Stellar Lumens Doubles Its Price in 24 Hours
On Nov 25, 2020
All eyes are on Ethereum and Bitcoin. In the meantime, Stellar Lumens (XLM) adds value to its price with the announcement of the new protocol.
While people are busy thinking about their next moves about Bitcoin, Stellar hiked 60% in price. During the 24 hours, Stellar more than doubled the price. It passed the $0.20 level for the first time since November 2018.
The surge in price followed the announcement of the Protocol 15 Upgrade. According to the official website, they announced the upgrade on 23 November. Protocol 15 includes new features, which are the Claimable Balances and Sponsored Reserves. New features will make it easier to build user-friendly apps on Stellar. Due to the test results, both services worked accurately. As it is with other platforms, protocol changes are done with the voting process of nodes. Following the successful release of the protocol, the price of Stellar doubled.
Additional to the new protocol release, Stellar announced partnership news with the community. The partner company is the East-African b2b payment platform called ClickPesa. With the partnership, they want to make cost-effective cross border payments and help the companies in East Africa and beyond to benefit from the services. In East Africa, banks are out of reach and expensive for many people. Co-founders of ClickPesa thought that their visions were similar about the creation of simple and accessible transaction after participating in the seminar in Johannesburg.
Stellar is a platform which allows payment and storage solution for users. Jed McCaleb and lawyer Joyce Kim founded Stellar after leaving Ripple in 2013. Jed McCaleb commented that he wanted the platform in which they can use fiat currencies at the same time with cryptocurrencies. The native token of Stellar is called a lumen. Stellar has a unique feature that the transaction fee is stable, and it is 0.00001 XLM. Overall 100 million XLM have been issued by Stellar, and currently, there are 20.7 billion in circulation.