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Ripple Rival Stellar Unveils Impressive Results of Year

Tue, 12/27/2022 - 11:45
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Gamza Khanzadaev
Stellar (XLM) reveals results of year with increase in network stats and major new partnerships
Ripple Rival Stellar Unveils Impressive Results of Year
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The Stellar Development Foundation development team has published the results of a year in the life of the protocol. Among its key achievements are the growth of the XLM network in size and quality, expansion of partnerships — in particular, with MoneyGram — as well as new initiatives undertaken.

Recall that Stellar emerged as a decentralized open-source answer to Ripple after one of its founders, Jed McCaleb, became dissatisfied with the development path.

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Key points

Stellar network is said to have seen a 176% increase in the number of payments processed, with a final figure of 345.9 million. The number of XLM accounts is also reported to have grown by 17%, reaching 7.37 million. Overall, 3.6 billion operations have been processed through the Stellar protocol to date, up 92% year-over-year.

During the year, Stellar also launched Soroban, a platform for creating smart contracts that now operates on the Futurenet testnet. At the same time that Soroban was launched, the organization launched a $100 million investment fund.

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The Stellar Development Foundation report also recalls the rollout of MoneyGram Access in partnership with the payment company of the same name. Further, with this solution, which is a global on/off-ramp, the humanitarian service Stellar Aid Assist was launched, allowing those in distress to receive USDC quickly and then cash it out.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.