恆星幣（XLM）代幣經濟學

Overview

Stellar's native token, XLM (Lumens), serves as the backbone of the Stellar blockchain, a Layer-1 network designed for fast, low-cost cross-border value transfer and asset issuance. Stellar's unique consensus model, the Federated Byzantine Agreement (FBA) via the Stellar Consensus Protocol (SCP), distinguishes it from PoW and PoS chains and shapes aspects of its tokenomics.

1. Issuance Mechanism

Initial Token Supply and Historical Changes

• Original Supply (2014): 100 billion XLM.
• Inflation (2014–2019): 1% annual inflation, which was distributed weekly.
• Burn Event (2019): On November 4, 2019, a major supply reduction occurred: ~55 billion XLM (over 50% of supply) were burned, reducing total supply to ~50 billion XLM. The inflation mechanism was also deprecated by validator vote, so XLM supply became fixed.
• Current Max Supply (2025): ~50 billion XLM.
• Current Circulating Supply (June 2025): ~31.15 billion XLM, remaining stable in recent data.

Issuance Principle

• Since late 2019, Stellar operates with a fixed-supply model and no new issuance.

2. Allocation Mechanism

SDF-Controlled Allocations Post-Burn:

Category	Amount (XLM)	% of Max Supply	Description
Ecosystem Development	2.00B	4.00%	Infrastructure, R&D, Community fund, hackathons, grants
Use-Case Investment	10.00B	20.00%	Acquisitions, new products, enterprise fund
- New Products	2.00B	4.00%	Grants for product launches
- Enterprise Fund	8.00B	16.00%	Investments/acquisitions
User Acquisition	6.00B	12.00%	Marketing, PR, communications, airdrops
SDF Operations/Direct Dev	~8.00B*	~16.00%*	Salaries, operational expenses
*Number inferred from burns and remaining supply

Note: Past airdrops and partnerships led to widespread XLM distribution, but the giveaway/airdrop programs were wound down and associated tokens burned.

3. Usage and Incentive Mechanism

Core Functions of XLM:

• Transaction Fees: All operations require a minimal XLM fee, which prevents spam and keeps network operations efficient.
• Base Reserve Requirement: Every account must hold a minimum XLM balance (2 base reserves, with one reserve currently set at 0.5 XLM, but subject to governance changes).
• Medium of Exchange: Enabling transfers of value within Stellar and as an intermediary ("bridge" currency) for asset/token exchange, especially if direct liquidity routes are missing.
• Decentralized Exchange (SDEX): XLM is widely used as a bridge asset for cross-asset swaps.
• Incentives: Grants, infrastructure rewards, and bug bounty programs for network security and ecosystem growth.
• Governance Funding: Administered by the Stellar Development Foundation through thematic programs and direct investments.

Ecosystem-Specific Usage: Real-world asset tokens, fintech applications, and capital/incentive mechanisms such as those seen in YieldBlox create further demand for XLM as collateral and for transaction settlement.

4. Lock-up Mechanism and Unlocking Timeframes

Legacy and Current Practices:

• Airdrops & Programmatic Vesting: In early years, large airdrop allocations had unlocking/vesting schedules, but post-2019, new airdrops have mostly stopped.
• SDF-Controlled Allocations: SDF retains discretion over when/how to disburse its tokens. Programmatic lock-ups and grants are typical for ecosystem or enterprise grants, sometimes with time-based vesting, though specifics are not always public.
• Smart Contract Escrow/Clawback: With Protocol 17, regulated assets on Stellar can be time-locked or clamped through escrow contracts. However, the XLM token itself is not subject to protocol-level time locks.

Scheduled and Historic Unlocks:

• Historical Unlocks: A large portion of older allocations, held for airdrops or development, were burned, with remaining supply managed by SDF.
• Current Unlocks: No fixed, protocol-enforced unlock schedule for XLM exists. Unlocks are, instead, tied to operational needs, strategic grants, or ecosystem programs, governed by the SDF and disclosed on a discretionary basis.

5. Incentive Programs

• Bug Bounty: Ongoing XLM bounties for identifying vulnerabilities.
• Community Fund: Grants to projects, often subject to community voting and panel approval, with fresh governance models like Neural Quorum Governance.
• Ecosystem Growth: Strategic investments and grants are designed to incentivize key partners and high-impact developers to build within the Stellar ecosystem.
• Yield Platforms (e.g., YieldBlox): Introduce innovative incentive mechanisms for holding or staking assets (not XLM itself but often reliant on its underlying infrastructure).

6. Recent Circulating Supply Trends

The circulating supply of XLM remained steady over the last week of May into June 2025, with a slight upward trend, reflecting stable economic management without major new token releases.

7. Limitations and Transparency

• Transparency: SDF publishes detailed allocation and grant reporting, though not all disbursement schedules are disclosed in detail in real-time.
• Lockups: Unlike some newer blockchains, Stellar does not enforce on-chain time-based unlocks for XLM allocations; program-level vesting is implemented at the discretion of SDF or grant recipients.

8. Analytical Perspectives

Strengths:

• Fixed supply post-inflation removal enhances predictability and scarcity.
• Responsive allocation model allowed burn and refocus of token economics on ecosystem sustainability.
• Active use-case development through grants, incentives, and productivity apps.

Weaknesses:

• Past high centralization (significant SDF holdings)—though this continues to decline as XLM is disbursed and ecosystem expands.
• No rigid lockup/unlock schedule, leaving incentive execution reliant on SDF stewardship and transparency rather than protocol enforcement.

Future Outlook: Continued ecosystem growth, tokenized assets, and increasing DeFi integrations (e.g., YieldBlox, on-chain RWA projects) should strengthen XLM's medium- and long-term utility, underpinned by SDF's ongoing reductions in central holdings.

Summary Table

Category	Mechanism	Detail/Explanation
Issuance	Fixed Supply (post-2019)	No further inflation, capped at ~50B XLM
Allocation	Planned & Discretionary	Ecosystem, Use-Case Investment, User Acquisition
Usage	Transaction/Reserve/Bridge/DEX	Fees, min. balances, swap intermediary
Incentive	Grants, Bounties, Ecosystem Fund	Programmatic, community, security, growth
Lock Up/Unlock	SDF-Directed; Vesting on Grants	No protocol-locked schedule for XLM; SDF discretion
Circulating Trend	Stable, slight increase	~31.15B XLM in circulation (June 2025)

Conclusion

Stellar's token economics have transitioned from a high-supply, inflationary regime to a scarce, conservatively managed model. Current economics prioritize sustainable ecosystem growth over short-term allocation, with strategic unlocks, incentive programs, and wide-ranging use-cases continuing to drive value into the network. While the SDF retains central control over a nontrivial supply of XLM, its ongoing transparency and grant-based allocation serve as a key mechanism for incentivizing network expansion, security, and broad-based user engagement.

For developers and users, this means participating in a maturing ecosystem where XLM's value is increasingly tied to real-world asset tokenization, fintech adoption, and cross-chain financial infrastructure.

If you need further details on specific SDF disbursements, ecosystem programs, or XLM's current allocation, let me know what area you'd like to explore further.