恒星币（XLM）代币经济学

Stellar’s native asset, Lumens (XLM), serves as the foundational utility token for the Stellar network. The token economics of Stellar have evolved significantly since its inception in 2014, moving from an inflationary model to a fixed-supply model with a focus on ecosystem development and financial inclusion.

Issuance Mechanism

Stellar does not use Proof-of-Work (PoW) or Proof-of-Stake (PoS) for token issuance. Instead, it utilizes the Stellar Consensus Protocol (SCP), a construction of the Federated Byzantine Agreement (FBA).

• Initial Issuance: At the network's launch in 2014, 100 billion XLM were created.
• Historical Inflation: Originally, the network included an annual supply inflation mechanism of 1.00%. This mechanism generated approximately 5.44 billion XLM over its lifespan.
• Deprecation of Inflation: On October 28, 2019, the 1.00% annual inflation was deprecated following a validator vote.
• Current Supply Status: Following a massive token burn in November 2019, the total supply was reduced to approximately 50 billion XLM. There is currently no mechanism for minting new XLM, making the supply hard-capped.

Allocation Mechanism

The Stellar Development Foundation (SDF) manages the distribution of XLM to support the network's growth. As of early 2024, the SDF disclosed control over approximately 29.95 billion XLM (roughly 60% of the total supply), categorized as follows:

Historically, significant portions of the supply were allocated to direct sign-up programs (50%), non-profits (25%), and airdrops to Bitcoin and XRP holders (20%).

Usage and Incentive Mechanism

XLM is designed to facilitate low-cost, high-speed global payments and serves several core functions within the protocol:

• Transaction Fees: XLM is used to pay for blockchain transaction fees. The average cost per transfer is approximately 0.00005 XLM, intended to be low enough for utility but high enough to deter ledger spam.
• Minimum Balance Requirements: To prevent account bloat, every Stellar account must maintain a minimum balance. As of February 2024, this is set at two "base reserves" (0.50 XLM per reserve), totaling 1.00 XLM.
• Bridge Currency: XLM acts as an intermediary asset for cross-currency transactions. If direct liquidity between two fiat stablecoins (e.g., AUD to EUR) is unavailable, the network converts the source asset to XLM and then to the destination asset.
• Governance Signaling: Through the Stellar Community Fund (SCF), verified members can use XLM-based voting (Neural Quorum Governance) to signal which projects should receive development grants.

Note on Incentives: Unlike PoS networks, Stellar does not provide monetary rewards or interest for being a validator. There are no direct staking rewards for holding XLM.

Locking Mechanism and Unlocking Time

Stellar provides built-in features for time-locked escrows, allowing any asset issued on the network to be locked until a specific date or condition is met.

• SDF Mandate: While the SDF manages a large portion of the supply, there is no fixed, protocol-enforced distribution schedule for the remaining ~21.25 billion XLM held by the foundation. These are distributed at the SDF's discretion based on their multi-year mandate.
• Escrow Functionality: The protocol supports "Time Bounds" on transactions, which can be used to create escrow accounts where funds are inaccessible until a predetermined time.
• Smart Contract Locking: With the deployment of Soroban (Stellar’s smart contract platform), more complex locking and unlocking mechanisms can be programmed by developers for specific DeFi applications, such as liquidity pools or DAO treasuries.

Information regarding a specific, unified "unlocking time" for the entire remaining supply is not applicable, as the SDF distributes funds based on ongoing ecosystem needs rather than a rigid linear vesting schedule.