恒星币（XLM）代币经济学
恒星币（XLM）信息
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。
恒星币（XLM）代币经济学和价格数据分析
快速了解 恒星币（XLM）的代币经济数据，包括市值、供应量、FDV 和历史价格，帮助您轻松掌握币种现状与市场表现。
恒星币（XLM）深度代币结构解析
深入了解 XLM 的代币发行、分配与解锁机制。本部分涵盖代币用途、激励模式和解锁计划。
Overview
Stellar (XLM) is the native token of the Stellar network, a Layer-1 blockchain designed for asset issuance, payments, and connecting to financial infrastructure. Its token economics are shaped by a fixed supply, a history of large-scale burns, and a focus on ecosystem incentives and development.
Issuance Mechanism
- Initial Supply: The total supply of XLM was originally set at 100 billion.
- Burn Event: In November 2019, the Stellar Development Foundation (SDF) burned approximately 50 billion XLM, reducing the total supply to ~50 billion.
- No Ongoing Inflation: Stellar does not have ongoing inflation or block rewards. The supply is fixed post-burn.
Allocation Mechanism
The SDF manages the majority of XLM allocations, with a focus on ecosystem growth, user acquisition, and strategic investments. The table below summarizes key allocations and their purposes:
| Allocation Category | Amount (XLM) | % of Total Supply | Description |
|---|---|---|---|
| Ecosystem Development | 2,000,000,000 | 4% | Grants for developers, hackathons, infrastructure, and community initiatives |
| Use-Case Investment | 10,000,000,000 | 20% | Investments and acquisitions to fill ecosystem gaps (includes Enterprise Fund and New Products) |
| User Acquisition | 6,000,000,000 | 12% | Marketing, PR, and communications for Stellar and projects building on Stellar |
| Airdrops (Past) | ~68,000,000,000 (pre-burn) | N/A | Large-scale airdrops, of which ~50B were burned and ~18B retained for future programs |
| Circulating Supply (Feb 2024) | ~28,470,000,000 | ~57% | XLM in public hands, exchanges, and ecosystem participants |
| Non-Circulating Supply (Feb 2024) | ~21,530,000,000 | ~43% | Held by SDF for future use, incentives, and strategic purposes |
Usage and Incentive Mechanism
- Medium of Exchange: XLM is used for payments, transfers, 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 (as of Feb 2024, 1 base reserve = 0.5 XLM; minimum = 2 base reserves).
- Ecosystem Incentives: Grants, bug bounties, and community funds incentivize developers and security researchers.
- User Acquisition: Past airdrops and ongoing marketing efforts aim to expand the user base.
- No Staking/Delegation: Stellar does not use PoS; there is no staking or delegation mechanism for XLM holders.
Locking and Unlocking Mechanism
- Escrow and Cliff Unlocks: Large allocations, especially those managed by the SDF, are subject to irregular cliff unlocks. For example, the SDF has released XLM from escrow in large, discrete events rather than a linear schedule.
- Recent Unlocks: Notable unlocks include 3 billion XLM released from escrow on several occasions (e.g., April 2023, February 2022, January 2021).
- No User Locking: There is no protocol-level locking or vesting for regular users; only SDF-managed allocations are subject to unlock schedules.
Recent Unlock Events (Sample)
| Unlock Date | Amount Unlocked (XLM) | Allocation Recipient | Allocation Description | Unlock Type |
|---|---|---|---|---|
| 2023-04-05 | 3,000,000,000 | Escrow | 18% allocation, irregular unlock schedule | Cliff |
| 2022-02-01 | 3,000,000,000 | Escrow | 18% allocation, irregular unlock schedule | Cliff |
| 2021-01-13 | 3,000,000,000 | Escrow | 18% allocation, irregular unlock schedule | Cliff |
| 2019-11-03 | 34,760,000,000 | Marketing/Operations | 25.82% allocation, irregular unlock schedule | Cliff |
| 2019-11-03 | 34,760,000,000 | Ecosystem Incentives | 50% allocation, irregular unlock schedule | Cliff |
Supply Distribution
- Concentration: As of February 2024, the top 10 wallets hold ~57.5% of the total supply, with several SDF-controlled wallets each holding over 5%.
- No Superuser Privileges: There are no network privileges that allow modification of user balances outside of standard protocol operations.
Ecosystem and DeFi Growth
- DeFi TVL: Stellar’s DeFi ecosystem has grown significantly, with Total Value Locked (TVL) reaching $64.1 million in May 2025—a 4x increase year-over-year.
- Dominant Protocols: FxDAO, Blend, Aquarius, and LumenSwap each have over $10M in TVL, indicating a maturing DeFi landscape on Stellar.
Summary Table: Key Tokenomics Parameters
| Parameter | Value/Description |
|---|---|
| Total Supply (post-burn) | ~50,000,000,000 XLM |
| Circulating Supply | ~28,470,000,000 XLM (Feb 2024) |
| Non-Circulating Supply | ~21,530,000,000 XLM (Feb 2024) |
| Issuance Mechanism | Fixed supply, no inflation, large historical burn |
| Allocation Mechanism | SDF-managed, focused on ecosystem, user acquisition, and strategic investments |
| Usage/Incentive | Payments, bridge currency, minimum balance, developer and security incentives |
| Locking/Unlocking | SDF allocations subject to irregular cliff unlocks; no user-level locking |
| Unlocking Time | Major unlocks in 2021, 2022, 2023; schedule is irregular and SDF-controlled |
| Staking | Not supported (no PoS, no delegation) |
Conclusion
Stellar’s token economics are characterized by a fixed supply, SDF-managed allocations with irregular unlocks, and a strong focus on incentivizing ecosystem growth and user adoption. There is no inflation, staking, or user-level locking, and the majority of supply is still managed by the SDF for strategic purposes. The network’s DeFi ecosystem is experiencing robust growth, with several protocols achieving significant TVL milestones.
恒星币（XLM）代币经济模型：关键指标与应用场景
了解 恒星币（XLM）的代币经济模型，对于分析其长期价值、可持续性和发展潜力至关重要。
关键代币经济指标及其计算方式：
总供应量（Total Supply）：
已创建或将要创建的 XLM 代币的最大数量。
流通供应量（Circulating Supply）：
当前市场上可供交易和公众持有的代币数量。
最大供应量（Max Supply）：
XLM 代币可能存在的总数量上限。
完全稀释估值（FDV）：
当前价格 × 最大供应量，预测所有代币完全流通时的总市值。
通胀率（Inflation Rate）：
反映新代币发行的速度，影响稀缺性及长期价格走势。
为什么这些代币经济指标对交易者很重要？
流通供应量高 = 流动性强。
最大供应量有限 + 低通胀率 = 具备长期价格上涨潜力。
代币分配透明 = 增强项目信任度，降低中心化风险。
FDV 高而当前市值低 = 可能存在高估风险的信号。
现在您已经了解了 XLM 代币经济模型的功能，赶快查看 XLM 代币的实时价格吧！
如何购买 XLM
想将 恒星币（XLM）添加到您的投资组合中吗？MEXC 提供多种购买 XLM 的方式，包括信用卡、银行转账和点对点交易。无论您是新手还是专业用户，MEXC 都能让您轻松、安全地购买加密货币。
恒星币（XLM）价格历史
分析 XLM 的价格历史有助于用户了解过去的市场走势、关键支撑/阻力位以及波动模式。无论是追踪历史最高价，还是识别趋势，历史数据都是价格预测和技术分析的重要组成部分。
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免责声明
代币经济数据来自第三方。MEXC 不保证其准确性。请在做出任何投资决策前自行审慎评估。
