恆星幣（XLM）代幣經濟學
恆星幣（XLM）代幣經濟學和價格數據分析
快速了解 恆星幣（XLM）的代幣經濟數據，包括市值、供應量、FDV 和歷史價格，幫助您輕鬆掌握幣種現狀與市場表現。
恆星幣（XLM）資訊
恒星（Stellar）是Mt-Gox和Ripple原創始人McCaleb最近推出的新的類似於Ripple的新的支付系統。恒星發展基金會的執行董事喬伊斯金表示，恒星將作為法幣和數字貨幣之間的一座橋樑，這是數字貨幣被主流用戶所採用的關鍵。這個新出的平臺是一個數字貨幣與法定貨幣之間傳輸的去中心化網關。與瑞波幣和比特幣一樣，恒星也將設有自己的數字貨幣，恒星幣（Stellar）。恒星幣所創建的網路和Ripple支付網路功能一樣，能夠通過其轉賬任意一種貨幣，包括美元、歐元、人民幣、日元或者比特幣，簡便易行快捷，它依託比特幣區塊鏈技術，可以在2-5秒內連接世界上的180種貨幣，連接銀行、支付系統以及廣大民眾，減少跨境支付帶來的交易費用和時間延遲。
恆星幣（XLM）深度代幣結構解析
深入了解 XLM 的代幣發行、分配與解鎖機制。本部分涵蓋代幣用途、激勵模式和解鎖計劃。
Overview
Stellar (XLM) is the native token of the Stellar network, a Layer-1 blockchain designed for payments, asset issuance, and decentralized finance (DeFi). The token economics of Stellar have evolved significantly since its launch in 2014, with major changes to issuance, allocation, and incentive mechanisms. Below is a detailed breakdown of the key components of Stellar's token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms.
Issuance Mechanism
- Initial Supply: At launch, the Stellar Development Foundation (SDF) controlled the entire initial supply of ~105 billion XLM.
- Inflation: Originally, XLM had a 1% annual inflation rate, with new tokens minted weekly and distributed based on user-designated "inflation destinations." This mechanism was deprecated on October 28, 2019, following a validator vote.
- Burn Events: On November 4, 2019, SDF burned ~55 billion XLM (~52% of the initial supply), reducing the total supply to ~50 billion XLM. No further inflation or minting occurs.
Allocation Mechanism
Historical and Current Allocations
| Allocation Category | Description | Initial/Current % of Supply | Unlocking/Distribution Notes |
|---|---|---|---|
| Ecosystem Incentives | Rewards for external teams, grants, hackathons, community fund, R&D | ~50% (historical), 4% (current SDF) | Irregular unlocks, SDF discretion |
| Use-Case Investment | Investments in new products, enterprise fund | 20% (current SDF) | SDF discretion, grants, investments |
| User Acquisition | Marketing, PR, communications, user growth | 12% (current SDF) | SDF discretion, marketing support |
| Direct Development | SDF operations, salaries, overhead | ~24% (current SDF) | SDF discretion, operational expenses |
| Burned | Tokens permanently removed from supply | ~52% (historical) | One-time event (Nov 2019) |
- Airdrops: Historically, SDF conducted large airdrops (e.g., partnerships with Binance, Blockchain.com, BTC/XRP holders), but these programs ended in 2019.
- Current SDF Holdings: As of early 2024, SDF controls ~60% of the total supply, distributed across the categories above.
Usage and Incentive Mechanisms
Core Functions of XLM
- Medium of Exchange: Used for sending/receiving value and as a bridge currency for cross-asset swaps on Stellar's decentralized exchange (SDEX).
- Minimum Balance Requirement: Accounts must maintain a minimum XLM balance (currently 1 XLM for account reserve, plus 0.5 XLM per trustline/asset held) to prevent spam.
- Transaction Fees: XLM is used to pay network transaction fees, which are minimal and help prevent spam.
- Ecosystem Incentives: XLM is distributed via grants, hackathons, and the Stellar Community Fund to incentivize development and ecosystem growth.
- No Staking/Validator Rewards: There are no monetary rewards for validators or tokenholders (staking, dividends, or liquidity rewards). Inflationary rewards ended in 2019.
Community and Governance
- Stellar Community Fund (SCF): Grants are awarded to projects via a community voting process (Neural Quorum Governance), with SDF oversight.
- Bug Bounty Program: XLM bounties are awarded for discovering vulnerabilities in the protocol.
Locking and Unlocking Mechanisms
Token Unlocks and Vesting
- Irregular Unlock Schedule: Major allocations (Ecosystem Incentives, Escrow, Marketing/Operations) have been unlocked in large, irregular tranches, often at SDF discretion.
- No Standard Vesting: There is no fixed, protocol-enforced vesting schedule for SDF-controlled tokens; unlocks are typically "instant" upon SDF decision.
- No User Locking: There is no protocol-level staking or user token locking for rewards or governance.
Example Unlock Table
| Unlock Date | Amount Unlocked (XLM) | Allocation Category | Allocation Description | Vesting Start | Vesting End | Vesting Granularity | Unlock Type |
|---|---|---|---|---|---|---|---|
| 2023-04-05 | 3,000,000,000 | Ecosystem Incentives | 50% allocation, irregular unlock schedule | 2023-04-05 | 2023-04-05 | instant | Instant |
| 2023-04-05 | 3,000,000,000 | Escrow | 18% allocation, irregular unlock schedule | 2023-04-05 | 2023-04-05 | instant | Instant |
| 2023-04-05 | 3,000,000,000 | Marketing/Operations | 25.82% allocation, irregular unlock schedule | 2023-04-05 | 2023-04-05 | instant | Instant |
| ... | ... | ... | ... | ... | ... | ... | ... |
- Note: All major unlocks are "instant" and not subject to time-based vesting.
Summary Table: Stellar Token Economics
| Mechanism | Details |
|---|---|
| Issuance | Fixed supply (~50B XLM post-burn), no inflation since Oct 2019 |
| Allocation | SDF controls ~60% (Direct Dev, Ecosystem, Use-Case, User Acquisition); rest in circulation |
| Usage | Payments, DEX bridge, minimum balance, transaction fees, ecosystem grants |
| Incentives | Grants, hackathons, bug bounties, community fund; no staking or validator rewards |
| Locking | No protocol-level user locking; SDF unlocks are discretionary and instant |
| Unlocking | Irregular, SDF-controlled, not time-based; no standard vesting for SDF allocations |
Additional Notes
- Smart Contracts: With the launch of Soroban (2024), Stellar now supports Rust-based smart contracts, expanding XLM's utility in DeFi and dApps.
- DeFi Growth: As of mid-2025, Stellar's DeFi TVL exceeds $64M, with several protocols surpassing $10M in TVL, reflecting growing ecosystem adoption.
- Governance: While SDF manages major allocations, community input is increasing via the SCF and Neural Quorum Governance.
Conclusion
Stellar's token economics are characterized by a fixed post-burn supply, SDF-controlled discretionary unlocks, and a focus on ecosystem growth through grants and incentives rather than staking or inflationary rewards. The network's design prioritizes efficiency, low fees, and broad accessibility, with ongoing evolution as DeFi and smart contract capabilities expand.
For further technical details and developer resources, see the Stellar Developer Docs.
恆星幣（XLM）代幣經濟模型：關鍵指標與應用場景
了解 恆星幣（XLM）的代幣經濟模型，對於分析其長期價值、可持續性和發展潛力至關重要。
關鍵代幣經濟指標及其計算方式：
總供應量（Total Supply）：
已創建或將要創建的 XLM 代幣的最大數量。
流通供應量（Circulating Supply）：
目前市場上可供交易和公眾持有的代幣數量。
最大供應量（Max Supply）：
XLM 代幣可能存在的總數量上限。
完全稀釋估值（FDV）：
目前價格 × 最大供應量，預測所有代幣完全流通時的總市值。
通脹率（Inflation Rate）：
反映新代幣發行的速度，影響稀缺性及長期價格走勢。
為什麼這些代幣經濟指標對交易者很重要？
流通供應量高 = 流動性強。
最大供應量有限 + 低通脹率 = 具備長期價格上漲潛力。
代幣分配透明 = 增強項目信任度，降低中心化風險。
FDV 高而目前市值低 = 可能存在高估風險的訊號。
現在您已經了解了 XLM 代幣經濟模型的功能，趕快查看 XLM 代幣的實時價格吧！
如何購買 XLM
想將 恆星幣（XLM）添加到您的投資組合中嗎？MEXC 提供多種購買 XLM 的方式，包括信用卡、銀行轉帳和點對點交易。無論您是新手還是專業用戶，MEXC 都能讓您輕鬆、安全地購買加密貨幣。
恆星幣（XLM）價格歷史
分析 XLM 的價格歷史有助於用戶了解過去的市場走勢、關鍵支撐/阻力位以及波動模式。無論是追蹤歷史最高價，還是識別趨勢，歷史數據都是價格預測和技術分析的重要組成部分。
為什麼選擇 MEXC？
MEXC 是全球領先的加密貨幣交易所，深受全球數百萬用戶信賴。無論您是新手還是資深交易者，MEXC 都是您進入加密世界的最便捷途徑。
購買 恆星幣（XLM）
數量
1 XLM = 0.3749 USD