The stellar network is known for its cross-border payments developments backed by the skillful IBM. Stellar now supports 42 different currencies through this partnership with IBM. Recently, Stellar network just launched new developments to keep up with the ever-evolving inventions in the cryptocurrency-development ecosystem.
Stellar recently announced via their official Twitter account that Solar Wallet has implemented SEP-6 standard to ease withdrawal of stablecoins from users’ wallets to their bank accounts. Prior to this announcement, Stellar had also publicized that they have released GO SDK v.1.3.0 which will further ease cross-border payments involving crypto. Regardless of these positive developments, the XLM price shows a displeasing performance.
So, What Is The SEP-6 Standard All About?
This new innovation is centered around connecting different traditional payment methods seamlessly and at low costs. The SEP-6 standard will require wallet providers to adopt extra off-ramps for their users.
It is set to greatly improve user experience in that wallets will directly interact with regulated financial institutions (anchors) without having to exit the wallet first before being able to access the anchor’s site. This sets the ball rolling on global remittances solutions by facilitating a fast and inexpensive means of sending ‘anchor’ stablecoins to another person.
Another attractive feature of this SEP-6 is allowing users to use an asset off-ramp to withdraw tokenized currencies from their wallets to their bank accounts at low costs. This feature is likely to make a positive impact on the Stellar network as well as other stablecoin issuers who will adopt this SEP-6 standard and get to understand what their tokenized assets are fully capable of.
However, in the meantime, SEP-6 only supports three off-ramps but plans to integrate this standard into more frequently used stable coins and tokenized assets in the foreseeable future. The three supported off-ramps include ‘Stellarport’ (to withdraw BTC, ETH, and LTC), ‘AnchorUSD’ (for withdrawal of US dollars) and Tempo (to withdraw Euros to any bank account).
GO SDK v.1.3.0
This latest update is aimed at improving the Stellar network in order to accommodate a broad spectrum of cross-border payment use cases. Stellar posted the announcement on Twitter stating,
This update has three main advantages as published on Stellar’s GitHub page: bolstering fast retrieval of the home domain name by incorporation of helper method known as “Client.HomeDomainForAccount”, giving users access to Transaction Envelopes after creating a transaction even before the transaction is signed and incorporating “Transaction.TransactionFee” method.
Stellar revealed plans to do away with the “Transaction.SetDefaultFee” method and replace it with “Transaction.TransactionFee” method which will help users get the exact fee that will be paid for each transaction. The former proffered a fixed predetermined fee for transactions.
Stellar Lumens (XLM) Price Outlook
As bitcoin continues with the price upswing, the 12th largest cryptocurrency by market cap doesn’t seem to keep up with the momentum. Despite these promising developments, Stellar Lumens (XLM) is giving a lackluster performance price-wise with a drop of 6.88% in the last 24-hr period to trade at $0.094.
The digital coin has also plunged from last month’s closing high of $0.115131. Notably, most altcoins in the crypto market are currently flashing red as well. XLM holders are hoping that it’s readying for a rally alongside other altcoins in the near future. However, we can only wait and see the trend that XLM carves out.
Stellar Lumens Surges As IBM, Binance and Poloniex Announcements Drop
Stellar price was deep in the red zone yesterday with many other cryptocurrencies. Its price hasn’t also impressed traders for the past week as it experienced price swings. Today, it has performed a lot better by surging by 14% after the Libra bears eased off the market. This prominent bank coin recorded an impressive correction in double digits.
Stellar (XLM) Price Today – XLM / USD
After the second hearing of David Marcus of Calibra, BTC price dropped to $9,500 from $11,500. The altcoin market was not spared in the bloodshed. The total market cap of the crypto market dropped under $250 billion for the first time in a while.
Stellar Lumens Rose By 15% in The Last Hour
Stellar has not had a good year, but it surged by 15% in the past 24 hours. Also, the token surpassed Tron as it took back its position at the tenth spot.
Some reasons for this surge include the announcement for Poloniex and IBM. Poloniex is an American crypto exchange and it announced that more than 1.2 million XLM was distributed to customers of the exchange due to XLM’s inflation.
The second catalyst is the blockchain project of IBM called ‘World Wire’ it uses the stellar protocol and has helped pump the altcoin’s price. IBM recorded a great second quarter as reported by CNBC. The shares of the company saw a 4 percent surge and corrected immediately after. The share price of the company has risen by 26% since January 2019.
LATOKEN is the largest XLM traded exchange as it held 14% of the trade volume through the XLM/USDT trading pair. Some other exchanges with high volumes include BW.com, Bit-Z and Fatbtc.
Binance is Distributing $775,000 Worth of XLM to Binance Users
The largest cryptocurrency exchange in the world, Binance, has revealed that it earned about 9.5 million XLMs from crypto staking. It also revealed that $775,000 of those tokens would be given to Binance users.
About a year ago, the Stellar team advised Binance to stake rewards. They did this by changing the different parameters on the online crypto wallet and offline wallets. Binance followed the recommendation and earned more than $700k worth of XLM tokens.
Binance is Adding Support for XLM Staking
Binance is also making plans to add staking support for XLM on the exchange. At the moment, Binance distributes NeoGas, Ontology Gas, Bittorent Tokens and VTHO for NEO, Ontology, Tron and Vechain holders.
The company’s management has noted that staking several cryptos on the platform is rewarding. HODLing can even help some users generate some income on the side.
Binance announced that Stellar Lumens staking support will begin on July 20. Also, it will take snapshots of users XLM balances daily in their exchange wallets. This process will continue for a 40-day period.
After checking the XLM accounts for the one month plus period, on Sept 1, 2019, the average XLM balances will be calculated based on the snapshots that were earlier collected. Then the management will complete the distribution of XLM rewards to customers which were earned from staking.
However, to be eligible, users must have some XLM in their exchange accounts to be able to receive rewards. Then the 9.5 million XLM which was generated through staking would be distributed to users on the platform that maintain some XLM in their balance by July 20 until September.
Stellar (XLM) Explodes: Price is up by 8.26%, Essentially Ousting Tron (TRX) to Assume 10th Spot
After a rather turbulent past few days, Stellar Lumens (XLM) seems to be out of the woods for now with a more than 7% positive correction. At the moment, XLM is the best performing top 10 cryptocurrency, outshining Litecoin.
According to data from CoinGecko, XLM has a market capitalization of $1.66B which exceeds Tron’s market cap by $133,575,573, therefore assuming the position of the 10th largest digital coin as Tron (TRX) follows behind.
Libra’s hearings before Senate opened a Pandora’s Box of downward correction for XLM. Subsequently, XLM dipped to $0.075. Today, however, the digital asset is soaring. At press time, XLM is trading at $0.084896, with the market flashing green.
What’s This Price Surge Being Attributed To?
Yesterday, we reported that Poloniex exchange had distributed approximately 1.2 million Stellar Lumens to users as part of the Stellar Inflation Reward. Poloniex exchange had reported this via a tweet. Many believe that this has certainly positively impacted the price of XLM.
Another possible catalyst is the collaboration between the Stellar Network and the IT behemoth, IBM. Earlier this year, IBM and the Stellar Network launched a joint project dubbed IBM Blockchain World Wire. After its deployment, Stellar Network’s native coin, Lumens (XLM) recorded moderate gains.
Now most recently, CNBC news outlet revealed that IBM had reported “better than expected” second-quarter earnings as of Wednesday, July 17. This resulted in a 4% surge in IBM’s share prices.
Now you must be wondering how IBM earnings impact XLM’s prices. Well, IBM’s performance and Lumens price move in tandem. This means that the surge in share prices for IBM could have excited the XLM community leading to a surge.
Late last month, XLM’s price slipped by 8.2% within 24 hours, following the exit of Jesse Lund and CTO Stanley Yong from IBM. Lund was the driving force behind the World Wire payment network, as CoinDesk reported. This goes further to indicate the undeniable interrelationship between IBM and Stellar Lumens (XLM).
Price Upswing Not A Long-term Bullish Signal, But It’s Great For XLM’s Reputation
Albeit a 7% surge doesn’t necessarily signal a long-term bullish bias, it’s crucial to acknowledge that such a short-term rally portrays a great picture for XLM among its traders and investors.
This is a great affirmation to XLM investors that it is still a viable investment, pumping prices by 7% over a 24hr period, outpacing top cryptocurrencies like bitcoin (BTC), ETH and XRP.
Binance to distribute 9.5 million Stellar Lumens earned from staking, will add XLM staking support
Binance, the world’s largest cryptocurrency exchange by trading volume, recently revealed that the platform had earned 9.5 million Stellar Lumens (XLM) from staking the cryptocurrency.
$775,000 of XLM Will Be Distributed to Binance Users
In August 2018, the Stellar team advised Binance’s management regarding how to earn staking rewards by changing various parameters on the exchange’s hot (online) crypto wallets and cold storage (offline) wallets.
After following Stellar team’s recommendations, the Binance platform managed to earn $775,000 worth of XLM tokens (at current market prices). Binance documented the amount earned each week from staking XLM since August 31, 2018.
Adding Support for XLM Staking, Distributing 9.5 Million XLM Earned from Staking
The Binance team is now planning to add staking support for XLM on its platform, and the leading exchange will also share the 9.5 million XLM it earned through staking. Currently, Binance’s platform distributes NeoGas for NEO stakeholders, Ontology Gas tokens for Ontology investors, BitTorrent tokens for TRON investors, and VTHO (“VeThor”) tokens for VeChain holders.
Binance’s management noted that staking multiple cryptocurrencies on its platform can be rewarding, and even HODLing certain tokens may allow users to generate a substantial amount of passive income.
Stellar Lumens Staking Support Begins on July 20
On July 20, 2019, Binance’s platform will begin supporting staking for Stellar Lumens, and it will take daily snapshots of users’ XLM balances in their exchange wallets. The Binance team intends to check customers’ Stellar account balances for a 40-day period.
On Sept. 1, 2019, the average user XLM balances will be tallied based on the snapshots collected. Binance’s management will then complete the distribution of customers’ XLM rewards earned from staking.
Users Must Have XLM in Exchange Account to Receive Rewards
Notably, Binance will distribute the 9.5 million Stellar Lumens it generated through staking to all platform users who maintain XLM balances in their exchange wallets, beginning on July 20, 2019.
As explained by the Binance team, users who stake XLM tokens will receive a “bundled bonus” payment of XLM staking rewards. The bundle will include users’ monthly staking rewards from the 40-day period. Additionally, users will receive some XLM tokens from the one-time distribution of 9.5 million Stellar Lumens tokens
UPDATED: JUL 18 AT 5:21 AM PDT$0.0912.59%
Stellar, currently ranked #10 by market cap, is up 12.59% over the past 24 hours. XLM has a market cap of $1.71B with a 24 hour volume of $397.26M.
Chart by CryptoCompare
Stellar is up 12.59% over the past 24 hours.