Stellar has begun a gradual uptrend as the network launched its Protocol 18. The token had not been able to break its all-time high of $0.93 established during 2018 despite the strong bullish momentum in the cryptocurrency market in 2021. After reaching to its 52-week high of $0.79 in May, XLM crypto began tumbling downwards. The coin had been increasingly volatile ever since with various upside pulls during the past few months but bullish momentum could not sustain for XLM. At the time of writing, the cryptocurrency stands at a price level of $0.38. the price has been declining during the daily timeframe but with the recent launch of the upgrade, things may change soon for Stellar.
What is Stellar?
Stellar bears similarities to Ripple in its working. It is an open network designed to facilitate the storage and transfer of money. The XLM network was primarily focused on the financial inclusion of the unbanked populace of the world; however, it has expanded its scope now and also focuses on connecting financial firms through the power of the blockchain technology. The ultimate goal of Stellar is to change the face of the current financial ecosystem by enabling cross-border payments more efficiently and cost-effectively.
Recent updates & future outlook
Automated Market Makers (AMM) have been garnering increasing interest because of the role they play in the decentralized finance sphere. AMM powers decentralized exchanges as they automate all the processes of an exchange. This enables greater transparency and efficiency in the trade of assets. During October, the development team had been working towards educating XLM holders about AMMs on Stellar. As the new month begun, the network launched the Protocol 18 which adds native support for automated market makers to Stellar. The upgrade can help boost the value of the token as it opens the gates of DEX for the network.
Moreover, Stellar is also currently holding the newest round of Stellar Community Fund which allows developers from all over the world to build their Stellar-based projects in order to foster innovation. The deadline for the current round is on 21st November and 4 million XLM tokens will be distributed.
Stellar is the twenty-third largest cryptocurrency in the market which means it has a good footing in the market. The recent developments also fuel the bullish predictions for the cryptocurrency. According to the estimates of Wallet Investor, the token is expected to be operating at a price level of $0.60 in a year’s time while the five-year projection places it at $1.55.
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