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stellar.org/blog/foundation-…
This is the official article published on Stellar’s website in 2019, when it burned 50% of the total lumen supply.
Recognizing that the original tokenomics did not work as intended and correcting it quickly also takes courage.
Remember this. if Stellar had failed to protect the value of its token at that time, the great utility it built years later might never have been possible.
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"What are those resources? Yesterday, there were about 105 billion lumens in existence, roughly:
20 billion out in the world
17 billion in SDF’s operating fund
68 billion remained earmarked for giveaway programs administered by SDF
Stellar isn’t mined, so the lumens now in public hands are there because we’ve worked hard to get them there over the last four years. As for the other two allocations, in time and after a lot of thought, we’ve come to realize they’re too large.
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.
So: we’ve decided to reduce our lumen allocations, and to rededicate what remains to what we now think Stellar needs most. We’ll use approximate numbers here in the text, but the chart and table to follow detail the precise amounts in question.
So: we’ve decided to reduce our lumen allocations, and to rededicate what remains to what we now think Stellar needs most. We’ll use approximate numbers here in the text, but the chart and table to follow detail the precise amounts in question.
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 acknowledgement 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.
To burn the lumens, we have sent them to a Stellar account with no signers (including a master key weight of 0):
GALAXYVOIDAOPZTDLHILAJQKCVVFMD4IKLXLSZV5YHO7VY74IWZILUTO
We believe the number of lumens now aligns better with our mission. SDF will not burn any additional lumens.
For clarity, this is what remained after these transactions:
All told, there are now 50 billion lumens in existence[1].
Slightly under 30 billion of those are still administered by SDF.
That pool is a resource for the whole network. We view these as “Stellar’s lumens”, not so much owned by the Foundation as held by us temporarily to use for initiatives that support Stellar and the ecosystem. Alongside this burn, we’ve developed a new set of strategic objectives for SDF, and we are publicly committing to using them pursuant to the plan below. This new mandate reflects our desire to do more of what has worked for Stellar and much less of what hasn’t.
We’ve designed the new mandate with the future of the network foremost in mind, but as you’ll see below we’ve also tried to tie each allocation back to our original vision."
#pi #piburn #pinetwork #파이 #파이코인 #stellar