a worldwide payment standard.
The SDF today destroyed the tokens for nearly $ 4 billion, sending them to a “burning” address that remains unidentified.
The Foundation also suspends its Stellar’s World Giveaway program (for individual airdrops).
Despite the burn, about 30 billion XLM tokens are still available on the network, which according to SDF will be sufficient to carry out operations, airdrops. SDFs are not expected to destroy additional lumens.
Trader Martin Nikolov