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  • Tokens

    • Stellar (XLM)

    10/14/2025 16:00 UTC

    $0.334

    % Today
    -4.90%

    Unlock Schedule

    Stellar (XLM) Token Unlock & Vesting Schedule

    The unlock chart above provides a clear visual overview of the Stellar (XLM) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence XLM price performance.

    Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.

    Tokenomics & Utility

    Stellar tokenomics at a glance

    • Fixed supply: In November 2019, SDF ended inflation and burned 55 billion XLM, reducing total supply from 105B to 50B. SDF stated it would not burn additional lumens. (stellar.org)
    • Network usage: XLM is required for fees, account reserves, and certain operations (for example, creating trustlines, offers, or smart contract interactions). These design choices keep the ledger lean and resist spam while keeping user costs minimal. (developers.stellar.org)
    • No staking: Stellar does not use proof-of-stake; SCP achieves consensus via validator quorum sets. That means “staking rewards” mechanics do not apply to lumens. (Developers can still build yield products via DeFi.) (developers.stellar.org)

    What drives XLM’s utility

    • Payments: Fees and reserves are paid in XLM; path payments can route through XLM or directly through pools and order books.
    • Smart contracts: Soroban apps use XLM to cover inclusion fees and metered resources.
    • Liquidity: XLM often acts as a routing asset across the SDEX/AMMs, supporting cross-currency swaps that underpin Stellar’s payments focus. While markets determine XLM price, fundamentals—throughput, cost, liquidity depth, and real-world integrations—matter for long-term utility. (developers.stellar.org)

    Assumptions

    • The 'Pre-2019 SDF Distributions' total is modeled as 20B circulating (as of 2019-11-04) minus total inflation minted to that date.

      SDF’s 2019 announcement only provided an approximate 20B figure 'out in the world' without a precise breakdown by program; no official aggregate claims totals exist for each airdrop/partner round.

    • Inflation emissions are represented as a single linear monthly schedule from 2014-07-01 to 2019-10-28.

      Inflation paid out weekly at ~1%/year until disabled by Protocol 12 on 2019-10-28; exact weekly batch timings are aggregated to monthly for charting.

    • Post-2019 SDF Mandate pools (Use-Case Investment, Ecosystem Support, User Acquisition) are modeled linearly over ~10 years.

      SDF stated intent to use or disperse most mandate funds within ten years; exact month-by-month spend is discretionary and not scheduled.

    • Direct Development escrow unlocks reconcile to ledger-reported original balance (~11.95485B) rather than the rounded 12B headline.

      SDF mandate text says '12B' and '3B per year beginning 2021'; SDF’s mandate table shows an original total of 11,954,850,982 XLM. We sized the 2020 tranche to align totals.

    • No PoW/PoS issuance, liquidity mining, or protocol revenue distributions exist for XLM.

      Stellar uses SCP (federated Byzantine agreement); lumens are not mined or staked; protocol fees accrue to the fee pool (non-circulating).

    • Upgrade Reserve claims from the 2015 network relaunch are excluded as a separate allocation.

      SDF docs confirm an Upgrade Reserve exists and can be claimed 1:1 by legacy holders, but no authoritative aggregate historical claim totals by date were found to model a nonzero schedule.

    Allocations

    Network Inflation (1%/year, ended 2019-10-28) 10.89%
    98%
    How certain we are about this information
    5,443,902,087.347 tokens
    Linear vesting: Jul 1, 2014 - Oct 28, 2019 (monthly)
    Protocol-level inflation minted at ~1% annually, distributed weekly to inflation destinations until Protocol 12 disabled inflation by validator vote on 2019-10-28.
    Pre-2019 SDF Distributions (World Giveaway, Bitcoin/XRP Airdrops, Partner Grants, Sales) 29.11%
    60%
    How certain we are about this information
    14,556,097,912.653 tokens
    Linear vesting: Jul 1, 2014 - Nov 4, 2019 (monthly)
    Aggregate of all SDF-led distributions prior to the November 2019 mandate update, including: Direct Sign-up/World Giveaway, Partner programs, Bitcoin holder distributions (rounds in 2016 and 2017), XRP holder program, and marquee airdrops (e.g., Blockchain.com wallet). Tokens amount derived as ~20B circulating reported by SDF on 2019-11-04 minus total inflation minted to that date.
    SDF Mandate: Direct Development (Escrow Unlocks) 23.91%
    90%
    How certain we are about this information
    11,954,850,982 tokens
    Linear vesting: Nov 5, 2019 - Dec 31, 2020 (monthly)
    Initial tranche made available for 2020 operations per SDF mandate; sized to reconcile ledger-reported original balance (~11.95485B XLM) with public '12B' headline.
    Linear vesting: Jan 1, 2021 - Dec 31, 2021 (monthly)
    Mandated escrow unlock ~3B XLM in 2021.
    Linear vesting: Jan 1, 2022 - Dec 31, 2022 (monthly)
    Mandated escrow unlock ~3B XLM in 2022.
    Linear vesting: Jan 1, 2023 - Dec 31, 2023 (monthly)
    Mandated escrow unlock ~3B XLM in 2023.
    SDF Mandate: Use‑Case Investment (Enterprise Fund + New Products) 20.00%
    90%
    How certain we are about this information
    10,000,000,000 tokens
    Linear vesting: Nov 5, 2019 - Nov 5, 2029 (monthly)
    SDF stated intent to deploy over roughly 10 years after the 2019 mandate (8B Enterprise Fund + 2B New Products). Modeled as linear monthly for visualization.
    SDF Mandate: Ecosystem Support (Infrastructure + Currency Support) 4.00%
    90%
    How certain we are about this information
    2,000,000,000 tokens
    Linear vesting: Nov 5, 2019 - Nov 5, 2029 (monthly)
    1B for Infrastructure/indie dev grants + 1B for Currency Support per SDF mandate; modeled as linear over ~10 years.
    SDF Mandate: User Acquisition (Marketing + In‑App Distributions) 12.00%
    90%
    How certain we are about this information
    6,000,000,000 tokens
    Linear vesting: Nov 5, 2019 - Nov 5, 2029 (monthly)
    Marketing Support (2B XLM) to grow Stellar user base; modeled as linear as SDF deploys over time.
    Linear vesting: Nov 5, 2019 - Nov 5, 2029 (monthly)
    In-App Distributions (4B XLM) for user incentives via apps (e.g., Keybase-style programs); modeled as linear over ~10 years.

    Description

    #20

    Stellar is a blockchain network that enables fast and low-cost cross-border payments and digital asset exchanges. It uses its native cryptocurrency, XLM or Lumens, as a bridge currency and to pay for transaction fees.

    Sector: Payments
    Blockchain: Other L1
    2014
    Last Updated: 10/8/2025 20:05 UTC
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