We’re pleased to announce that Stellar Lumens XLM has become the latest listing on EQONEX, and users can now spot trade XLM against USDC on our exchange.
With many exciting developments in the Stellar network, including NFTs on the platform and partnerships with major global remittance companies, XLM looks set for a bright year ahead.
Established in 2014 by Ripple’s co-founder Jed McCaleb and former lawyer Joyce Kim, Stellar Lumens, or Stellar, is one of the industry’s longest-standing and most reputable blockchain projects. A decentralized open-source protocol that converts digital currency to fiat money at a low cost, Stellar aims to accelerate the financial inclusion of the world’s 2 billion unbanked.
The Stellar network makes it possible to send and trade all digital representations of money from dollars and yen to BTC and XLM, allowing global financial systems to work together on one single network.
Like Bitcoin and Ethereum, Stellar uses blockchain technology to record all transactions transparently and immutably. Unlike Bitcoin and Ethereum, the Stellar network does not rely on mining, nor does it adopt the popular Proof-of-Stake (PoS) consensus mechanism that requires transactions to be validated.
Instead, Stellar abides by a monetary policy similar to that of Ripple for producing its XLM tokens. Transfers on the network rely on the Stellar Consensus Protocol (SCP) to reach a consensus, which can achieve finality in less than three seconds. This allows for faster and cheaper energy-efficient transactions and offers an end-user experience that is more like cash. These features make Stellar an attractive option for sending remittances or for companies that offer micropayments or accessible mobile banking services.
Stellar initially minted 100 billion XLM tokens at the network’s launch. 25% of this token supply was distributed to various non-profits working toward financial inclusion. Seed investor Stripe received a 2% allocation (2 billion XLM), and some tokens were distributed through various giveaways such as airdrops. New XLM tokens are issued through a 1% annual inflation rate. Stellar also provides various different developer tools for building decentralized applications (dApps) on top of the network.
Since its launch, the Stellar network claims to have processed more than 450 million operations over 4 million individual accounts. The network is used by large enterprises such as Deloitte and independent developers who want to move money quickly and access new markets.
Its native lumen token (XLM) is required for transacting with the network. However, transaction fees are minimal and the focus is more on providing the payment rails to allow people to send all kinds of traditional forms of money rather than just cryptocurrency. Stellar is positioned with developing markets in mind, aiming to provide an affordable solution for cross-border transactions and remittances.
Since 2014, significant milestones for Stellar include a partnership with South African open-source messaging platform Vumi, multinational professional services network Deloitte, and the Ukrainian government to develop its national digital currency.
A new partnership with MoneyGram established in early October will enable cash funding and payout in local currency with Stellar USDC and near-instant backend settlement capabilities. Through this initiative, coming up in 2022, MoneyGram will offer its millions of users a local fiat entry into crypto—potentially onboarding the next wave into the industry and giving the XML token the boost it’s been waiting for.
Another interesting development is that NFTs are coming to the Stellar network with longtime ecosystem contributor Litemint, a tradable card game built on Stellar, launching its own NFT marketplace. This will allow users to create their own NFTs and take advantage of the network’s high speed and low transactions fees to reach a wider audience, appealing to artists and creators being priced out of NFTs on other networks like Ethereum.
The Stellar Lumens project has remained fairly free from hype lately, especially when compared to similar smart contract platforms such as Cardano and Polkadot. However, the network has been building, innovating, and gaining traction. Therefore, EQONEX is delighted to count XLM among the tokens listed on our exchange. Based on the project’s solid founding mission and its strong fundamentals, this top-ranking token has plenty of upside potential to look forward to in the year ahead.
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