8/19/2023 0 Comments Stellar lumen price![]() ![]() Therefore, the Stellar Team is working on increasing this throughput to 5000 transactions per second by the end of 2022 while also developing a Layer 2 solution known as Starlight. However, this speed will not be enough if Stellar intends to become the go-to solution for cross-border payments. The current architecture of t he Stellar Lumens network only supports 1000 transactions per second. Other upgrades include wallet tools, decentralization, scalability enhancement, etc. Stellar Lumens will be focussing on developing more building blocks to enhance network utility. Nevertheless, the project has big plans for 2023. Unlike other major layer 1 platforms, the adoption stats of Stellar are lagging. A nonprofit Stellar Development Foundation runs all the project development. However, the native asset was rebranded to Lumens (XLM) to avoid confusion with the project name, i.e. Initially, the cryptocurrency was called Stellar. Stellar Lumens was launched as a fork of Ripple in 2014 with more focus on decentralization. Ripple still remains the biggest competitor of Stellar. He was of the view that Ripple was becoming too decentralized, which was against the spirit of crypto. However, Jed left the project due to his opposing views on Ripple’s roadmap. Jed was also one of the founding members of Ripple. Jed McCaleb and David Mazieres launched Stellar Lumens in 2014. In addition, it partnered with Argentinian and Chilean companies for the development of stable coins pegged to the respective local currencies in both countries. The project partnered with Money Gram in October 2021. Over the years, Stellar Lumens has also developed several Fiat gateways. However, this perception changed when the Stellar Lumens Team actively engaged in pro-crypto conferences while also trying to work with the regulators for broader cryptocurrency adoption. That was also why Stellar Lumens price couldn’t perform that well in its early years. ![]() However, due to Stellar Lumens’ close ties with the banks, initially, it was considered a shadow project by the major banks. The project has already locked several fiat gateway partnerships across the world. It aims to achieve that by developing multiple fiat gateways across the globe. Unlike most of its competitors, Stellar Lumens is trying to bridge the gap between the traditional banking system and cryptocurrencies. ![]() In other words, Stellar wants to replace payment networks like Money Gram and Western Union. Stellar Lumens has always aimed to become the crypto-based global leader in cross-border payments. ![]()
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