November 5, 2019 Stellar burns 55 billion XLM, 50% of the total XLM supply.

The Stellar Development Fund (SDF) announced Monday the end to its World and Partner Giveaway programs, noting that it is burning 50 billion lumens (XLM) dedicated to those programs, as well as 5 billion lumens from the foundation’s operating fund. A belief that the foundation allocation was too large, that airdrops and giveaways are having diminishing effects, and that the Stellar community is sufficiently robust to perform some foundation functions, were among the stated rationale for the burns. The announcement also detailed plans for use of the SDF’s remaining ~30 billion lumens. According to Nomics, XLM’s price is up 26% in the last week.