The price of Stellar Lumens (XLM) rose 60% in the last 24 hours and exceeded the 20-cent mark for the first time since September 2018. The “Stern” award campaign followed an announcement by the project developers that a new version of the Stellar Public Network protocol had been implemented by validators.
The Protocol 15 upgrade went into effect on November 23 at 4:00 p.m. UTC and introduces two new features designed to reduce the complexity of the users of network-based Stellar apps and services.
Price action for Stellar Lumens has been relatively subdued over the past year until November 21, when trading volume began to rise. XLM has doubled in price in the past 48 hours and leads the top 100 coins by market capitalization on weekly earnings and is + 125%. It is among a handful of coins currently topping the altcoin package in what may be a long-awaited “alt season”.
$ XLM Stellar Lumens was the first altcoin I bought
I’ve never sold anything and have added it to my stack over the past few years
I’m happy to have a mountain now with an average entry of $ 0.07 ✅
Let’s send it to Valhalla #StellarLumens #Bitcoin
– † hê Çðïn Mån Ⓥ þålå † ïnê Lïgh † † (@LightPalatine) November 24, 2020
Stellar was originally derived from the Ripple Labs protocol by Jed McCaleb and introduced in July 2014. The aim is to reduce the cost of cross-border payments using blockchain. The project focuses in particular on regions with no or no banks, where access to traditional financial services is either non-existent or unaffordable.
Stellar’s Protocol 15 upgrade includes two new components designed to improve the user experience while defending against “farm attacks” and other methods that bad actors can use to try to undermine the purpose of the network. In a farm attack, multiple accounts are created by an entity to collect the small amounts that are sent to those accounts by service providers that are required to activate the account.
According to Stellar’s official blog, the features of Protocol 15 have been in development for over a year and address some of the “biggest problems” developers face when building apps and services for customers on Stellar.
After upgrading, developers can create simpler and better user experiences that abstract the complexities of the blockchain without losing the benefits of a fast, cheap, and permissionless public ledger.
Stellar has 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 when it saw a “way to reduce the friction associated with cross-border payments in Africa and P2P payment activities”.
In October, Stellar announced that Stablecoin USDC will be hosted on its blockchain sometime in 2021, furthering its mission to facilitate cross-border money transfers. Stellar Lumens’ extremely low transaction fees and processing times of 4 to 5 seconds are among the most important selling points as a cryptocurrency.