Stellar's native XLM token is up 117.19% this week and is trading at $ 0.21, following the recent update of the network named Protocol 15.
The price increase represents gains of more than 100%, which places XLM among the best performing altcoins, including ETH, XRP and Cardano.
Increase prices after Stellar Network upgrade
Stellar underwent a public network update on November 23 that was voted on and implemented by its network validators. According to the official blog post of the network, the latest version comes with two new features that will simplify Stellar-based applications and services for its users.
"Protocol 15 includes two new features, Claimable Balances and Sponsored Reservations, making it easier than ever to create easy-to-use applications in Stellar."
The Claimable Balances feature introduces a new general ledger entry to divide payments into two different parts to allow independence between the sending and receiving accounts. The feature is required to enable smooth and efficient bridging services for fiat and other compatible digital assets using XLM.
Sponsored Bookings are new operations that will allow accounts to sponsor each other without giving XLM control. The feature also comes with new extensions that will allow you to record key information about sponsorship deals.
"Anything that increases the minimum balance of an account can be sponsored: the initial requirement of the account, offers, lines of trust, account data and signers."
Stellar originated as a hard fork of the Ripple Labs protocol, following disagreements among developers about the future of the project. Stellar founder and CTO Jed McCaleb developed the code and launched Stellar in July 2014 as an open network for global financial inclusion, storage and money transfer.
The network is based on the Proof-of-Stake consensus, but unlike many of its main competitors in the market, Stellar offers a single standard transaction cost of only 0.00001 XLM.
According to McCaleb, the goal is to remove all friction between fiat money and cryptocurrencies and to make it possible for people to move money normally around the world.
“The whole original design of Stellar is that you can have fiat currencies and other types of forms of value parallel to each other and with crypto assets. This is very important to make this material generalized ”.
What's next for XLM?
On November 24, XLM was up 68% to hit a 2020 high of $ 0.17. Before the news of the update, Stellar had been one of the least mentioned “good cryptocurrency projects”, especially on Crypto Twitter in the last year.
But Whale Alert is now reporting increased movement of large amounts of XLM between exchanges and wallets. The cryptocurrency supporter under the pseudonym RDCrypto said:
"Very rarely have you seen 6.5 billion #xlm traded in 24 hours."