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The price of Stellar Lumens (XLM) has risen 60% in the past 24 hours and broke the $ 0.2 mark for the first time since September 2018. The “stellar” price action followed the announcement by part of the project developers that a new version of the Stellar public network protocol had been implemented by the validators.
The Protocol 15 update was voted into effect at 16:00 UTC on November 23rd and introduces two new features that aim to reduce the level of complexity presented to users of apps and services based on the Stellar network.
Price action for Stellar Lumens has been relatively subdued over the past year until November 21, when trading volume began to grow. XLM has doubled in price in the past 48 hours and leads the top 100 coins by market cap in weekly earnings, hitting 125%. It’s a handful of coins that currently lead the altcoin package into what may be a long-awaited “alternate season”.
$ XLM Stellar Lumens was the first altcoin I bought
I never ended up selling any and have been adding to my stack for the past couple of years
Glad I have a mountain of them at an average entry of $ .07 now ✅
Let’s send him to Valhalla #StellarLumens #Bitcoin
– † hê Çðïn Mån @ þålå † ïnê Lïgh ⚡ ⚡ (@LightPalatine) November 24, 2020
Initially forked from the Ripple Labs protocol by Jed McCaleb and launched in July 2014, Stellar seeks to reduce the cost of cross-border payments using blockchain. The project is particularly focused on serving regions of the world without banks or sub-banks where access to traditional financial services is either non-existent or excessively expensive.
Stellar’s Protocol 15 update includes two new components designed to enhance the user experience while maintaining a defense against “farm attacks” and other methods in which attackers can attempt to subvert the purpose of the network. A farm attack occurs when multiple accounts are created by an entity with the aim of collecting the small amounts of funds sent to those accounts by the service providers, which are required to activate the account.
According to the official Stellar blog, Protocol 15 features have been in development for over a year and address some of the “biggest pain points” for developers when building customer apps and services on Stellar.
“After the update, developers can create simpler and better user experiences that abstract the complexity of the blockchain and do so without losing any of the benefits of a fast, cheap, and permissionless public ledger.”
Stellar also just announced a partnership with East African business-to-business payment platform provider ClickPesa, which serves six countries in the region. According to Stellar’s blog post, ClickPesa was motivated to use Stellar by recognizing “an opportunity to reduce the friction inherent in intra-African cross-border payments and P2P payment business.”
In October, Stellar announced that the USDC stablecoin would be hosted on its blockchain at some point in 2021, furthering its mission to simplify cross-border money transfers. Stellar Lumens’ extremely low transaction fees and settlement times of 4-5 seconds are among its main selling points as a cryptocurrency.
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