اقتصاد توکنی Stellar (XLM)

Stellar (XLM) is a Layer-1 blockchain designed to facilitate global payments and asset tokenization. Its token economics have evolved significantly since its inception in 2014, moving from an inflationary model to a fixed-supply model.

Issuance Mechanism

The native token of the Stellar network is the Lumen (XLM). Unlike many other blockchains, Stellar does not use Proof-of-Work (PoW) or Proof-of-Stake (PoS) for issuance.

• Initial Supply: At launch, 100 billion XLM were created.
• Inflation Deprecation: Originally, the network had a 1% annual inflation mechanism. This was deprecated on October 28, 2019, following a validator vote. Approximately 5.44 billion XLM were generated through this mechanism before it ended.
• Token Burn: On November 4, 2019, the Stellar Development Foundation (SDF) burned approximately 55 billion XLM (over 50% of the then-existing supply).
• Current Supply Cap: Following the burn and the end of inflation, the total supply was reduced to approximately 50 billion XLM. As of early 2024, about 21.25 billion XLM are in circulation, with the remainder held by the SDF for ecosystem development and mandates.

Allocation Mechanism

The distribution of XLM is managed primarily by the Stellar Development Foundation (SDF) through its mandate. The current allocation of the ~50 billion XLM supply is structured as follows:

Usage and Incentive Mechanism

XLM serves several critical functions within the network to ensure security and utility:

• Transaction Fees: Every transaction on the Stellar network requires a small fee (base fee), currently averaging roughly 0.00005 XLM. This fee is intended to prevent ledger spam.
• Minimum Balance: To prevent account "dusting" and spam, every account must maintain a minimum balance. This is calculated in "base reserves." As of February 2024, the minimum balance is two base reserves (0.50 XLM per reserve, totaling 1.00 XLM).
• Bridge Currency: XLM acts as an intermediary currency for cross-border payments, allowing for the conversion between different fiat-backed stablecoins (e.g., converting AUD to EUR via XLM) when direct liquidity is unavailable.
• Governance Signaling: Through the Stellar Community Fund (SCF), verified members can use a reputation-based voting mechanism called Neural Quorum Governance to signal which projects should receive XLM grants.

Notably, there are no monetary rewards for being a validator on the Stellar network. Validators do not earn fees or newly minted tokens; they participate to ensure the security and reliability of the network for their own use cases.

Locking Mechanism and Unlocking Time

Stellar's core protocol does not require native staking or locking of XLM to secure the network, as it uses the Stellar Consensus Protocol (SCP) rather than Proof-of-Stake.

• Escrow and Time-Locks: The Stellar network has built-in features for time-locked escrows. This allows any user or asset issuer to lock assets until a specific time has passed.
• SDF Distribution: While there is no fixed, protocol-enforced "unlocking schedule" for the remaining 21.25 billion XLM held by the SDF, these tokens are released at the foundation's discretion according to its mandate. The SDF sells XLM from its "Direct Development" fund to cover operational expenses.
• Revocability: For regulated assets issued on Stellar (not XLM itself), issuers have the ability to revoke assets to comply with regulatory requirements, a feature introduced in Protocol 17.

Information regarding a specific, standardized "unlocking time" for the foundation's total holdings is not publicly disclosed as a fixed schedule, but rather managed through the SDF's ongoing mandate and periodic transparency reports.