Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Team Behind Stellar Destroys 55,000,000,000 XLM – Will Ripple Burn XRP in Response?

by Daily Hodl Staff
November 5, 2019
in Ripple and XRP
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

ADVERTISEMENT

The Stellar Development Foundation (SDF), which spearheads the development of the 10th largest crypto asset by market cap, says it just burned 55 billion of the ledger’s native currency Lumens, which uses the symbol XLM.

The term “burning” essentially describes the process of sending coins to an address and throwing away the private key, effectively removing the coins from circulation.

The funds, worth about worth $4.3 billion, were originally allocated to pay for the development of the XLM ledger and for giveaway programs administered by SDF.

ADVERTISEMENT

The Foundation says it has determined it no longer needs the large treasure trove to continue its mission.

“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 acknowledgment 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.”

The move brings the total supply of Lumens from 105 billion to 50 billion.

XLM has surged since the announcement and is now up more than 20%, according to CoinMarketCap.

Source: CoinMarketCap

Stellar’s coin burn triggered speculation that Ripple might follow suit and burn some of its XRP holdings.

If (as they claim) Ripple do not control XRPL then they cannot burn XRP any more than I can. A company, person or entity being able to just decide to burn an assett like that is centralisation. This just means Stellar and its office bearers have control of it.

— Daisy 🌼 (@DaisyEdwardsOz) November 5, 2019

Ripple owns about 55 billion XRP with 50 billion locked in escrow. The total supply of XRP sits at 100 billion.

ADVERTISEMENT

The company regularly sells portions of its XRP to fund daily operations and to invest in startups building on blockchain and crypto technology.

Its funding and development arm, Xpring, has invested more than half a billion dollars.

So far, Ripple has not responded to the news from the team over at Stellar.

ADVERTISEMENT
Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • Mogul Brings NFTs and DeFi to the Film Industry, Announces Access Pass Sale
    March 5, 2021
  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$49,100.00
$49,100.00
3.8%
Ethereum
$1,587.35
$1,587.35
7.54%
Binance Coin
$229.35
$229.35
2.24%
Polkadot
$34.12
$34.12
2.57%
Cardano
$1.15
$1.15
2.51%
XRP
$0.468111
$0.468111
2.47%
ADVERTISEMENT

Spotlight

  • Top Analyst Predicts XRP Is Ready To Erupt – Here’s Why He’s Not Buying In
    February 28, 2021
  • Bitcoin Breakout Signal Shows Top Crypto Likely Heading to $100,000 As Investors Choose BTC Over Gold: Bloomberg Analyst
    March 4, 2021
  • The Elon Effect – Companies Now Racing for a Piece of the Bitcoin Pie
    March 1, 2021
  • IRS Answers Critical Question on Bitcoin and Crypto Tax Reporting for US Citizens
    March 5, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.