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Stellar Price

About Stellar

Stellar Lumens (XLM) is the primary cryptocurrency of Stellar, a blockchain-based payment network that aims to provide faster and more affordable cross-border payment solutions. With traditional remittance services like MoneyGram and Western Union charging high fees and taking several days to process transactions, Stellar is positioning itself as a more efficient alternative. In 2021, the company even announced its interest in acquiring MoneyGram.

In addition to facilitating global payments, Stellar also operates its own decentralized exchange, where various assets, including cryptocurrencies, can be traded. The platform partners with verified financial institutions, known as “Stellar Anchors,” which act as banks and hold the deposits of non-crypto assets such as gold. The Stellar ledger then issues tokens tied to these assets to the depositor, and the assets are returned upon redemption of the tokens. This entire process is carried out on the Stellar ledger.

Stellar price history

In 2014, Stellar raised $35 million through the sale of its native token, XLM. The supply of XLM is governed by the non-profit Stellar Development Foundation (SDF), which directs the development of the protocol. When Stellar launched, 100 billion XLMs were created with an annual inflation rate of 1%. However, this rate was later removed.

In 2019, Stellar destroyed more than 50% of its supply by burning tokens, reducing its total supply cap to 50 billion. This announcement led to a surge in the price of XLM, which rose by over 14% in just an hour, as the remaining tokens became scarcer. The price of XLM reached an all-time high of $0.86 during the 2017 crypto bull market. However, in the subsequent bear market, the price of XLM plummeted to a low of $0.03. Following the all-time high of bitcoin at $63,500, the price of XLM reached another peak of $0.73 in May 2021.

How Stellar works

Stellar is different from Bitcoin in that it uses the “Stellar Consensus Protocol” (SCP) instead of proof-of-work to secure the blockchain. SCP is a set of trustworthy nodes responsible for validating transactions and blocks, which are voted on periodically. The majority-voted nodes validate transactions, allowing anyone on the network to participate by running a node. SCP consumes less energy compared to proof-of-work, which supports faster and cheaper transactions. However, some studies have deemed Stellar “significantly centralized,” leading to network crashes in the past.