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- The Stellar network recently morphed into a smart contract-enabled layer-one chain to support web3 project development.
- The Stellar ecosystem is backed by reputable web3 investors, thus bolstering the XLM’s bullish outlook.
The Stellar (XLM) network has grown to a mature web3 ecosystem, with more than 81k onramp locations globally. Having issued more than 255 grants in the past two years, the Stellar network has attracted first-class web3 developers. Furthermore, the Stellar network is currently home to dozens of web3 protocols including ZettaBlock, Bank Protocol, Block Daemon, Allbridge, and Validation Cloud, among many others.
As Crypto News Flash previously reported, the Stellar network has become a major hub for real-world assets (RWA) tokenization. Already, the Stellar network has been working closely with several firms in RWA tokenization including Circle Internet Financial, Franklin Templeton, the UN Refugee Agency (UNHCR), WisdomTree, and BlackRock, among many others.
Stellar Development Foundation’s CEO on Blockchain Adoption
In the recently concluded Paris Blockchain Week, Denelle Dixon, the CEO of Stellar Development Foundation (SDF), delved deeper into the importance of fast, scalable, and multichain-enhanced blockchains. According to Dixon, the Stellar network has over the years focused on making money move like an email.
As Crypto News Flash recently pointed out, the Stellar network is ready to take on the Ethereum ecosystem in the smart contract sector through the recent Soroban upgrade. With the web3 and smart contract enabled, Dixon noted that interoperability is crucial for the mass adoption of digital assets.
“I want this work to be not just for Stellar but to create an interoperability layer across chains and make it so that all blockchains benefit from the hard work that we’ve done,” Dixon noted.
Meanwhile, Dixon addressed the issue of the recent network outages and congestion issues that have faced top-tier chains like Solana (SOL) and Ethereum (ETH). According to her, the issues are terrible for the mainstream adoption of digital assets and reputable developers should work on the problems as soon as possible.
“We need more developers like developers to take the network from 1 billion operations a month to 10 billion a month, and that’s what I would love to see,” she added.
XLM Price at Crucial Crossroads
Stellar XLM is a veteran altcoin with deep liquidity bolstered by notable adoption from institutional investors. The mid-cap altcoin, with a fully diluted valuation of about $5.5 billion and a daily average trading volume of about $100 million, is currently retesting the macro bullish breakout in preparation for an uproar towards the all-time high.
Furthermore, XLM’s price has been consolidating in a macro triangular pattern since 2018, despite the 2021 crypto bull cycle. Having built a robust ecosystem during the past three years, the Stellar ecosystem is confident of an interesting year ahead.
Meanwhile, XLM’s price must defend the support level of around 10 cents to avoid heavy capitulation in the coming months. According to the latest market data, XLM’s price dropped about 12 percent in the last seven days to trade around 11 cents on Friday, April 19, 2024.