Stellar Price Today - XLM Live Charts
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MarketCap$ 8,955,201,851
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Volume$ 198,319,024
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Change1.77%
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Updated on May 02, 2024
Overview: What Is Stellar (XLM)?
Lumen (XLM) is the native coin of the Stellar Lumens decentralized peer-to-peer payments network. Stellar Lumens is the name of the blockchain network or payment platform. Lumen (XLM) is the token that powers and validates the network.
The Stellar platform and blockchain network aim to allow users to transfer traditional fiat currencies and cryptocurrencies quickly. It’s also built for developers to create financial experiences that work more like cash than cryptocurrencies.
What Makes Stellar Unique?
The Stellar blockchain is its own network. It’s not based on Ethereum or another smart contract technology. The Stellar blockchain is faster, cheaper, and uses less energy than the Bitcoin blockchain.
The Lumen (XLM) cryptocurrency powers the network, streamlines transactions on Stellar, and provides liquidity. The Stellar network uses the Stellar Consensus protocol (SCP), a Proof of Agreement (PoA) consensus mechanism that gives it its speed and low cost compared to many other blockchains.
Per the website, developers who build on the Stellar blockchain can create their own tokens to be used on a large scale and send or trade digital representations of almost any form of value. The Stellar network is designed to act as a “bridge” to connect previously un-interoperable financial systems with the Lumen (XLM) cryptocurrency, enabling combining transfers.
Stellar Lumens (XLM) History
Stellar was created in 2014 by Jed McCaleb, who also co-founded Ripple and the Mt Gox exchange. He left Ripple and launched Stellar with Joyce Kim, and the network is a fork of the Ripple network. The project received $3 million in backing from conventional payments company Stripe.
As well as being backed by Stripe, the Stellar network has partnerships with IBM and MoneyGram to use its technology, and other banks and financial institutions have purportedly promised to issue their own tokens on the platform.
How Does Stellar Work?
Lumen (XLM), for Stellar, is the “bridge” currency that will allow transfers between fiat currencies and cryptocurrencies. A user wanting to send money from one country to another can use Lumens (XLM) to make the conversion and the transfer.
How Is the Stellar Network Secured?
The Stellar Consensus Protocol (SCP) consensus algorithm validates transactions on the network. It’s a Proof of Agreement (PoA) mechanism that is different from the Proof of Work (PoW) or Proof of Stake (PoS) systems that secure other blockchains. Lumen (XLM) is the token used in the system to validate transactions.
Where Can You Buy Stellar (XLM)?
Lumen (XLM) is listed on many major cryptocurrency exchanges. It is also available through several CFD broker platforms.
How Does the Price Performance of Stellar Compare Against its Peers?
The closest peer to Lumen (XLM) in terms of the technology the token supports is Ripple (XRP). At the time of writing, XLM’s price is $0.11, with a market capitalization of $3.2 billion. XLM is ranked #21 of all cryptocurrencies by market capitalization. Ripple’s (XRP) price is $0.48 with a market capitalization of $25 billion and is ranked #6 by cryptocurrency market capitalization. XLM has followed similar market volatility to XRP but is seeing better price and market capitalization growth than XRP in recent months.
Can I Mine or Stake XLM?
No – Stellar Lumens (XLM) does not use a Proof of Work (crypto mining) or Proof of Stake consensus mechanism to validate the network, so it is impossible to mine or stake XLM.
Most frequently asked questions about Stellar (XLM)
Is Stellar coin a good investment?
As the Lumen (XLM) coin powers the Stellar blockchain network, its success as an investment is likely to depend on the broader success of the Stellar platform. This should be a consideration when deciding if the Stellar coin is a good investment. Stellar is seen as a reputable project with support from financial institutions and is still innovating its technology.
What is XLM used for?
Lumen (XLM) is the native coin of the Stellar blockchain platform. It’s used to validate transactions on the Stellar blockchain. It will be used within the platform to facilitate transfers between currencies and across borders.
How old is Stellar coin?
Stellar was created in 2014 by Jed McCaleb, who also co-founded Ripple and the Mt Gox exchange. The network is a fork of the original Ripple blockchain. It was developed into the Stellar platform with its native Lumen (XLM) coin.
How much will Stellar be worth in 5 years (2028)?
Stellar Lumens (XLM) has seen good momentum into 2023. The potential of the technology, should it be successful, makes analysts optimistic with a Stellar Lumen price prediction for 2028 of between $0.44 and $0.64.
Is Stellar better than Bitcoin?
The Stellar blockchain is faster, cheaper, and more energy efficient than the Bitcoin blockchain. Stellar Lumen (XLM) is a means of payment and has utility within the Stellar platform. Bitcoin (BTC) is now more of a store of value, comparable to assets like gold. It isn’t easy to compare the two on a like-for-like basis.
For investors, XLM and BTC prices both have the potential to go up or down, and investment decisions can be made on the potential of the coins and the technology while accounting for cryptocurrency market risks.
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