恒星币（XLM）代币经济学

Stellar (XLM) is a Layer-1 blockchain designed for high-speed, low-cost cross-border payments and asset tokenization. Its tokenomics have evolved significantly since its inception in 2014, moving from an inflationary model to a fixed-supply structure managed by the Stellar Development Foundation (SDF).

Issuance Mechanism

At the network's launch, 100 billion XLM were created. Initially, Stellar employed a 1% annual inflation mechanism where new tokens were minted weekly and distributed to accounts that received enough votes from other users. However, this inflation mechanism was deprecated on October 28, 2019, following a validator vote.

On November 4, 2019, the SDF executed a massive token burn, sending approximately 55 billion XLM to a burn account. This action effectively reduced the total supply to approximately 50 billion XLM. Currently, no new XLM are issued through mining or inflation, making the supply relatively fixed, though the SDF continues to distribute tokens from its existing mandates.

Allocation Mechanism

The initial 100 billion XLM supply was intended for broad distribution to encourage network adoption. Following the 2019 burn, the SDF restructured its mandate to manage the remaining ~30 billion XLM under its control. The current allocation categories include:

Usage and Incentive Mechanism

XLM serves several critical functions within the Stellar ecosystem that drive demand and ensure network security:

• Reserve Requirements: To prevent spam, every account on the Stellar network must maintain a minimum balance. As of early 2024, the base reserve is 0.5 XLM. An account requires a minimum of two base reserves (1.0 XLM) to exist, plus 0.5 XLM for each "trustline" (asset held) or offer.
• Transaction Fees: Every operation on the network costs a small fee (base fee is 0.00001 XLM). These fees are not paid to validators but are collected by the network and effectively removed from the circulating supply.
• Bridge Currency: XLM acts as an intermediary asset for trades between illiquid currency pairs. For example, if a direct path between two fiat stablecoins does not exist, the network can route the trade through XLM.
• Governance: Through the Stellar Community Fund (SCF), the community uses "Neural Quorum Governance"—a reputation-based voting mechanism—to signal which projects should receive XLM grants.

Unlike Proof-of-Stake networks, Stellar does not provide monetary rewards or "staking interest" to validators. The incentive for running a node is the stability and security of the network for the entities using it.

Locking Mechanism and Unlocking Time

Stellar provides native support for time-locked escrows through its "TimeBounds" and "Pre-authorized Transaction" features. This allows users to lock assets until a specific ledger time is reached.

Regarding the SDF's holdings, while specific "unlock dates" for the entire 30 billion XLM are not governed by a single smart contract cliff, the SDF releases tokens according to its publicly disclosed mandate. For example:

• Employee Grants: SDF employees receive XLM grants as part of their compensation, which typically follow internal vesting schedules.
• Enterprise Fund: Tokens are deployed as investments into outside businesses, often subject to negotiated lock-up periods.
• Vesting in Ecosystem Projects: Third-party protocols built on Stellar, such as YieldBlox (YBX) or various DeFi platforms, often implement their own locking mechanisms (e.g., 24-month investor vesting) to ensure long-term alignment.

As of 2025 and 2026, the Stellar DeFi ecosystem has seen a surge in Total Value Locked (TVL), reaching over $174 million by March 2026. This growth is driven by protocols like Blend and Aquarius, which utilize their own internal locking and incentive structures to attract liquidity.