The Stellar Development Fund (SDF) announced today that it would be conducting the largest Stellar airdrop (XLM) in its history, to celebrate the digital currency being added to the Blockchain digital wallet.
Stellar Lumens (XLM), currently the 6th highest ranked coin on CoinMarketCap, recently announced its newfound support on Blockchain’s digital wallet — joining the ranks of Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).
The Stellar Development Fund is focused on its pursuit of mass distribution. It also announced it would be launching a 500 million XLM airdrop for free to Blockchain wallet users.
At XLM’s current price of $0.25, the total value of the airdrop will be worth $125 million, making it the largest the in the fund’s history.
Stellar is looking to take full advantage of Blockchain’s enormous user base, with its blog post stating:
This airdrop will put the Stellar name and technology in front of Blockchain’s 30 million account holders, and will bring many new users into our ecosystem.
According to the rules, anyone who has a registered Blockchain wallet is eligible to receive the airdrop of 100 XLM, until the distribution fund has been exhausted. The system will prioritize wallets which have been registered the longest.
A Couple Criticisms
The Stellar platform is a global payment system that currently operates on an inflationary growth model of one percent per year, and also launched a Decentralized Exchange (DEX) last month which boasts zero trading fees and network cost refunds.
Distribution can be a hard obstacle to overcome with a consensus model that is neither proof-of-work nor proof-of-stake.
It is unclear where exactly the 500 million new XLM are coming from. With a current circulating supply of just under 19 billion tokens, the huge influx could potentially mean a near three percent dilution of the market cap value.
The project, however, does have strong fundamentals and has a very good chance of making sizeable gains in 2019 — as it will look to return to the $1 level it achieved at the beginning of the year.
Will you be participating in Stellar’s latest airdrop distribution? Do you already hold XLM? Let us know in the comments below!
Images courtesy of TradingView.