Stellar (XLM) Emerges As Competitor With Introduction Of Smart Contracts

22 February 2024

in XLM

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The bullish price trend of the leading altcoins in the cryptocurrency market is a key indication of an alt season. Notably, the price value of Stellar (XLM) is experiencing a notable performance. In recent weeks, the Stellar (XLM) coin has had difficulty trading above $0.12. Nonetheless, the token’s price value has stabilized since the recent upward move.

To put things in perspective, market statistics indicate that the Stellar price performance during the last week was close to 4%, and over the last 30 days, it was 5%. As of now, the price of XLM has stabilized over $0.116. Over the past week, there has been an improvement in the XLM trading volume.

Stellar (XLM) Surpasses XRP with the Introduction of Smart Contract Functionality

A major turning point in the development of Stellar (XLM) has been reached with the deployment of the Protocol 20 upgrade on its mainnet. With the introduction of Soroban smart contract functionality, XLM is now positioned as a blockchain that can support both decentralized apps (dApps) and smart contracts. Stellar was first intended to be used for payments, but it has since grown to be capable of much more, especially in the context of the decentralized finance (DeFi) ecosystem.

This calculated move fits in with the way Web3 and blockchain technology are developing, which might help XLM take a bigger chunk of the cryptocurrency market—which is presently dominated by Cardano (ADA).

Stellar’s playing field has suddenly shifted since it can now contend with established blockchain networks for a portion of the Decentralized Finance (DeFi) user population. Since XLM was initially intended as a payment system, it poses a serious threat to Ripple Labs in the realm of monetary settlements.

Even if a smart contract is activated on the mainnet, decentralized apps can not surface for a while. Code stability testing, or Phase 0 of the Soroban rollout, was initiated by the upgrade. Applications can now begin to deploy, and Soroban contract transactions will be enhanced in Phase 1.

Phase 2 will see complete user-ready and constant development of smart contract capacity to enhance scalability. A precise release schedule for these phases has not been disclosed by the Stellar network, yet.

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