Stellar is airdropping $125 million to Blockchain Wallet users

09 November, 2018, 16:47 | Author: Regina Silva
  • Stellar's XLM ascends despite strong pull by a low volatility market

Blockchain.com pitched the mammoth offering as "the largest airdrop in the history of crypto and likely the largest consumer giveaway ever", suggesting that airdrops are "a great way to drive decentralization and adoption for new networks".

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This airdrop is coming as a part of the Blockchain Wallet's "Blockchain Airdrops" program, which they had announced in mid-October. "Giving away lumens for free is an invitation to communities to design the services they need", said McCaleb.

Blockchain.info has a crypto wallet where users themselves take care of their cryptocurrencies. According to information from blockchain wallet, $25 will be offered free to up to 30 million users starting this week.

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However, this Stellar (XLM) airdrop may not have a high impact on the goal of achieving an inclusive economy, as it represents 2.6% of the XLMs in circulation and only 0.47% of the total supply.

Blockchain.com explained in the blog post that part of the reason they chose Stellar as the first token-based platform in the airdrop program stems from the fact that its network is "built for scalability", adding that the XLM token enables faster and low-priced transactions on a global scale.

Blockchain strives for aiding thousands of companies and personalities all over the world enabling them to kickstart on digital assets. Blockchain said that it isn't investing anything for this arrangement, rather that Stellar is utilizing its platform as a vehicle to distribute the lumen currency.

"The folks at Stellar, including Jeb, are really mission-driven and what they want to see is the adoption of their protocol". We've been approached by a lot of projects. We were immediately drawn to stellar due to their mission. "By growing the Blockchain community, we can help more people own and control their financial future". "By working with Blockchain to increase the availability and active use of lumens on the network, we will increase the network's utility by many orders of magnitude". The company also expects the giveaway will accelerate growth in its wallet downloads. PayPal co-founder Elon Musk has said the company spent as much as $70m on referral fees in its early years. "This is probably, adjusted for inflation, about the same level", Smith said when he cited the Paypal example. Stellar was at its peak January 4 when its price touched $0.864 and market cap was $25 billion, as tracked by CoinMarketCap.

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