Get ready for the motherload…
The Stellar Development Foundation – creator of the XLM cryptocurrency – announced earlier this week that they are gearing up for the biggest airdrop in crypto history.
The airdrop will total $125 million worth of Steller Lumens (XLM), which will be released to Blockchain Wallet users.
The airdrop will be released in batches, with the first arriving this week. Newcomers to Blockchain Wallet will receive $25 worth of XLM, and the rest of the airdrop will be given away to new and pre-existing walleters. The specific amount of each airdrop was not disclosed.
As stated on the company’s website, each participant are restricted to one XLM distribution, and will be required to verify their identity.
Why the big drop? Blockchain have previously supported airdrops as an effective way to drive decentralisation, while also enabling users to trade with newer crypto assets without having to buy or mine them. The company have chosen the Stellar currency because its network provides quick, cost-effective transactions, even when being used by millions of people simultaneously.
“At Blockchain, we’re committed to connecting the world to cryptocurrencies, and we believe in driving decentralisation and adoption for new networks.” said Blockchain CEO Peter Smith in a blog post. “Doing a massive giveaway […] of an asset like Stellar allows us to connect millions of new users to the Stellar network and introduce them to a new generation of cryptocurrency projects and innovation.”
The company will also be partnering with several organisations for the airdrop, including tech start-up, Code.org and fundraising company Network for Good. They’ll also be donating to support non-profit organisation, charity: water.