As of September 4, 2023, Stellar ($XLM) has seen an 8% increase in its price, indicating a potential mini breakout. This comes at a time when the asset has been consistently “shorted by the crowd,” according to data from Santiment. The uptick in price could be further fueled by liquidations.
Market Watchlist: TON, XMR, ARB
Based on data from Santiment, investors should closely monitor the cryptocurrencies TON, XMR, and ARB, as these assets are also being “shorted by the crowd.”
As of the latest data, XMR’s market value stands at approximately $21.3 million, a significant increase from $11.7 million on August 21. The long/short ratio for XMR is 1.44, indicating a balanced market sentiment. This suggests that XMR is less likely to experience liquidity issues in the long positions.
ARB’s Declining Open Interest
In contrast, ARB has seen a decline in open interest. It reached a high of around $60 million on August 28 but has since dropped to $48.7 million. Despite the decrease, the open interest remains substantial. However, ARB’s long/short ratio of 3.78 serves as a warning signal for long traders, indicating potential liquidity risks.
The Stellar Development Foundation (SDF) has recently become a minority investor in MoneyGram International (MGI) during its go-private transaction with Madison Dearborn Partners (MDP). This announcement was made by Denelle Dixon on August 15, 2023, via the official Stellar blog.
SDF’s association with MoneyGram dates back to 2021 when they established a commercial partnership. However, their collaboration began even earlier, in 2019, when they initiated the development of tools that later evolved into “MoneyGram Access.” This partnership has been instrumental in positioning the Stellar network as a prominent player in the cash-to-crypto domain, offering seamless avenues for individuals to transition value into and out of the digital realm.
The collaboration between the two entities provided SDF with a comprehensive understanding of MoneyGram’s operations, future plans, and the company’s vision for digital transformation. This knowledge solidified SDF’s confidence in MoneyGram, leading them to seize the opportunity to invest when it presented itself.
The investment was sourced from SDF’s cash treasury, which is designated to support the foundation’s operations. Notably, this is the first investment of its nature made from the SDF’s treasury. Additionally, as part of the investment, SDF has secured a seat on MoneyGram’s Board of Directors. Denelle Dixon expressed her pride in representing SDF on the board, which comprises a diverse set of leaders from the realms of payments, financial services, and technology.
This strategic investment aligns with SDF’s mission to foster equitable access to financial services. It also enables SDF to play a pivotal role in MoneyGram’s digital journey, especially in areas like digital business expansion, blockchain technology exploration, and other fintech endeavors. The partnership underscores MoneyGram’s renewed commitment to transitioning into a leading digital-forward entity in the fintech space.
Both SDF and MoneyGram anticipate a promising future, with the potential for further collaboration and growth in the financial technology sector.
Both Stellar and Ripple XRP target the international payment and transfer sector, each touting their blockchain as the premier network for such transactions. In its early days, Stellar was perceived as a fork of XRP, given they once shared the same codebase.
Stellar ($XLM), a distinguished entity in the cryptocurrency world, was co-founded by Jed McCaleb, who had previously served as the CTO of Ripple XRP. McCaleb is also known for founding the once-renowned Mt. Gox bitcoin exchange, which unfortunately later suffered a significant hack. Over time, Stellar has established a unique position in the digital currency arena, with the Stellar Development Foundation at its helm, championing equitable access to global financial services.
XLM has been following the general sentiment in the crypto market and records bullish momentum in lower timeframes. The cryptocurrency records high volatility in the past day, as the U.S. published its latest Consumer Price Index (CPI) which continues to trend higher.
Related Reading | Stellar To Deploy Smart Contracts By End Of 2022? XLM Reacts To The Upside
As of press time, XLM is trading at $0.23 with a 1.7% loss in the last 24 hours, a 3.2% and 22.6% profit in the last hour and 30 days, respectively.
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XLM moves to the upside on the daily chart. Source: XLMUSDT Tradingview
Although XLM has been following the general market trend, it has been lagging when compared to Bitcoin, Ethereum, and other largest cryptocurrencies. Data from Material Indicators suggest the recent upside move to the upside was sold off by small investors.
As the market approached the CPI print, investors with ask orders of up to $10,000 drove the price down, but bulls were quick at reverting the downside trend. This positive reaction suggests investors have already price-in inflation impact on the market, at least, for the short term.
Bullish intraday reversal on the open. Market saying inflation doesn’t matter for now any longer.
— Alex Krüger (@krugermacro) February 10, 2022
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Thus, XLM’s price and the crypto market could see an extended bullish trend. Additional data provided by Material Indicators shows that Stellar bounced back on critical support, as there was a cluster of bidding orders around today’s lows near $0.22.
To the upside, $0.240 could operate as the next major resistance area, but bulls could breach through these levels if they managed to sustain momentum. The CPI print was higher than expected with a 7.5% and will continue to be a macro-economic risk for XLM bulls and crypto bulls.
Source: Two Prime Digital Assets via Twitter
However, the short term seems poised for more gains. At least until mid-March when the U.S. Federal Reserve should announce a decision on their monetary policy.
The Bullish Case For XLM And The Stellar Ecosystem
XLM’s price recent price action could be supported by several bullish developments on the Stellar ecosystem. Denelle Dixon CEO at the Stellar Development Foundation (SDF) summarized some of the use cases hosted on this ecosystem and impacting the real world.
First, Dixon mentioned the partnership with MoneyGram which has allowed the payment company to provide its users with a “way to seamlessly convert USDC to cash, or cash to USDC”. Thus, creating a gateway from fiat to crypto and vice-versa with its low costs and fast settlement improvements.
In addition, Dixon highlighted the Stellar-based use case developed with Tribal Credit which enables merchants in Mexico to send local currency payments to the United States. These payments are received by U.S.-based businesses in dollars which removes trading friction for small and medium-sized operations.
Related Reading |Stellar Development Foundation Launches New Account Model, How Users Will Benefit
Thus, potentially onboarding more companies onto the Stellar ecosystem. In addition, Leaf Global Fintech has developed a solution with a UNICEF-backed digital wallet that lets people save money in multiple currencies, Dixon said, to help refugees to protect themselves against inflation, move money across borders, and protect themselves against theft. Dixon concluded with the following:
Blockchain is real, it’s here, and it’s solving real problems. It’s time we start talking about how it’s already unlocking new opportunities for migrant workers, refugees, the unbanked, and small and medium businesses all over the globe.
Ripple competitor Stellar (XLM) is announcing plans to roll out smart contracts later this year.
Stellar Development Foundation (SDF) ecosystem head Justin Rice says smart contracts will enable a new suite of products and services on Stellar.
“There’s a lot of work to be done to get there, but at SDF we’re committed to researching and shepherding the development of the code and creating community engagement around an implementation.
The goal is to have Stellar remain one of the most accessible networks for developers so they can deliver high quality and safe applications to their users, while also allowing it to adapt and respond to the competitive blockchain landscape.”
Smart contracts are coming to Stellar. pic.twitter.com/jwMnsvod5T
— Stellar (@StellarOrg) January 25, 2022
Stellar is an open network for storing and moving money. The project’s native token, XLM, is used as a bridge currency between two fiat currencies when sending money abroad. XLM is trading at $0.192945 at time of writing, down 2.37% in the past 24 hours.
Tomer Weller, the vice president of tech strategy at Stellar, outlines the rough timeline for smart contract implementation in a new tweet.
“We’re aiming for a feature-complete test network by the end of 2022. Ultimately, the ecosystem will decide if and when to turn on smart contracts on Stellar.”
In October, the SDF announced a new partnership with the payments giant MoneyGram to use the Stellar blockchain to facilitate cross-border payments.
MoneyGram had previously entered into a partnership with Ripple, a Stellar competitor, in June 2019 for foreign exchange settlements and cross-border payments.
However, the payments giant suspended its use of XRP payments this past February in the wake of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
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Stellar (XLM) records a positive performance in 24-hours as the crypto market in general recovers from its sell-off. As of press time, XLM trades at $0.20 with a 4.8% profit in the last day.
Related Reading | Stellar Development Foundation Launches New Account Model, How Users Will Benefit
XLM trends to the upside in the 4-hour chart. Source: XLMUSDT Tradingview
On January 25th, Stellar Development Foundation (SDF) Vice President of Technological Strategy Tomer Weller announced via Twitter the integration of smart contract on this network. With a tentative deployment date set by the end of 2022, this addition could transform XLM’s ecosystem and use cases.
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As Weller clarified, the SDF aims for a “feature-complete test network” for that period. However, he believes “the ecosystem” most decide when to roll-out smart contract capabilities on Stellar. Weller will host a Twitter Space today at 12:00 Pacific Time (PT) to provide more details. Weller said:
Stellar enables equitable access to the financial system. DeFi is becoming a major part of that system. DeFi isn’t new to Stellar. It’s been core to the protocol with a built in DEX from the get go (before “DEX” was popularized), and AMM functionality became available in ‘21.
The logical step of that development is to support the introduction smart contracts, Weller said, and take DeFi on Stellar to “the next level”. These capabilities could aid the network and its ecosystem to fulfill the vision of the SDF by lowering “the barrier of entry”.
In addition, developers working on this network will be able to create products with “trust-minimized functionality. More importantly, Stellar will no longer have to implement major protocol changes to deploy a product, dApp, or decentralized service.
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Weller also claimed the SDF is currently looking at smart contracts programming languages and Virtual Machines (VMs). These could be developed by the SDF or they could use an existing programming language.
Who Will Benefit The Most From Smart Contracts On Stellar?
The non-profit organization will have three priorities when selecting a programming language, as Weller said: safety, scalability, and equitable access. At the moment, the VP for Tech Strategy believes there is not one “off-the-shelf that fits the bill”.
In that sense, he claimed they are currently looking into existing networks and “learning a lot” to evaluate the components that “work”. The Stellar ecosystem will apparently have a voice at choosing this key element of its smart contract functionalities. Weller added:
For users, DeFi on Stellar means direct access to a global network of on and off-ramps. The latest player to join, MoneyGram, will provide crypto->cash conversions in 300,000(!) locations around the world.
Related Reading |How Stellar Will Host Ukraine’s CBDC Pilot Test With Tascombank
Users stand to be the most benefit from the potential integration with smart contracts. The SDF has also set out to provide developers with a “robust toolset” so that dApps on the network will be safe. In addition, the SDF will launch a grant program with the only objective of auditing smart contracts.
The word “altcoin” is derived from “alternative” and “coin.” Altcoins refer to all alternatives to Bitcoin. Altcoins are cryptocurrencies that share characteristics with Bitcoin (BTC). For example, Bitcoin and altcoins have a similar basic framework. Altcoins also function like peer-to-peer (P2P) systems and share code, much like Bitcoin.
Of course, there are also marked differences between Bitcoin and altcoins. One such difference is the consensus mechanism used by these altcoins to validate transactions or produce blocks. While Bitcoin uses the proof-of-work (PoW) consensus mechanism, altcoins typically use proof-of-stake (PoS). There are different altcoin categories, and they can best be defined by their consensus mechanisms and unique functionalities.
Here are the most common types of altcoins:
Mining-based
Mining-based altcoins use the proof-of-work method, most commonly known as PoW, which allows systems to generate new coins by way of mining. Mining entails solving complex problems to create blocks. Monero (XMR), Litecoin (LTC) and ZCash (ZEC) are all examples of mining-based altcoins.
Stablecoins
Stablecoins aim to reduce the volatility that has marked crypto trading and use since the beginning. The value of stablecoins is, therefore, pegged to the value of a basket of goods, like precious metals, fiat currencies or other cryptocurrencies. The basket serves as a reserve in case the cryptocurrency encounters problems. Dai (DAI), USD Coin (USDC) and Tether (USDT) are all examples of stablecoins.
Security tokens
True to its name, a security token is similar to traditional securities traded in stock markets. They resemble traditional stocks and represent equity, either in the form of ownership or dividends. Security tokens attract investors because of the high probability that their price will appreciate quickly.
Memecoins
Memecoins are called such because they represent a silly take on well-known cryptocurrencies. They are typically hyped by celebrities and popular influencers in the crypto space. Popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), for example, often have their prices driven up by Elon Musk, Tesla’s CEO and well-known crypto enthusiast.
Utility tokens
Utility tokens are used to provide services like rewards, network fees and purchases within a given network. Utility tokens do not offer equity, unlike security tokens. Filecoin (FIL), for example, is a utility token used to purchase storage on a decentralized storage network.
How do you evaluate altcoins?
Altcoin fundamental analysis involves looking at and evaluating all available information on an altcoin. It involves looking at the cryptocurrency’s use cases and its network, as well as the team behind the project, to fully understand and evaluate the best altcoins to buy.
When analyzing altcoins, or any cryptocurrency for that matter, the goal is to understand whether the asset in question is overvalued or undervalued. Overvalued assets should be avoided, whereas undervalued assets are more ideal. This is because overvalued assets will likely underperform and dip back to their real value. Undervalued assets, on the other hand, have more potential for growth and are consistently profitable.
A thorough analysis will help you make the best decision concerning your investment decisions.
Here are some helpful guidelines on how to analyze cryptocurrency before investing:
Step 1: Analyze the whitepaper and find the value proposition
Scrutinizing a token’s whitepaper will provide a lot of relevant information such as its use cases, goals and the team’s vision for the project. The white paper must give you a good picture of how the altcoin will provide value for its users.
The value proposition for Bitcoin, for example, is as follows: “a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on a peer-to-peer network without the need for intermediaries.”
An altcoin’s value proposition can guide you as you continue to analyze other information about it.
Step 2: Look for increasing demand and stable (or decreasing) supply
Looking at supply and demand is one of the best ways to assess your next crypto investment. Now that you’ve gotten a clear picture of how the altcoin adds value to its users, it’s time to look at how it navigates supply and demand.
Simply put, the altcoin should have incentives that will facilitate the increase of demand in such a way that supply is continually decreasing or stable. When demand outpaces supply, prices go up, thereby fueling even more demand.
To do this, you can access resources like Cointelegraph’s Price Indexes and Market News, as well as Coin 360’s Heatmap and CoinMarketCap.
Step 3: Assess the team and stakeholders behind the project
Now that you have a good understanding of what the project can offer, it’s also important to thoroughly assess the team behind the project. You can find information about the team on the project’s white paper, but try to do independent research on them as well. You can check out the official project site’s team page as well as their LinkedIn profiles which they should have made public and accessible to all.
Ask the following questions when looking into each member’s background:
Have they worked on other reputable and successful projects in the past?
What are their credentials?
Are they reputable members of the crypto community and blockchain ecosystem?
The goal is to find if the team behind the project is experienced and composed of experts who know what they are doing. You can look at on-chain analytics platforms and blockchain explorers to supplement your research regarding this. You can also sniff around their social media profiles or check out Twitter for conversations they engage in.
Ethereum, for instance, has such a strong investment community because every individual working on Ethereum creates value for Ethereum holders. Despite issues such as high fees and slow transactions, developers, community builders and other top talents still want to go onboard with Ethereum-related projects.
Platforms like AAVE and OpenSea, for example, are built on Ethereum. The logic behind ensuring a strong core team backing the project is because it creates a ripple effect. A project with a strong talented team attracts even more credible forward-thinkers, thereby allowing even more projects and improvements to be built upon the platform, much like Ethereum. These people strive to continually improve on available platforms and initiatives related to the project, thus creating even more value for currency holders.
Which altcoin platforms have the most potential?
When it comes to altcoin investing, there are a variety of options you can choose from. However, it’s always prudent to know which ones have the most potential to ensure you will be making a smart investment.
Ethereum: There’s a reason why Ethereum is dubbed by many as the “King of Altcoins.” Created in 2013 by Vitalik Buterin and co-founders, Ethereum is a smart contract platform used to create decentralized applications (DApps). The founders engineered Solidity, Ethereum’s very own programming language for smart contracts. The majority of the current decentralized finance space relies on Ethereum’s blockchain, while the native token Ether (ETH) continues to evolve in its usefulness by the day.
Chainlink: Chainlink takes smart contracts to another level by incorporating real-world data. Thanks to Chainlink, Ethereum smart contracts can now make calls to other application programming interfaces, as well as act on global occurrences and other asset prices. Chainlink’s value continues to soar while it brings onboard valuable stakeholders, including former Google CEO Eric Schmidt as one of its advisers.
Stellar Lumens: Stellar aims to unite global banking systems via its decentralized platform. As such, it uses disconnected payment methods like Alchemy Pay and Single Euro Payments Area. The Stellar network then connects such systems via a decentralized ledger. In competition with Stellar is Ripple, whose run-in with SEC has made it vulnerable. This places Stellar in a prime position to take the reins at becoming the top global payment network.
Aave: Aave is already one of the top lending protocols today and continues to offer security and anonymity to borrowers. Because of its popularity, borrowers are required to offer greater collateral than the amount they are borrowing. The collateral is safely held in escrow throughout the duration of the loan. In the event of a default, the lender is automatically paid via the smart contract.
Via an official blog post, the Stellar Development Foundation (SDF) announced a new account model called Muxed. Created to remove friction and facilitate user interaction with the account model based on this network, and the multiple services build on top of it, the Muxed accounts seem to be an important improvement for the entire ecosystem.
Related Reading | Stellar Network Processes 1.8 Billion Transactions, Was 2021 Its Best Year Ever?
According to the post, a Muxed account is one that combines the GABC and 64-bit integer ID to create a “virtual” account under a traditional address. Due to its characteristics, a muxed account can be identified within a real account.
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Thus, if there is a service or product using Stellar to pool multiple accounts, they can now manage them with more ease and will be able to eliminate burdensome issues, such as meme problems. The SDF has called on “products and services built on Stellar” to check if the validators are compatible with the new account model and asked them to “come up with a plan to implement” muxed accounts into their system. The organization said:
Custodial services generally use muxed accounts to map incoming payments to an internal customer database. Businesses may use muxed accounts to map incoming payments to an invoice or customer account.
Other characteristics for muxed accounts, as revealed by the SBF, are the differences in its encoding, they will be 69 characters long and not 56 as a traditional account, and in their base values. As a result, Muxed accounts will have M as their first character rather than G.
Muxed To Improves Transaction Experience On Stellar
Per its GitHub repository, Stellar’s new account model could open more possibilities for the users, and all actors operating on this network and could finally remove the limitations of using a memo-based model:
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Experience shows that people frequently forget to include the memo ID, resulting in either lost funds or onerous support calls. Moreover, memo IDs are per transaction, not per occurrence of an account ID, which imposes restrictions on the use of multiplexed accounts. (…) By adding an optional memo ID to the account ID type, we make multiplexed (Muxed) accounts a first-class abstraction that can be used anywhere a normal account ID can be used.
This could significantly improve the way exchanges and custodial services operate with Stellar transactions, and users will save time and money as they will no longer need to manually participate in a transaction. The SBF revealed that muxed accounts was implemented in the Protocol 13 update.
This update was introduced in 2020, but muxed accounts remained hidden until yesterday, January 10th, 2022. Due to its incompatibility with older versions of the Stellar software, projects on this network were given time to update and adjust to the new model.
Related Reading |How Stellar Will Host Ukraine’s CBDC Pilot Test With Tascombank
As of press time, XLM trades at $0.22 with sideways movement in the 4-hour chart, as seen below.
XLM moving sideways in the 4-hour chart. Source: XLMUSDT Tradingview
Crypto-focused enterprise payment platform Tribal Credit has concluded a $40 million debt offering that was funded through fiat and stablecoins — giving the company additional capital to expand its business services in Latin America.
The so-called hybrid debt round was financed by Partners for Growth, a California-based investment firm, and Stellar Development Foundation (SDF), which is a non-profit organization supporting the growth of the Stellar blockchain. Tribal said it will use the capital to fund receivables from its customer base throughout Latin America, particularly Mexico, Brazil, Chile, Colombia and Peru.
Tribal COO Duane Good explained to Cointelegraph that funding receivables from its customer base means that “Tribal can use the debt facility to help customers” in the aforementioned countries. In other words, “this new debt facility will be used to support our customer’s spending on the Tribal platform.”
When asked about the mechanics of the hybrid debt raise, Good explained that “a portion of the debt facility was established with SDF and funded through USDC.” A traditional debt facility, by contrast, “is an agreement with insittutiional lenders that enables a financial services firm to draw on the facility to support the underlying credit needs of their portfiolio.”
Launched in 2016, Tribal Credit provides credit cards and other forms of funding to startups in emerging markets. The company also employs a cross-border payment system supported by cryptocurrency exchange Bitso that allows businesses to convert local currency to Stellar’s USDC stablecoin. Integration with Stellar blockchain began in April 2021 after Tribal received $3 million from the Stellar Development Foundation.
Related:Crypto payments solutions firm Ramp raises $53 million to increase adoption of DApps
“Mexico could be another example of a country adopting cryptocurrencies for remittances, as estimates have shown they could reduce costs by 50% to 90%.” – @ashady, CEO of Tribal. For more information, visit: https://t.co/g0oa3GvzZ4#TribalCredit
— Tribal Credit (@TribalCredit) October 22, 2021
Tribal and others have identified small businesses as a major source of growth for crypto payments and remittances, especially in emerging markets where access to traditional financial services is often limited. Data from the World Bank shows that small- and medium-sized enterprises in emerging markets create roughly seven out of 10 jobs, making their access to financing more important.
Ariane Capital notes strong growth throughout 2021, paving the way for bigger and better things in 2022 and beyond. Navigating the crypto waters at an early stage allowed the team to build up years of expertise and remain ahead of the market. As a result, its products have proven very powerful and continue to provide investors with optimal returns regardless of market conditions.
Mainstream institutions and investors have come around on cryptocurrencies. While initially labeled as ‘worthless, speculative pseudo-assets,’ the overall appeal of crypto assets has increased dramatically. There is tremendous untapped potential for these assets, and everyone wants a piece of the action.
Growing demand for exposure to crypto assets allows crypto investment funds to capitalize on the momentum. Ariane Capital, a renowned multi-family office, is one of the few European financial players with expertise in crypto matters since 2014. Being an early-stage believer has positioned the company as a top contender among crypto investment funds.
Ariane Capital provides powerful tools and vehicles to its clients. ARBA FUND, designed to look for arbitrage opportunities, noted a monthly performance of a 0.12% increase in May 2021 – remarkable, as all markets lost over 50% in that month, yet the ARBA FUND solution still turned a profit. Moreover, the ARBA FUND performance for 2020 saw an increase of 41.75%, with 2021’s result being closer to an increase of 15%. Continual growth and performance are essential.
Benjamin Guez, co-founder of Ariane Capital, said,
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This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.
The Stellar Development Foundation (SDF) has published the end-of-year metrics for their ecosystem and the underlying network. Presented by Denelle Dixon, Executive Director, and CEO at the SDF, the metrics showed a significant increase across the board.
Related Reading |How Stellar Will Host Ukraine’s CBDC Pilot Test With Tascombank
In 2021, per the report by the SDF, the Stellar Network experienced a 32% rise in its number of total accounts with respect to 2020. The number of total accounts stands at 6 million.
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On the other hand, the Stellar Network has processed over 1.8 billion total operations. This represents a 127% increased since 2020. The total assets available on this ledger have risen from 8,639 to 90,297 which represents a 945% increase over the same period.
The SDF claims the rise over these metrics suggests there is a growing interest in the Stellar Network. In that sense, they added the following while showing more data on “relevant assets”:
It’s not just about raw network growth. We track growth in relevant assets – assets tethered to real financial instruments – and relevant asset transactions. Since the start of 2021, we’ve seen 11% of relevant assets, and a 2.3x increase in daily transaction volume of these assets.
Source: SDF via Twitter
As a consequence, the Stellar ecosystem has expanded. The SDF records over 10 new anchors coming into the network during this year. This represents a 33% increase since 2020.
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The anchor services for this network stand at 30, as shown in the image below. Most of these entities are spread across the globe with a significant percentage in North America, Latin America, and Africa.
Source: SDF via Twitter
2021 The Year Of Important Partnerships For Stellar
In 2021, the SDF saw the deployment of stablecoin USD Coin (USDC) on the Stellar Network. Managed by the Centre consortium, created by Coinbase and Circle, the USDC is one of the most important digital assets to transact in the crypto space.
This was one of Stellar most important partnerships this year, the ecosystem was leveraged by MoneyGram and other major companies. In addition, the SDF’s Enterprise Fund invested over $74 million in projects for companies, such as AirTM, Tala, and Wyre.
The community was a big part of this year’s progress for Stellar, as reported by the SDF. This organization worked with over 50 universities and thousands of students everywhere for hackathons and other activities.
The initiative Stellar Quest welcomed new developers for this ecosystem and generated over 2,700, per the report. In that, the Stellar Community Fund was also a great success which granted over $4 million in the XLM token to be used for developing DeFi, NFTs, and many more use cases on this network.
The SDF celebrated a “tremendous” 2021 and presented its strategic objectives for 2022. This includes increasing Stellar’s network capacity and innovation, increasing the level of participation, and “demanding and promoting diversity and inclusion”.
Related Reading |Stellar To Power VISA’s New Partnership, XLM Begins Breakout
As of press time, XLM trades at $0,28 with a 1.2% profit in the last 24-hours.
XLM moving sideways in the 4-hour chart. Source: XLMUSDT Tradingview
