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Stellar (XLM) News

Stellar, a major force in decentralized finance (DeFi) and international payments, continues to innovate and announce important updates regarding partnerships and ecosystem growth. Stay updated with the latest Stellar (XLM) news, with critical insights into technological updates, market events, price movements, and general development information on the Stellar blockchain.

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XLM XLM
$0.27
Market Cap $8.23 B
24h Volume $162.53 M
24h Low/High $0.3 / $0.3
1h -0.63%
24h 1.02%
7d -10.38%

Stellar XLM $0.27 24h volatility: 1.0% Market cap: $8.23 B Vol. 24h: $162.53 M is a prominent blockchain designed to support cheap and easy cross-border payments. The XLM token, one of the largest in the market, plays a crucial role in facilitating these transactions, as it functions as a bridge token used to send and receive funds across borders.

Programmer and entrepreneur Jed McCaleb co-founded Stellar with the clear aim of empowering people in areas underserved by traditional banking services. From its goal of improving financial inclusion, the Stellar platform has become one of the most notable ecosystems in the decentralized finance (DeFi) world.

Stellar blockchain is similar to the Ripple protocol, which McCaleb also contributed to developing. However, management conflicts led to the exit of McCaleb and saw him launch Stellar with executive director and former lawyer Joyce Kim. Today, XLM is considered a major XRP XRP $2.10 24h volatility: 0.1% Market cap: $122.11 B Vol. 24h: $3.65 B competitor.

Stellar news comprises several updates that confirm its position as an important player in finance. In 2019, Stellar partnered with International Business Machines Corp (NYSE: IBM) to support the IBM World Wire global payments system, which uses cryptocurrencies to settle transactions, making them much cheaper and faster. Payment giant  MoneyGram International Inc (NASDAQ: MGI) also chose Stellar for on and off-ramp cash-to-crypto transactions.

Instead of the Proof of Work (PoW) or Proof of Stake (PoS) consensus mechanisms, Stellar uses the Stellar Consensus Protocol (SCP), which is based on the Federated Byzantine Agreement (FBA). This allows a node to trust a set of other nodes (quorum slice) for transaction processing, instead of requiring all nodes to agree. Since only a quorum slice is needed, Stellar transactions are cost-effective and instantaneous.

Explore our Stellar (XLM) guide which contains extensive details about the blockchain, how it works, and some of its great features.

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FAQ on Stellar (XLM) News

Is Stellar better than Ethereum?

Whether or not Stellar is better than Ethereum depends on the intended purpose. The Stellar platform is a trusted network for users that prioritize speed and cost-efficiency, while Ethereum may be recommended for DeFi flexibility.

Do banks use Stellar?

Several banks and financial technology (fintech) firms use the Stellar network to settle payments. The blockchain boasts 7.5 million accounts as of September 2024, with 12 billion operations processed on the network since its inception in 2015.

What is the average transaction cost on Stellar?

The average Stellar transaction costs 0.000002 XLM. This is equivalent to $0.00000191 as of September 2024.

How many transactions can Stellar handle?

Stellar can process 1,000 transactions per second. The blockchain’s average transaction time is 15 seconds.

Is XLM faster than XRP?

Since XRP can handle 1,500 transactions per second, it is considered to be faster than XLM, which processes 1,000 transactions per second. However, users should note that several factors, including network congestion, can cause transaction speed to vary significantly.