- Binance Terminates XLM Staking Support and Stake Reward
- Stellar Upgrades to its Latest Version 12
Recent update on Binance shows that Binance users will no longer receive XLM rewards for staking, the exchange has announced that it has terminated Stellar (XLM) staking due to the recent upgrade by Stellar to Version 12. Going by the press release by the company, the upgrade has led to the suspension of the inflation program of the crypto project that makes it impossible for Binance to give stake rewards on its staking program from now onwards.
The Binance staking program was initially launched at the end of September 2019 to reward holders of cryptocurrencies that run on the Proof-of-Stake (PoS) algorithm. It was stated that such networks will necessitate the holders of a specific amount of the cryptocurrency in a process known as staking to help authenticate transactions on the network and get rewarded similar to mining on a Proof-of-Work network such as Bitcoin.
Stellar Upgrades to its Latest Version 12
With the Binance program, no minimum prerequisite is issued so anyone with any amount of eligible Proof-of-Stake crypto-assets can earn rewards just by depositing such crypto holdings on the exchange. Also,
On 28th October 2019, Stellar announced its recent upgrade to its network, Stellar has been upgraded to version 12. The upgrade happened after validators voted for it, it upgrades thus far came with numerous features, one of which was the removal of the inflation program. Other enhancements to the network include History buckets performance upgrade by removing Bucket Shadowing and making Path Payment Symmetrical.
As an influence of this upgrade, holders of XLM can no longer partake in Binance’s staking reward program going forward. However, the staking reward for October will be issued to all XLM holders within the first five days of November 2019 before their accounts are permanently closed for staking.
Stellar (XLM) Price Today – XLM / USD
Surprisingly, staking is still on, as the company stated that there were 12 coins on the staking program and now that Stellar is gone, the company states that the program is remaining 11. Thus, holders of such coins can still stake their crypto holdings and get monthly rewards as usual. Therefore, XLM holders who want to continue staking may have to think through owning some of these coins that is if they do not have them.
Stellar Lumens News Today – Headlines for January 16
- Visa buys the Plaid financial platform to compete with Stellar Lumens and Ripple
- The deal cost twice of Plaid’s worth at $5.3 billion
- The acquisition will improve cross-border payments
Stellar Lumens news today – global payments processor Visa has reportedly completed a deal that will ensure the improvement of cross-border payments. The company has reportedly acquired the Plaid financial platform in a $5.3 billion deal. Plaid is a data network that makes tools that ensure that people can connect and exchange any type of financial information on applications and services like Venmo, Abra Wallet, Coinbase, and Transferwise.
With Plaid, users can manage their saving and spending habits. Plaid has been operational since 2013. It was founded by Zach Perret and William Hockey and is headquartered in San Francisco, California.
A Match Made in Heaven
Recall that Visa had previously promised to expand the level of its operations and enter into new waters. The firm also intended to expand its profile and enter into markets. Now it has moved to acquire Plaid. This acquisition might just be exactly what Visa needs to fulfill its lofty ambitions. The decision to merge with Plaid can boost the payment processing capabilities of Visa’s customers. It is also expected to serve the entity’s current and new clients better.
The scheme will expand Visa’s desirability and the scope of its
“Plaid is one of the leading entities in the ever-growing fintech sector with high talent and capabilities. This acquisition, added with to our many fintech efforts underway, will place Visa in a good position to deliver more value for financial institutions, developers, and consumers.”
Visa May have Toppled Ripple, and Stellar with its New Acquisition
It is well known that the demand for rapid cross-border/international payment services is very high. Hence, this recent acquisition will allow Visa to meet this demand better. It may come as bad news for other providers like Stellar and Ripple. Ripple reportedly has 300 partners around the globe currently, with some of their partners long-standing heavyweight financial institutions. Ripple’s expectations remain bullish for now as the network expects to do some serious business this year.
Stellar Lumens, on the other hand, has a huge share of the payment sector which might make it envious of Visa’s recent acquisition of Plaid. Obviously, the network would be plotting a counter-attack. Recently, Stellar partnered with Thai tech-based firm Lightnet. Lightnet is an ambitious firm seeking to overtake SWIFT and be crowned the number one international payment system. Lightnet has since realized a whopping $31.2 million in VC which will be used to create a software solution based on Blockchain used by Stellar Lumens.
News Today – Top Headline for Stellar Lumens, January 12th, 2020
- Thai-based Lightnet will replace SWIFT with Stellar and Ripple
- The Blockchain startup has raised $31.2 million in its recent financing round
- Lightnet to facilitate $50 billion worth of transactions annually
Stellar Lumens News Today – Getting a reliable low-cost global remittance solution for immigrants looking to send funds to their families has become difficult. Existing solutions like SWIFT offers over the top charges and is relatively slow. This has been a challenge for users who require a more efficient service. The Stellar network can be used to provide this solution. Now one firm is looking to make things easier for those affected.
According to reports, a Thai-based Blockchain provider, Lightnet, is set to replace its SWIFT payment solution with Stellar. The Blockchain startup that just raised $31.2 million in VC funding is looking to attack existing systems like SWIFT. Lightnet’s recently raised capital will be used to build a Stellar based Blockchain solution which will replace SWIFT.
4 Billion Users will benefit from the Stellar-backed Technology
Some of the investors who raised the funds for Lightnet include UOB Venture Management, Uni-President Asset Holdings, HashKey Capital, Signum Capital, Hopeshine Ventures, Du Capital, Seven Bank, and Hanwha Investment & Securities. China and India are Lightnet’s largest target markets for its new Stellar-based solution. Together, China and India account for half of the global population.
Lightnet Already offers BirdgeNet, SmartNet, and LiquidNet
Lightnet already offers three highly innovative payment solutions including BirdgeNet, SmartNet, and LiquidNet. The main platform has already been completed and the first of many transactions is expected to be completed by the conclusion of the quarter of this year. The report also adds that the Thai-based Blockchain solutions company plans to establish more collaborations with big entities like MoneyGram, Seven Bank, Ksher in Japan.
According to Lightnet, this will be done to make sure the ecosystem continues to grow and move in the right path. Ripple and Stellar provide cross-border payment solutions in real-time and low cost. Ripple has been working with MoneyGram since last year and the network has achieved strong results so far. Stellar recently presented a ten-year financial plan that calls for the rest of the 30 billion XLM, to be used for marketing, relationship development, and developer compensation.
Crypto Expert Mati Greenspan Criticizes Stellar (XLM), Says Its Tokenomics All Messed Up
Recently, the focus of attention of the crypto community on Twitter has been mainly on Bitcoin and Ripple.
Unlike other projects, in which teams (Tron) or the community (XRP) are very active on social media, there is no much-discussed news from the Stellar Development Foundation (SDF) or about XLM price movements.
The news that attracted a lot of community’s attention was when back in November 2019, the Foundation made a decision to burn half of the XLM token supply.
When asked about his opinion about XLM, the prominent crypto analyst and the founder of Quantum Economics Mati Greenspan was not particularly enthusiastic about the Stellar tokenomics. However, he said the SDF is taking steps in the right direction.
“The Stellar tokenomics are all messed up”
Mati Greenspan is known to be a reasonable Bitcoin supporter. He is also a long-term XRP bull, even though he disagrees with the major Ripple’s policy regarding XRP.
When he was asked about his opinion on Stellar, the 13-ranked coin on the CoinMarketCap scale, Mati Greenspan stated that he had never been bull
He believes that their tokenomics is all messed up. However, he points out that the decision to take half of the XLM supply to the incinerator was ‘a step in the right direction’.
SDF grabs 98 percent of all inflation payouts in XLM
As reported by U.Today previously, the SDF has recently pocketed 98 percent of all the inflation payouts. Apart from that, it controls 80 percent of all the total XLM supply. Similarly to XRP, Stellar is often criticized as a centralized project.
In 2019, XLM proved to be one of the worst-performing assets, according to Alistair Milne, the CIO of the Altana Digital Currency Fund. XRP, XLM and Tron are among the top losers of last year, while Bitcoin and Tezos were the best performing digital assets on the market.