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The Stellar Development Foundation (SDF) has burned a total of 55 billion Lumens (XLM), worth $4.4 billion, in a push to reshuffle its development strategy.
SDF, the non-profit organization that supports the development of the Stellar blockchain network, announced on Monday there are now a total of 50 billion XLMs in existence, in comparison to the 105 billion prior to the burn. The foundation will dedicate the majority of the remaining funds to develop the Stellar blockchain, foster use cases, and support network partnerships, according to a company blog post. Notably, 8 billion of the remaining Lumens will be a part of the Stellar Enterprise Fund to directly invest or acquire businesses “that have the potential for the Stellar ecosystem,” per the blog post.
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XLM REMOVES 50% OF TOTAL SUPPLY | WILL XRP FOLLOW SUIT?