Stellar (XLM) Eyes New Era With Mega Upgrade

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Stellar (XLM) Eyes New Era With Mega Upgrade – Crypto News

Published

2 years ago

February 20, 2024

Dripp

Stellar (XLM), one of the pioneering blockchain networks renowned for its focus on facilitating cross-border transactions, currently set its sights on a new era with the impending introduction of smart contracts through the Protocol 20 upgrade. As the network braces for this monumental upgrade, all eyes turn to the validators whose vote will determine the course of Stellar’s future.

The Road to Stellar Protocol 20 Upgrade

Earlier this week, the Stellar Development Foundation announced the availability of a comprehensive suite of software supporting Protocol 20. This development signals that all technical prerequisites for the upgrade are in place, setting the stage for validators to cast their votes.

The release of Protocol 20 marks a crucial milestone, as it represents the culmination of extensive efforts to enhance the capabilities and opportunities within the Stellar ecosystem. This Stellar upgrade paves the way for Soroban smart contracts to be integrated into the network, unlocking a plethora of innovative possibilities for developers and users alike.

Upon the successful passage of the vote, the ecosystem will embark on a carefully orchestrated process to implement the upgrade responsibly. This phased approach is designed to ensure the continued performance, security, and stability of the network while gradually introducing Soroban transactions and monitoring their impact.

The decision rests in the hands of the network validators, whose role is paramount in ensuring the integrity and consensus of the Stellar blockchain. Their vote will not only shape the immediate future of the network but also influence its long-term trajectory. If the validators fall in line, Stellar is poised to begin a new era with room to support innovation.

Impact on XLM and the Stellar Ecosystem

The impending upgrade to Protocol 20 has sparked renewed interest in Stellar’s native token, XLM.

At the time of writing, XLM is trading at $0.1195, reflecting a 2.5% increase in the past 24 hours and an 8% rise over the previous week. With a circulating supply of 28 billion XLM, Stellar commands a market capitalization of approximately $3.4 billion.

The uptick in XLM’s value highlights the market’s anticipation of the Protocol 20 upgrade and its potential implications for the Stellar ecosystem. As smart contract functionality joins the mix XLM could witness heightened utility and demand.