Today, in Mexico City, the Stellar ecosystem--a diverse family of entrepreneurs, developers, innovators, thinkers, and builders--is gathered in person for the first time. With so many of us here, Meridian is the perfect setting for a long-overdue update on Stellar’s giveaway programs and to announce a new mandate for the Stellar Development Foundation.
SDF’s purpose is to make Stellar the global payments standard. All of the rest of what we’d like to accomplish--empowering everyday people, transforming the global financial system--follows from the world using the network. Every dollar and lumen we have is dedicated to that end. Whenever we spend money--whether to hire an engineer, travel to meet a partner, extend a loan to a Stellar-built business, or even pay our own rent, we ask: is this moving Stellar closer to adoption as a payment standard? We consider every option and do our best to make the most of the resources at our disposal.
What are those resources? Yesterday, there were about 105 billion lumens in existence, roughly:20 billion out in the world 17 billion in SDF’s operating fund 68 billion remained earmarked for giveaway programs administered by SDF
Stellar isn’t mined, so the lumens now in public hands are there because we’ve worked hard to get them there over the last four years. As for the other two allocations, in time and after a lot of thought, we’ve come to realize they’re too large. SDF can be leaner and do the work it was created to do using fewer lumens. Over the years we’ve also seen that giveaways and airdrops have diminishing effects, especially in the outsized amounts our original plan was designed to support. So a smaller public-facing program would have just as much impact. The network and community around Stellar are now robust enough to allow SDF to carry less weight, too--we’re just a piece of a much larger whole, and the funds we steward should reflect that.
So: we’ve decided to reduce our lumen ...