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Stellar Distributed 2 Billion XLM to BTC Holders From Last Year’s Build Challenge

Stellar Lumens has managed to remain stable despite the current market crash. Stellar has managed to form major partnerships with major institutions in the world today such as ISM, Kin Foundation, and the latest being NASDAQ. Recently, it was revealed that over 2 billion XLM were distributed to BTC holders in a campaign held in August 2017.

The goal of the campaign was to encourage Bitcoin holders to explore the use of Stellar and encourage more and more cryptocurrency exchanges in the space today to support Lumens trading. The campaign also helped to promote the development of the Stellar ecosystem technologies and encourage financial institutions and service providers to integrate with Stellar.

As more people hold XLM and use the tokens during transactions on the network, it is expected that the network will go mainstream as more people find more ways to use the network, and encourage people to build low-cost services on the network. The Bitcoin campaign occurred in two rounds; on August 2017 and October 2016. The Stellar Development Foundation or SDF did not intend to conduct additional rounds of Lumens distribution to neither Bitcoin nor XRP holders.

At its inception, the Stellar Network had created 100 billion Lumens (XLM). As part of the custodial mandate, SDF was allocated 20% of the initial Lumens to distribute to BTC and XRP holders. Through the Bitcoin program, a total of 18.57 billion XLM are now held by BTC holders for use in payments and trading among over 400,000 XLM holders.

Lumens currently has a market capitalization of $5.27 billion which means it’s at the 8th position with Cardano and Litecoin above it. For quite some time now, Lumens has maintained this position by balancing its prices during the market crash and shoot-ups. Stellar has a very neutral fluctuation since the beginning of the year even as the rest of the market vigorously fluctuated.

The Stellar network was created as a result of inspiration by the Bitcoin network. Stellar created a network that takes the primary functions of the Bitcoin network and adding the ability to tolerate non-rational actors, in an environment that is characterized by low computing power. However, Stellar is significantly different from Bitcoin. While in the Bitcoin network, nodes work to confirm transaction through a process called mining, thereby distributing the currency slowly overtime to Bitcoin miners, the Stellar network does not need mining.

Currently, Stellar is one of the fastest growing and most scalable platform in the cryptocurrency space. Recently, the Kin Foundation revealed their plans to use Stellar to power their ecosystem of digital services. The latest partnership deals with Stellar was with one of the largest stock exchange in the US, NASDAQ, which announced that they would support Stellar, alongside Bitcoin and Litecoin. NASDAQ has been planning to make a debut in the digital asset market, and this move is expected to have a positive change on Stellar.

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Nicholas Holden

A chemical engineer who got obsessed with cryptocurrecnies. Holds small fortune in BTC, PVX and MIOTA. Nick's regular trading in the crypto space makes him come across exclusive news around the industry. Email: nick@blockpublisher.com or email the editor at editor.news@blockpublisher.com

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