Charlie Lee criticizes Stellar Foundation over 55Bn burnt XLM

Posted 07 November, 2019

After the recent announcement that the Stellar Development Foundation (SDF) had burned roughly 55 Billion XLM, Charlie Lee, the creator of Litecoin (LTC), posted on Twitter that, according to the numbers posted by the SDF, the Foundation’s total control of the XLM supply has now increased from 16% to 24%.

Considering there was no community discussion before this decision, some are feeling slighted by the SDF. Other users, however, came out to defend the project, often stating that this interpretation is irrelevant or that the Foundation is free to do as they choose.

"50B XLMs burned were supposed to be distributed to the community. Stellar Development Foundation only burned 5B of their own 17B XLMs. This means SDF increased their percent of total coins from 16% (17/105) to 24% (12/50). And they did this without any community discussions." - said Lee.

It is worth noting that the foundation destroyed 55 billion XLM tokens, representing more than 50% of all XLM that was in existence at the time. Specifically, 20 billion XLM tokens were in circulation out of a 105 billion total, which means that the XLM currently available is 50 billion.

The company also promised that it will distribute 2 billion XLM among Keybase messenger users.

 

 

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