- XLM token airdrop will be the largest in crypto history
- The choice of Stellar Lumens (XLM) was due to its scalability
- The move is intended to promote cryptocurrency adoption
Crypto wallet provider Blockchain and Stellar Development Foundation will together distribute $125 million of Stellar Lumens (XLM) tokens to crypto users. Dubbed the largest airdrop or crypto giveaway in history, the two firms will give away close to half a billion tokens to wallet holders who register for the airdrop.
Largest Crypto Airdrop Ever
The official statement by Blockchain on Tuesday, November 6, 2018, did not state the exact amount of tokens that will be dropped in each wallet. With this development Stellar now becomes the first crypto firm to enjoy Blockchain’s airdrop program and guiding framework they announced in October.
Commenting on the development, Blockchain Chief executive officer Peter Smith said its scalability motivated the choice of Stellar besides having “an active and growing ecosystem.
Smith explained that the decision was not necessarily meant to boost the firm’s customer growth and wallet usage but was the company’s effort to prioritize users to allow them “to test, try, trade and transact” with new, trusted cryptocurrencies in a safe and hassle-free manner. Smith added:
“We’re empowering our users with private keys, which allow them to go beyond just storing their crypto to actually using them. In turn, we can help build a bigger and more engaged crypto community, and drive network effects that make the ecosystem more useful and valuable for the many rather than the few.”
Blockchain said in their blog post the airdrop will be accessible to all users with Blockchain wallets adding that the first recipients can expect their share of lumens later this week free of charge.
The Stellar network reputation has been growing lately thanks to the scalability of the lumens token that enables fast, competitive and affordable worldwide transactions.
Stellar Development Foundation Co-founder Jed McCaleb reiterated the importance of the airdrop saying it was the best way to create “a more inclusive digital economy.” He added that by giving away lumens (XLM) for free they were actually inviting crypto communities to design the communities they need. McCaleb stated:
“Our hope is to eventually have global citizens own and use lumens, in both developing and developed economies. By working with Blockchain to increase the availability and active use of lumens on the network, leveraging their almost 30 million wallets, we will increase the network’s utility by many orders of magnitude.”
As part of the airdrop, Blockchain will also partner with charity organizations like Stanford d.schools, Emerging Tech Initiative, Code.org and Network for Good to promote the adoption of XLM.