Blockchain, as one of the popular crypto wallets for storing Bitcoin, Bitcoin Cash, and Ethereum is set to airdrop Stellar Lumens (XLM) worth $125 million starting from this week. The company is working hand in hand with Stellar Development Foundation to giveaway 2.6% of the total Lumens in circulation.
This development was brought about after Blockchain specified its Airdrop Principles on its webpage and Stellar, became the first to be partnered for an Airdrop. In Blockchain’s words, Stellar was chosen because of its, “Scalability”. Therefore, the purpose of this airdrop is to make Stellar a strong contender with other cryptocurrencies.
For the largest airdrop ever, 1 (valued at $25) out of a total of 490 million Lumens which has been set aside, will be distributed into the wallets of those who signup on the Blockchain platform, and for free. The total value that will be received by a participant is also dependent on a first come, first served basis.
The earliest members will receive their token within the week, but there is no specified duration for the airdrop. Blockchain has stated that it’ll be determined by the speed at which there are verified airdrop participants.
Accordingly, before a person can qualify for the airdrop, they need to undergo a verification process which has been mandated by Blockchain and live in an eligible jurisdiction. That is to say, only certain countries in Africa, America, Antartica, Asia, Europe, and Oceania are supported for the giveaway.
Explaining why Stellar was chosen out of a wide range of cryptocurrencies, Blockchain’s CEO, Peter Smith said;
We were looking for a protocol and network built for scalability with an active and rapidly growing ecosystem
On the other hand, the co-founder of Stellar Development Foundation, Jed McCaleb had this to say;
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.
Stellar which is among crypto assets like Cardano (ADA) and ZCash (ZEC) whose listing is pending on Coinbase, is expected to have a soar in price when it gets listed on the exchange. This was the case of the Basic Attention Token (BAT) which got listed on Coinbase Pro On Nov, 2.
Therefore, coupled with this Airdrop, Blockchain’s and Stellar’s aim might be achievable. But if it isn’t, this can be attributed to the fact that only 0.47% of Lumen’s total supply will be distributed during the airdrop.