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Stellar (XLM) up 9% to Lead Altcoin Growth, Here's Reason

Wed, 06/28/2023 - 11:02
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Godfrey Benjamin
Stellar makes emphatic push to bolster scalability as price jumps 9%
Stellar (XLM) up 9% to Lead Altcoin Growth, Here's Reason
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As the broader digital currency ecosystem makes an attempt to wriggle out of its bear zone, Stellar (XLM) has grown to become the apparent top performer relative to other altcoins. The cryptocurrency is changing hands at a spot price of $0.1027, up by 9.77% over the past 24 hours. Stellar's bullish momentum has gained steadily over the past week, joining the best performers with week-to-date (WTD) growth of 22.52%.

What's new on Stellar?

The push into a more scalable ecosystem remains one of its core focuses in the short term. As shared on Twitter by one of the protocol's core developers, Timer Weller, developers can now make use of the new overlay protocol that will allow Stellar to scale significantly and enable efficient Soroban smart contract invocations.

Stellar was developed in 2014 as an efficient peer-to-peer (P2P) decentralized payment network and, thus far, it has become one of the dominant protocols in this niche. Despite its strategic growth and integrations across the board, the need to scale remains one of the dynamic challenges for the protocol, as much as it is for most Layer 1 blockchain networks.

Per the reference update from the Stellar protocol, the scalability push hinges on a proposed change to transaction submission.

Stellar (XLM) Partner MoneyGram Obtains Major Award by Newsweek

Blockchain scalability: Need to get it right

Despite the revolutionary ideology of most blockchain protocols, the push toward scalability remains a crucial bane for most around, including Ethereum (ETH) and Cardano (ADA).

Over the years, both protocols have made significant efforts to enhance scalability on their respective chains and has thus led to the emergence of Layer 2 scaling solutions like Arbitrum, Polygon zkEVM and Optimism, among others.

Cardano is developing the Hydra head, which will work in an offline mode to boost the transactions per second (TPS) such as has never been recorded in the industry. Getting scalability right is a prerequisite for blockchain systems to beat traditional financial service providers in the long term.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.