Ripple’s (XRP) Competitor Stellar (XLM) Has Seen A 92% Increase In Operations This Year

Dec. 28, 2022
Ripple’s (XRP) Competitor Stellar (XLM) Has Seen A 92% Increase In Operations This Year

Stellar (XLM), a decentralised peer-to-peer network and Ripple (XRP)  main competitor registered about 3 billion operations this year, a 92% rise from last year’s total of 1 billion.

The network tweeted a thread on December 26th in which SDF CEO and Executive Director Denelle Dixon highlighted 2022 by detailing end-of-year figures, milestone achievements, and other information.

As stated in a recent tweet, Stellar processed billions of dollars in new activities in only two quarters of last year. Stellar achieved around 1 billion operations in a single quarter this year, and the network now has more than 7 million accounts.

Moreover, total payments increased by around 172% to 3.45 million from the previous year on the network. The network recorded a 1.9x rise in daily transactions, which has been continuously increasing since the beginning of the year.

This increase happens despite the fact that they have tightened their reporting criteria to eliminate obsolete relevant assets and have seen a slight reduction in the number of relevant assets on the network.

Stellar (XLM) Developments in 2022

The network will soon enable smart contracts, as they stated earlier this year. Soroban, a testnet with incentives, is presently operational on Futurenet and will be available on Mainnet in the middle of 2023.

Furthermore, they have set up a $100 million adoption fund to assist developers that use Soroban. However, Soroban is simply the tip of the iceberg. MoneyGram Access, a first-of-its-kind global on/off-ramp solution for digital wallets, was introduced in June in collaboration with SDF.

As stated in the tweet:

Stellar Relief Assist, a service that enables humanitarian aid groups to give monetary assistance swiftly, economically, and transparently, is one real-world use case demonstrating the value of MoneyGram Access.

The number of anchors has risen from 30 to 60 in the preceding year, stating that Stellar is still supported. Being an anchor is now easier than ever, thanks to the Stellar Anchor Platform.

Related Reading | The Reserve Bank of Australia Sees Stablecoins As Future Risks

Meanwhile, the Enterprise Fund, initially presented in 2020, is still developing and extending the Stellar ecosystem. This year, it invested $23.525 million in 5 companies. In addition, accelerators that encourage enterprises in emerging areas such as Latin America and Africa got $3.25 million.

Also, with $1.2 million granted to three firms this year, Stellar’s most recent investment track is the Matching Fund. Moreover, it allows other early-stage startups interested in building on Stellar.

Ammar Raza

Associate editor
Ammar Raza is an individual with a strong interest in the world of cryptocurrency. He has written extensively on topics such as non-fungible tokens, decentralized apps, and blockchain technology. In addition, he is passionate about collaborating with innovative companies to drive meaningful change.

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