The cryptocurrency market at the turn of the new year has been experiencing a major boom, with new and established cryptocurrencies enjoying a massive boost in price and the value. Cryptocurrency like bitcoin and all other altcoins have been constantly enjoying a steady rise in price, and one crypto making headline this year is Stellar Lumen (XLM).
A Steady Rise
Stellar Lumen (XLM) has been enjoying a rather smooth run this year, with the coin experiencing more highs than lows in the cryptocurrency rating chart. The altcoin had been relatively quiet over the past few weeks, with minor gains, which is followed by major corrections in the market.
The coin currently pumping at an enormous rate of 9.71% in an hour, with a massive trade volume of well over $500 million in just over 24 hours.
The massive rate being experienced by the coin in 24 hours was recorded to be 10.20% and the market capitalization was hovering around $1.9 billion.
Stellar Lumens also enjoined a massive pull on BW.com, as it was the most traded on the exchange, where the trading pair of XLM/USDT pulled around $101 million in 24 hours trading volume, which was equivalent to around 20% of the market cap.
In the last 24 hours, XLM has consistently fallen in valuation, before recording the aforementioned figures in the market cap. The token was down to $0.086, before the hike took its valuation to $0.1001, as at press time.
Some analysts are of the opinion that the current
Although, some are of the opinion that XLM will soon undergo yet another price correction, after the current wave of prices.
The competition among the major and new tokens are always on the edge, as their founders and developers are always looking for ways to always outdo one another, in the ever-competitive market.
Bitcoin Exchange Guide reported earlier in the year that the leaders of both XLM and TRX collided, with McCaleb calling Tron, nothing but pure garbage, while Sun discarded the XLM founder, tagging him as an attention seeker and not worth the competition.
Jed McCaleb openly criticized Tron, telling newsmen that he has a particular distaste for projects that raise tons of money during their initial coin offering but can offer little or zero technical merit.
He stressed further by claiming that most of the available projects in the cryptocurrency market are garbage, and can only wish things will be different in the coming future.
Tron’s founder, Justin Sun also believes that the best way for small or little projects to come up is to attack established and great projects in the industry, stating that Stellar is not a competitor, considering its project low transaction volume, lack of decentralization and the massive lack of support for decentralized apps.
Stellar Lumens puts an end to its largest airdrop to date
The Stellar Development Foundation is shutting down its $120 million airdrop program amid fraudulent account sign-ups.
Stellar’s largest airdrop to date is canceled
In September, the Stellar Development Foundation (SDF)—“a non-profit organization founded in 2014 to support the development and growth of the open-source Stellar network”—partnered up with Keybase, a free group messaging community and file transfer hub, to distribute 2 billion XLM for 20 months among the messaging platform’s user base.
The idea was to bring new users to Keybase and help expand the adoption of Lumens by getting it “into the hands of real people,” as stated by Denelle Dixon, SDF’s CEO. Dixon stated:
“All you have to do is have an authenticated Keybase account, and your XLM will appear in your wallet–automatically, every month, for as long as the airdrop continues.”
Now, the Foundation and Keybase revealed in a blog post that they would no longer continue with the giveaway. The decision comes after a massive number of fraudulent sign-ups tried to take advantage of the airdrop program overwhelming the
“Starting in the last week or so, hordes of fake people were beginning to come in, far beyond the capacity of Keybase or SDF to filter. It’s not in the Stellar network’s interest to reward those people; it is also not in Keybase’s interest to have them as Keybase users.”
Thus far, only 200 million Lumens were airdropped, worth about $10.6 million. And, SDF will distribute the final 100 million Lumens among Keybase’s verified users next week. For everyone else, registrations are closed.
This represents just 15 percent of the 2 billion XLM that were promised by the firms. But, as stated at the beginning of the program, “SDF reserves the right to end this giveaway early.” Now, it remains to be seen whether the Foundation will direct the remaining 1.7 billion Lumens to support other projects or if it will add it to the 55 billion tokens burned last month.
Stellar’s Denelle Dixon asserts Foundation is not a regulated entity
We are not a regulated entity because we are… And I don’t think the network layer should ever be regulated,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. Both Ripple and Stellar have explored ways to make cross-border payments easier. While the former has repeatedly called for an international framework for its product suite, the same cannot be said about the SDF whose main focus lies on the unbanked population and emerging markets globally.
According to the Stellar exec, if the network layer is regulated, “it’s like regulating the Internet.” On the latest edition of Money 3.0, Abra’s Bill Barhydt sat down with Dixon and addressed the regulatory environment and the Foundation’s stand regarding the same. Dixon stated,
“We’ve spent time with regulatory bodies, folks that do regulate like FinCEN and the Fed, and folks that actually do provide regulation of various different pieces, and also different areas in the DOJ [Department of Justice]. Those are traditional regulators, but we also have spent time with the policymakers, which are the domestically and extraterritorially focusing on Congress people and senators.”
She also highlighted
“Blockchain has a record, it’s open, it’s transparent. So even having those kinds of conversations really changes the dynamic. But at the outset, we’re not regulated. And also our wallet is a noncustodial wallet, and so we’re not from that standpoint from the application layer.”
Jed McCaleb, Stellar Co-founder and CTO, had previously stated that the Stellar Development Foundation [SDF] works mainly with licensed and regulated partners such as banks, fintech startups, and remittance companies. However, the Stellar protocol is a foundational and open technology usable by anyone. The Foundation’s goal is to leverage the Stellar network to increase financial access globally and in particular, to the more than 2.5 billion unbanked people in emerging markets across the world.
In a bid to improve the financial landscape and promote financial inclusion, Stellar had also announced a new initiative called the Stellar Partnership Grant Program.
Stellar’s Very Own Lightning Torch Has Been Showing Off Its Network Efficiency
- A scheme called the Lightning Trust Chain was started at the beginning of the year by a big cryptocurrency fan.
- It started to gain some traction across the industry.
- The bitcoin torch was a success and so with that, the Stellar Foundation took some ideas and has been running its own version of the “torch”.
A scheme called the Lightning Trust Chain was started at the beginning of the year by a big cryptocurrency fan nicknamed hodlonaut and it started to gain some traction across the industry. It then became known by many as the Lightning Torch. This torch was a way to test Bitcoin’s new second network layer that promised to give better scaling and quicker transactions at much lower costs.
So for those who don’t know, the “torch” was passed from one person to another, with each individual pitching in 10,000 Satoshis into the account. The funds later were
The bitcoin torch was a success and so with that, the Stellar Foundation took some ideas and has been running its own version of the “torch”. This was done as a way to show off its network efficiency with the initiative being started by a user called, Wouter Arkink back in summer.
As per ZyCrypto:
“Everyone passing the torch has to use Keybase, an end-to-end suite of apps adopted by the Stellar community. However, one doesn’t have to really be on Keybase to receive the torch. A friend can pass the torch to someone on Twitter, in which case the person can receive it once they get on Keybase. Stellar also uses the apps in its airdropping campaigns.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!