- Stellar Network is seeing deeper penetration in off-ramp locations compared to its peers.
- The protocol’s accessibility and features have pushed it up in terms of price growth.
The Stellar (XLM) market has seen impressive growth in the last couple of weeks amidst a growing price fluctuation amongst other altcoins and Bitcoin (BTC). At the time of this writing, XLM was trading at $0.1611, up by more than 10 percent within the past 24 hours. A closer look into the coin’s growth trend line shows that it is being influenced by an outstanding surge in trading volume which is currently up by about 68.69 percent.
As of Sunday, July 23rd, the XLM market reported a significant increase in its daily trading volume. The value stood at around $581 million at the time, contributing to a market capitalization rise of about $4.4 billion. Also, its Total Value Locked (TVL) increased exponentially YTD to about $30.5 million.
There has been a growing demand and an accompanying adoption of Stellar amongst institutional and retail traders. The increased use of smart contracts has triggered the growth curve of Stellar blockchain in an upwards direction as it attracts more Decentralized Finance (DeFi) developers who seek a uniquely scalable protocol.
The victory of Ripple in its lawsuit with the United States Securities and Exchange Commission (SEC ) over the sales of XRP as unregistered securities also contributed to a price jump for XLM like many other tokens.
It is worth noting that XLM is the closest competitor to Ripple’s XRP and both tokens have been pushing for the same market share. Meanwhile, Stellar has successfully carved a niche for itself and it is believed that this move has triggered its present positive momentum.
Stellar Network Expands Its Use Cases
Generally, Stellar has one of the most prolific payment networks which is focused on promoting financial inclusion, especially in areas where the residents have limited access to digital payments. With all that the network has achieved, it is currently ranked as the top blockchain for off-ramp locations by asset.
According to its official X (Twitter) account, Stellar-based USD Coin (USDC) stablecoin is accessible from up to 322,000 off-ramp locations.
The Stellar network leads total off-ramp locations by asset 🏆 #RampUpWithStellar
Read the report: https://t.co/wHUsweWN0K pic.twitter.com/haOoJRq64r
— Stellar (@StellarOrg) July 26, 2023
Recently, crypto exchange Lemon introduced the deposits and withdrawals of Circle’s USDC stablecoin via the Stellar blockchain network to its users. Therefore, Lemon users in Argentina, Brazil, Mexico, Colombia, Peru, Ecuador, and Uruguay can now enjoy borderless peer-to-peer payments and access a digital store of value, enabling 24/7 access to payments and financial services.
This broad reach of the Stellar-based USDC is far greater than that of USDC on Ethereum (ETH), which can only be accessed at 30,180 locations.
Notably, the Stellar network offers low transaction fees as low as $0.1, making it one of the most attractive for applications and exchanges that don’t charge bogus commissions. On the other hand, XLM itself is one of the most accessible native cryptocurrencies in the digital asset ecosystem. It can be conveniently accessed from 26,221 locations.
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